Bankruptcy Blogs

The city has spent more than a decade working with nonprofits and banks to encourage people to open deposit accounts. Outreach and special products have lowered the unbanked rate in San Francisco to 2.1% in 2015 from 5.9% in 2011.

Wells Fargo, which is expanding its investment banking unit, has hired Mike Mayo to oversee U.S. large-cap bank research.

Federal law established oversight of banks’ security measures, but the lack of similar requirements for retailers creates a blind spot in defending against hacks.

The bank-owned person-to-person network formally went live Monday, enabling direct transfer of funds across 30 U.S. financial institutions. There are a lot of questions around whether it can compete with the current kings of P-to-P — Venmo and PayPal — but Zelle may not be aiming to take them head-on just yet.

The company agreed to pay $162 million to buy First South Bancorp in Washington, N.C. It is the fifth time this year that a bank in North Carolina has agreed to sell to a buyer from another state.