Risk: Page 31
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Barclays drops its role as lead underwriter in prison bond sale
Two advocacy groups terminated the bank's membership and refunded its dues last week, while 30 activists castigated the U.K. lender for seemingly going back on a 2019 promise.
By Dan Ennis • Updated April 19, 2021 -
Joshua Sortino on Unsplash
Sponsored by RockDove SolutionsWhat you can learn from Wells Fargo: There will not be a time machine when you need one
The responses lacked urgency, transparency and accountability and it followed this playbook for crisis after crisis in the years that followed.
April 12, 2021 -
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TrendlineTop 5 stories from Banking Dive
Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.
By Banking Dive staff -
Column
Climate-risk players take a one-level-higher approach
A guerrilla tactic of sorts may be helping Fed officials, the Treasury secretary and a U.S. senator push discussion about the proper venue for research on global warming.
By Dan Ennis • April 6, 2021 -
Citi hires FinCEN chief to lead compliance in bank's new unit
The change of leadership at FinCEN comes as the regulator is seeking public comment on how to implement new rules on reporting the identity of corporations' beneficial owners.
By Dan Ennis • April 5, 2021 -
Anna Hrushka/Banking Dive
Federal Reserve forms 2nd climate change risk panel
Separately, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen detailed their stances on climate-related risks Tuesday in front of the House Financial Services Committee.
By Anna Hrushka • March 24, 2021 -
House lawmakers reintroduce cannabis banking bill
While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.
By Anna Hrushka • March 19, 2021 -
Column
How Citi can vanquish Revlon's ghost
The bank is barring the companies it sued from participating in debt deals — and is adding safeguards to its debt contracts. But a quicker office return via a COVID testing pilot may turn Citi's fortunes.
By Dan Ennis • March 12, 2021 -
Permission granted by Partner Colorado Credit Union
Colorado credit union spinoff has ambitions beyond pot banking
Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.
By Anna Hrushka • Updated June 23, 2021 -
Wells Fargo becomes last of top 6 US banks to make net-zero pledge
The bank said it also aims to deploy $500 billion toward sustainable businesses and projects by 2030 and wants to disclose financed emissions for its oil, gas and power portfolios by the end of next year.
By Dan Ennis • March 9, 2021 -
Column
Goldman crypto trading desk relaunch portends softer industry stance on Bitcoin
The bank follows BNY Mellon and JPMorgan in greater crypto acceptance, in a reversal from a May report in which Goldman called Bitcoin an "unsuitable investment." Citi this week said the currency is at a "tipping point."
By Dan Ennis • March 3, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman loses 4 executives in 3 days as Walmart fintech poaches Marcus chief
The bank's general counsel and asset-management co-head are also reported to be leaving.
By Dan Ennis • Updated March 3, 2021 -
Paul Morigi via Getty Images
Goldman CEO pushes to end remote-work ‘aberration’ sooner than later
"This is not ideal for us and it's not a new normal," David Solomon said, decrying a COVID-19 vaccine rollout that he called slower than expected.
By Dan Ennis • Feb. 24, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sells its asset-management unit for $2.1B
The bank will keep a 9.9% equity interest in the spun-off operation after the deal closes. That's expected in the second half of this year.
By Dan Ennis • Feb. 23, 2021 -
HSBC confirms its aim to sell US retail footprint
The bank wants to invest an additional $6 billion over the next five years in Asia. It also is negotiating with Cerberus to sell its French retail unit. Discussions may take weeks, an executive said.
By Dan Ennis • Updated March 18, 2021 -
Spencer Platt via Getty Images
M&T Bank to buy People’s United in $7.6B all-stock deal
The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.
By Dan Ennis • Feb. 22, 2021 -
Permission granted by Greenwood
Greenwood taps fintech veteran to head compliance, risk
Lynn Tillman-Cherry said she expects the digital bank to adopt a regtech solution for its compliance program, with a focus on emerging technologies such as artificial intelligence.
By Anna Hrushka • Feb. 16, 2021 -
David McNew via Getty Images
Citi, Bank of America cut CEOs' compensation
Citi slashed outgoing CEO Michael Corbat's pay — and that of other executive management team members — over the risk management woes that led regulators to fine the bank $400 million in October.
By Dan Ennis • Feb. 16, 2021 -
House lawmaker continues push to include cannabis banking in COVID relief bill
With Democrats now in control of the House and Senate, and a Democrat chairing the Senate Banking Committee, some industry observers said 2021 will be the year for SAFE Banking, in addition to broader pot legislation.
By Anna Hrushka • Feb. 5, 2021 -
Gemini launches crypto-based savings product offering up to 7.4% yield
Gemini said it can pay such high rates because it lends to institutional borrowers through a partner, but that puts it largely outside the regulatory sphere — leaving customers assuming considerably more risk.
By Dan Ennis • Feb. 3, 2021 -
4 largest US banks join BMO to offer paid time off for COVID-19 vaccine
Wells Fargo is also offering free COVID-19 testing for employees at its 25 largest locations.
By Dan Ennis • Updated March 5, 2021 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo CEO Scharf sees 12% cut in compensation to $20.3M
Beyond financial performance, Wells' board weighed the bank's liquidity throughout the pandemic, its progress on enforcement actions and Scharf's introduction of new diversity goals.
By Dan Ennis • Feb. 1, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC halts controversial fair access rule
Pausing publication of the rule will allow the next confirmed comptroller to review it — along with the more than 35,000 public comments the OCC received, the regulator said Thursday.
By Anna Hrushka • Jan. 28, 2021 -
Biggest banks pledge to boost diverse hiring, or make it more transparent
Citi said it will require, effective this year, that at least two diverse candidates be interviewed for assistant vice president roles and above, up from one in previous years.
By Dan Ennis • Jan. 27, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman cuts CEO Solomon's compensation by 36% in 1MDB clawback
The bank also slashed President John Waldron and CFO Stephen Scherr's pay packages by $6 million and $7 million, respectively, after a year in which Goldman saw its revenue grow by 22%.
By Dan Ennis • Jan. 27, 2021 -
Raises at top 6 US banks average fraction of a percentage point
JPMorgan CEO Jamie Dimon's pay is standing pat, too. Meanwhile, Bank of America is offering $750 bonuses for employees making $100,000 or less, and Citi continues narrowing the wage gap.
By Dan Ennis • Jan. 22, 2021
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