FIS Aims to Cut ‘Several Thousand’ Jobs to Restore Investor Confidence

Network International is reportedly in advanced talks to purchase UAE lender Mashreqbank’s payment business. The deal could value Mashreq’s payments operation at as high as $700 million, Bloomberg reported Wednesday (Feb. 1), citing unnamed sources. A spokesperson for Network International declined to comment when reached by PYMNTS Wednesday...

Intelligence platform Craft has raised $32 million to help companies track supplier networks. The company announced the Series B equity financing Wednesday (Feb. 1), saying it would use the funds to accelerate research and development and deepen its go-to-market execution. Based in San Francisco, Craft offers a data platform that...

Mark Zuckerberg’s expensive pivot toward building a virtual world continues to be just that — expensive. “None of the signals I see in today’s environment lead me to believe we should shift the Reality Labs (RL) strategy long-term,” the social media CEO said Wednesday (Feb. 1) during his Menlo Park, California-based company’s fourth quarter 2022 earnings call.

FIS has reportedly laid off 2,600 employees and contractors in recent weeks. The cuts amount to 2% of the FinTech’s workforce, according to a Thursday (Feb. 2) Bloomberg report that cited unnamed sources. The move comes as the firm is reviewing its operations at a time when its shares...

Egypt’s MNT-Halan has raised $400 million at a valuation of over $1 billion. The funding was announced by the Cairo-based FinTech on Monday (Feb. 1). The largest chunk of the fresh capital was from Chimera Abu Dhabi, which has invested more than $200 million in exchange for over 20% of the company, MNT-Halan said.

With 2023 off to a running start, treasury is calling the shots differently, with a refined focus forged in the crucible of 2022. Julie Lubell, global head of Trends and Advisory at J.P. Morgan Payments, discussed with Karen Webster the new roadmap for investing and corporate strategies that take the triumphs and failures of the past three years and create something new.

The U.S. added 517,000 jobs in January — far above 2022’s average monthly gain of 401,000. The additions were widely spread across several sectors, the Bureau of Labor Statistics (BLS) said in a Friday (Feb. 3) press release. “The January jobs report surprised to the upside in a...

Software firm ACI Worldwide says it is expanding amid a global boom in real-time payments. The expansion means ACI now covers about a third of the world’s countries that offer real-time payments services, the company said in a Wednesday (Feb. 1). “ACI now powers 25 domestic and pan-regional real-time...

Unbanked and Mastercard have partnered to accelerate decentralized finance (DeFi) card issuance in Europe. Through this partnership, the two companies will use their existing footprint in the United Kingdom and the continent to work with Web3 organizations to enable the issuance of cryptocurrency-powered card programs, the companies said in a Thursday (Feb. 2) press release.

Tech stocks roared back to life coming into a new month — and suddenly February looks a lot brighter than the beginning of this year ever did. The FinTech IPO Index was up 10.5%, marking a five-day rally that has brought the group up more than 35% year to date.

After closing the books on a better-than-expected fourth quarter but a harder-than-expected year, Amazon CEO Andy Jassy stressed that more work needed to be done in order to restore the brand to its pre-pandemic cost structure. “I think probably the number one priority that I spend time with the team...

Consumer behavior will continue to drive payments innovation, says Alexandra Johnson, head of bank Innovation at Bank of America, in the PYMNTS eBook, “2023 Payments New Year’s Resolutions.”. The unexpected and unpredictable are becoming more common than we previously thought normal. We head into another “unprecedented” year where...

JPMorgan Chase is banking on digital to help grow its business in Europe. Less than 18 months after it launched its digital proposition Chase in the U.K., the global banking group is reportedly preparing to launch a digital bank in Germany, using its Berlin base, as part of a push into consumer banking in Europe.

Santander UK has warned that macroeconomic challenges in the United Kingdom could impact credit quality. In its 2022 results announced on Thursday (Feb. 2), Santander UK revealed that it put aside 321 million pounds last year to cover potential defaults, compared with 233 million pounds in 2021. As Mike Regnier,...

When Amazon reports earnings on Thursday (Feb. 2), Wall Street will be focused on how much earnings drop, and on whether revenues top expectations. Layoffs? They’ll be under discussion too. So will AWS and the state of enterprise tech spending. As the eCommerce giant grapples with a sales growth...

HanesBrands says retailers’ decisions to reduce inventories has led to a slump in sales. The apparel maker reported quarterly earnings Thursday (Feb. 2) showing that innerwear sales had fallen 19% compared to the year before. “The year-over-year sales performance was driven by macroeconomic pressures that weighed on consumer spending...

Adding to the cryptocurrency sector’s 2022 woes, hackers stole $3.8 billion from crypto companies last year. This, as a new crypto crime report from blockchain intelligence platform Chainalysis found that 2022 was the biggest year in the cryptocurrency sector’s decade-plus history for losses stemming from hacks by bad actors.

Berkshire Hathaway’s Charlie Munger wants America to take a page from China and ban cryptocurrencies. In a Wall Street Journal opinion piece Wednesday (Feb. 1), the billionaire vice chairman of the conglomerate decried the “wretched excess” of the crypto market. “A cryptocurrency is not a currency, not...

A “huge financing gap,” estimated at $2 trillion globally, is holding back international trade. Steven Beck, head of trade and supply chain finance program at the Asian Development Bank (ADB), told ANC that figure is up from $1.7 trillion years ago. Small and medium-sized businesses (SMBs), especially those...

The wave of layoffs announced by employers last month was the highest since 2020. U.S. based companies cut 102,943 jobs in January, a 136% increase from December 2022 and a 440% increase from January of last year, the employment service Challenger, Gray & Christmas (CGG) said in a report released Thursday (Feb. 2).