U.S. consumer watchdog probes major US banks over Zelle scam, WSJ reports

The Consumer Financial Protection Bureau (CFPB) is investigating major U.S. banks for their handling of customer funds on the peer-to-peer payments platform Zelle, the Wall Street Journal reported on Wednesday.

Payment company Global Payments beat profit estimates for second quarter on Wednesday, as consumer spending remains resilient despite worries about a economic slowdown.

Brazilian digital bank Inter&Co reported on Wednesday that its net income in the second quarter more than tripled, helped by a larger customer base and larger return on equity.

British wealth manager Quilter beat half-year earnings forecasts on Wednesday and reported stronger net inflows of cash, as more wealthy clients flocked to the firm’s funds.

U.S. private equity firm KKR & Co plans to help Japanese system developer Fuji Soft go private under a management buyout worth about 600 billion yen ($4.09 billion), the Nikkei business daily reported on Wednesday.

Dutch lender ABN Amro said on Wednesday it does not see a significant positive trend in net interest income into 2025 compared to 2024 amid an expected gradual normalisation of deposit margin as interest rates are likely to decrease.

DBS Group said on Wednesday Tan Su Shan, its head of institutional banking, will succeed Piyush Gupta as CEO when he retires in March, making her the first woman to lead Singapore’s and Southeast Asia’s biggest bank.

Finnish insurer Sampo posted a surprise 22% jump in its second quarter pre-tax profit on Wednesday, boosted by strong premium growth at its main property and casualty (P&C) business If, and despite a higher number of large claims.

Asset manager H2O has voluntarily offered to pay 250 million euros ($273 million) to investors trapped in funds since 2020 and will shut its UK operation, escaping a fine for failing to make sufficient checks on risky investments, Britain’s financial regulator said on Wednesday.

Fund managers are looking to hedge more of their foreign exchange risk for longer to protect their returns, as concerns about volatility and the potential for unpredictable movements resulting from the upcoming U.S. elections grow.

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