The Latest
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Warren asks Congress to help SEC fight crypto fraud
The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.
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Permission granted by Grupo Coppel
Mexico’s largest department store now offers banking services to Mexican Americans
Customers can use their government-issued Mexican ID to set up a Coppel Access account, which provides access to a digital and physical debit card and convenient remittance services.
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Bank of America again awards restricted stock to rank and file
Roughly 96% of the bank’s employees are eligible, though details are sparse this year on the incentive’s value. This marks the sixth straight year Bank of America has given the awards.
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Popular Bank to pay $2.3M over alleged PPP fraud
The subsidiary of Puerto Rico-based Popular Inc. processed and funded six PPP loans in August 2020, totaling roughly $1.1 million, despite having detected signs of potential fraud, the Fed said.
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Feds seize $150M from Farmington, Silvergate amid FTX probe
Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”
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Permission granted by SMBC
Inside Jenius Bank’s plan to tap the US consumer market
Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.
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JPMorgan Chase
ColumnDavos may have a time-travel portal. Just listen to bank CEOs.
CEO comments on remote work, junior banker salaries and Bitcoin belie a warp to 2021. Or 2017. Or 1975. Or the '50s.
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Gemini cutting another 10% of staff: report
The crypto exchange has been affected by Genesis' bankruptcy and the FTX contagion.
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Courtesy of Wells Fargo multimedia resources
Big banks to launch digital wallet operated by Zelle parent: report
The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.
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FDIC, BofA go to court in deposit insurance battle
The regulator, which claims Bank of America owes $1.1 billion in deposit insurance payments, first filed the suit in 2017.
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FTX-connected Farmington State Bank retreats from crypto, cannabis
The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said.
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Morgan Stanley cuts CEO Gorman’s pay by 10% to $31.5M
The cut comes after a year that saw the bank’s profit and return on tangible common equity return to 2020 levels. David Solomon can become banking’s highest-paid CEO if Goldman Sachs pays him the same as it did in 2021.
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Capital One cuts 1,100 tech jobs
The cuts affect employees in the bank’s “agile” job family. Responsibilities associated with the eliminated positions will be folded into existing engineering and product manager roles, Capital One said.
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JPMorgan Chase keeps CEO Dimon’s pay steady at $34.5M
The bank agreed not to grant Dimon any “special awards” in the future — a nod to a $52.6 million share-options package that drew strong shareholder blowback last year.
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Webster Bank CIO tapped to become Payoneer’s next CFO
Bea Ordonez joined the company last week, with the expectation that she would succeed Payoneer CFO Michael Levine, who is stepping down in March.
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Crypto lender Nexo to pay $45M in SEC settlement
Nexo said last month it would cease U.S. operations after hitting a “dead end” in talks with regulators. One of company’s founders Thursday said he is “confident that a clearer regulatory landscape will emerge soon.”
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Bank of America institutes partial hiring freeze: report
The bank does not have plans for widespread job cuts, a spokesperson said, but will hold off on bringing in new hires until at least midyear or until the economy improves.
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Deep DiveESG debate escalates as GOP goes after influencers
Twenty-one Republican attorneys general argue proxy advisers ISS and Glass Lewis' shareholder voting recommendations on climate policy and board diversity violate their duty to investors.
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Genesis prepping to file bankruptcy: report
If the lending arm of Digital Currency Group is unable to come to an agreement with creditor groups, it is poised to become the latest in a series of crypto sector bankruptcies, Bloomberg reported.
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Retrieved from Senate Banking Committee.
‘Too-big-to-manage’ banks could be broken up, OCC says
The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.
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Fintech wreckage spells opportunity for bargain-hunting banks
Following a challenging year for the fintech sector, enterprising banks may be able to acquire startups whose previous valuations put them out of reach in prior years, said Klaros Group’s Jonah Crane.
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Fed, OCC approve BMO’s $16.3B Bank of the West acquisition
The tie-up, expected to close Feb. 1, could be an early test of the central bank's proposal to revamp capital requirements for banks with $250 billion to $700 billion in assets.
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Ramp
Grasshopper, Ramp partner on small-business corporate card
The New York City-based digital bank will offer its customers access to Ramp’s spend management tool to help maximize savings and cut expenditures.
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Fed lays out details of its climate pilot
The nation's six largest banks have until July 31 to analyze the impact two natural disasters would have on real estate lending portfolios, and factor in changing sentiment regarding climate change.
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Mario Tama via Getty Images
Why Citi expects to see more of its less productive workers
Less productive workers can expect to come into the office to get “coaching they need until they bring the productivity back up again,” CEO Jane Fraser told Bloomberg.
