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A new Federal Deposit Insurance Corp. (FDIC) report found that large, sophisticated uninsured depositors were the primary drivers of the rapid bank runs that led to the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank in 2023. The study showed that the banks relied heavily on concentrated uninsured business deposits, making them vulnerable to fast-moving digital withdrawals conducted largely through wire transfers. Between March 7 and March 17, 2023, Silicon Valley Bank and Signature Bank each lost more than half of their deposits, while First Republic would have lost nearly 54% without a $30bn industry-backed cash infusion. The FDIC found that the largest depositors were significantly more likely to withdraw funds, even after accounting for deposit insurance coverage and account types. Many business customers also removed balances from accounts that were likely insured, including escrow and operational accounts. By contrast, fully insured retail depositors largely remained stable during the crisis. FDIC Chairman Travis Hill said the findings highlight the need for regulators to develop a more sophisticated understanding of depositor behavior in an era of digital banking and rapid online fund transfers.

 

Financial Regulation News

American Banker

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Wendy's has appointed Bob Wright as its new chief executive - the company's fourth leadership change since January 2024, following declining sales and stock value. Mr. Wright, who has a 33-year career in the restaurant industry, previously served as Wendy's chief operating officer. Chair Art Winkleblack described him as "a proven operator and brand builder." Wendy's stock rose slightly after the announcement, despite a reported 5.5% decline in first-quarter sales.

 

The Columbus Dispatch

Wall Street Journal

Verizon has said software flaws rather than stolen passwords have become the dominant entry point for hackers. In a review of more than 31,000 incidents in its annual Data Breach Investigations Report, Verizon found 31% started with vulnerability exploitation. The report said attackers are using AI to spot and exploit known vulnerabilities at machine speed, with the technology accelerating attacks from months to hours. Hackers are “demonstrably using GenAI to help at different stages of attack including targeting, initial access, and development of malware and other tools . . . AI’s primary impact is currently operational: automating and scaling techniques defenders already know how to detect, not yet unlocking these novel or rare attack surfaces.” Meanwhile, employees are not waiting for IT approval before adopting AI tools. Unapproved AI usage at work tripled from 15% to 45% of the workforce, making “shadow AI” the third most common source of non-malicious data leakage.

 

BankInfoSecurity

InfoSecurity Magazine

Techzine Global

Lorna Hajdini, the female JPMorgan Chase executive who was accused of sexually harassing a male colleague, has filed a counterclaim against her accuser, denying the allegations. Hajdini filed a defamation lawsuit against Chirayu Rana in the New York state Supreme Court on Tuesday. Hajdini ⁠has "been mocked, ridiculed, and harassed around the clock," becoming the focus of jokes and memes of a "vile, ​degrading, and sexual nature - all a direct consequence of plaintiff’s lies," according to the countersuit. "Plaintiff’s false, malicious, and bad ​faith statements have wreaked havoc on Ms. Hajdini’s life," it added. Hajdini is seeking unspecified damages from Rana for defamation, emotional distress and other claims. A JPMorgan spokesman said: “We fully support Lorna and her right to defend herself and protect her reputation. As we have said from the outset, we don’t believe the allegations against her or the firm have merit.”

 

New York Post

Financial Times

Reuters

Ryan Breslow, the co-founder and chief executive of American fintech company Bolt, which makes software to speed up online checkouts, has defended his decision to fire its entire human resources team, arguing they were "creating problems that did not exist." Bolt laid off roughly 30% of its workforce in April. Breslow said: "We had an HR team, and that HR team was creating problems that didn't exist . . . Those problems disappeared when I let them go." He added: "We're back in startup mode again, and those HR professionals have really important insights when you're in a peacetime and when you're at a larger company." After stepping down in 2022, Breslow returned to Bolt as CEO in 2025, operating in what he calls “wartime.” The firm has established a smaller "people operations team" to oversee employee training and serve as a resource for staff. "We need a group of people who are very oriented around getting things done, and there is just a culture of not getting things done and complaining a lot," Breslow said. 

 

Fortune

New York Times

Fast Company

The Times

The SEC has proposed amendments to its rules and forms governing registered offerings that are designed to increase efficiency, flexibility, and cost savings for public companies while maintaining robust investor protections. The Commission also proposed rule amendments to simplify its public company reporting framework and better calibrate disclosure obligations with a company's size and maturity. “Today, the Commission proposed two rulemakings that serve as the foundation for my agenda to Make IPOs Great Again. These proposals build upon the legislative and regulatory concepts that have proven successful in the past and aim to extend that success to more companies – particularly small and mid-sized companies – and incentivize them to go and stay public,” said SEC chairman Paul S. Atkins. “Today’s proposed rulemakings are among the first important steps toward transforming the SEC’s regulatory framework for public companies.”

 

Reuters

SEC.gov

McDonald’s has said it no longer expects to meet its 2030 target for reducing emissions across its supply chain and franchised restaurants, citing rising global energy demand, slow clean energy deployment and ongoing supply chain disruption. The fast-food group said growth in energy demand was outpacing the rollout of renewable energy in many regions, while geopolitical instability continued to strain global supply chains. In response, McDonald’s plans to invest $1bn over the next decade in supply chain initiatives, including regenerative agriculture projects, while prioritizing efforts to maintain affordable food prices and stable supply. The company said it still aims to achieve net zero emissions by 2050 and remains on track to exceed its 2030 Scope 1 and Scope 2 emissions targets, which relate more directly to its own operations.

 

Chicago Tribune

Federal Reserve officials signaled increasing openness to raising interest rates if inflation remains elevated, according to minutes from the central bank’s April meeting, as policymakers reassess the outlook amid higher energy prices and strong economic activity. The minutes showed that a majority of officials believed “some policy firming” could become necessary if inflation continued to run persistently above the Fed’s 2% target. While rates were ultimately left unchanged, several policymakers objected to retaining language suggesting the next move would likely be a cut rather than a hike. The discussions reflected shifting expectations following the conflict in the Middle East, which has pushed up energy prices and raised concerns that inflation could remain higher for longer. Investors have increasingly priced in the possibility of at least one rate increase by the end of 2026. The meeting also marked Jerome Powell’s final gathering as Fed chair before Kevin Warsh assumes leadership later this week. The next Federal Open Market Committee meeting is scheduled for June 16th-17th.

 

Bloomberg

Wall Street Journal

Intuit plans to cut about 17% of its workforce, or roughly 3,100 employees, as the company restructures to invest more heavily in artificial intelligence (AI) and improve operational efficiency. The TurboTax and QuickBooks owner said the layoffs will primarily affect coordination and management roles, including project managers, business operations teams, and mid-level managers. The restructuring is expected to cost between $300mand $340m, with most charges recorded in the current quarter. The company said savings from the cuts will be redirected toward strategic “big bets,” including AI initiatives. Intuit has been expanding its AI capabilities through partnerships with Anthropic and OpenAI as it shifts toward becoming an AI-first platform. Despite the restructuring, Intuit reported strong quarterly results for the tax season period. Revenue rose 10% to $8.56bn, while profit increased to $3.06bn from $2.82bn a year earlier. TurboTax revenue grew 7%, Credit Karma revenue rose 15%, and the company raised its full-year revenue and earnings outlook.

 

CNBC

Reuters

Wall Street Journal

EY and Microsoft plan to invest more than $1bn to help clients expand artificial intelligence (AI) projects from pilot programs into large-scale commercial deployments. The partnership will initially target finance, tax, human resources, and supply chain operations across sectors including financial services, healthcare, energy, consumer retail, industrials, and government. Microsoft will contribute AI products, engineering expertise, and support for agentic AI projects, while EY will provide industry knowledge and change-management capabilities aimed at helping clients generate measurable returns from AI investments. The initiative comes amid growing pressure on companies to prove AI can deliver profitable outcomes after years of heavy spending. A 2025 MIT study cited in the report found that 95% of corporate AI projects had failed to generate a return on investment. The partnership follows a broader wave of alliances between AI developers and consulting firms, including Google’s $750m AI fund for consultancies and KPMG’s recent collaboration with Anthropic.

 

Bloomberg

Target chief executive Michael Fiddelke has hailed the company's results for the first quarter ended May 2nd, describing them as "early evidence" that the company is "on the right path" following 13 consecutive quarters of weak or falling sales. Net revenues rose 6.7% to $25.44bn, helping it to earnings of $781m, or $1.71 per share adjusted. Analysts were expecting $1.47 per share on sales of $24.7bn, according to FactSet. Like-for-like sales rose 5.6%. Revenues were up in all six of its core merchandising categories. For the full year, Target said it expected earnings per share to end up near the high end of its $7.50-$8.50 guidance, and for net sales growth of up to 4%, compared to its previous forecast of 2%.

 

ABC News

Reuters

The Minnesota Star Tribune

Wall Street Journal

Polymarket has launched prediction markets tied to the future valuations of companies including OpenAI, Anthropic, Anduril and SpaceX. "Prediction markets are one of the most powerful tools we have for democratizing access to financial information and opportunity," Polymarket chief executive Shayne Coplan said. "Today’s launch brings that power to one of the last frontiers of financial markets that retail participants have never been able to access." The platform said the new offerings, including IPO timing, valuations, earnings, and secondary market activity, will exclusively source resolution data from Nasdaq Private Market via a new partnership between the two.

 

Financial Times

The Block

The FASB has issued new accounting rules designed to improve how companies report environmental credits and related obligations in financial statements. The guidance establishes standards for recognizing, measuring, and disclosing environmental credits, including carbon offsets, renewable energy certificates, and emissions allowances tied to regulatory or voluntary climate programs. FASB said the update aims to improve consistency and transparency as more companies participate in emissions compliance programs and net zero initiatives. The new rules will take effect for public companies beginning after December 15th 2027, with early adoption permitted.

 

Accounting Today

CPA Practice Advisor

The International Court of Justice (ICJ) in The Hague will today deliver a ruling on the right to strike that could have profound implications for global labor relations. The top United Nations court has been asked to issue a non-binding advisory opinion on whether a treaty drawn up in 1948 by the International Labour Organisation, known as Convention 87, implicitly enshrines such a right. The treaty includes the right for workers "in full freedom, to organize their administration and activities." Unions say this by extension enshrines the right to industrial action; employers disagree. Although not binding, the ruling will in practice clarify the right to strike in international law. Harold Koh, representing the International Trade Union Confederation (ITUC), said that if the court ruled the right to strike was not inherent in the Convention, "National employer groups would contest the right to strike country by country, focusing first on nations with compliant courts, weak civil societies and ineffective media."

 

France 24

Samsung Electronics has reached a tentative wage agreement with its labor union, avoiding a planned strike at the world’s largest memory chipmaker just hours before industrial action was due to begin. The South Korean technology group confirmed late on Wednesday that management and union representatives had agreed terms covering pay and collective bargaining. The union subsequently suspended strike plans that had been scheduled to run from 21 May to 7 June. The agreement followed days of tense negotiations and government mediation. Earlier on Wednesday, union leader Choi Seung-ho had said the strike would proceed after Samsung management rejected a proposal accepted by union representatives. The dispute had threatened disruption at a critical time for Samsung’s semiconductor business, which remains central to global memory chip supply chains. Labor Minister Kim Young-hoon attended the negotiations alongside union and company representatives.

 

Financial Times

The Japan Times