The Latest

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    Merrill Lynch to pay $20M to settle racial discrimination case

    Four ex-Merrill advisers and more than 1,000 class-action participants allege Merrill has not afforded Black advisers the same opportunities as their White counterparts. Merrill denies these claims.

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    The image by Lisa Chamberlain is licensed under CC BY-SA 2.0
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    Goldman alum Beth Hammack named Cleveland Fed’s next president

    Hammack, once considered a CFO contender at Goldman, left the bank in February after 30 years. She replaces Loretta Mester, whose term ends June 30.

  • JPMorgan Chase CEO Jamie Dimon
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    Win McNamee / Staff via Getty Images
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    Dimon: ‘No magic formula’ on CEO, chairman moves

    The JPMorgan CEO largely pinned his future timeline on the board Wednesday during a conference appearance, while Wells Fargo CEO Charlie Scharf detailed his investment-banking growth strategy.

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    SARINYAPINNGAM via Getty Images
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    Fintech Copper burned by Synapse collapse

    The teen-focused fintech had to shut down its bank deposit accounts and debit cards mid-month — an earlier wind-down than expected due to turmoil experienced by its middleware provider, Synapse.

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    The image by Wichita Regional Chamber of Commerce is licensed under CC BY 2.0
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    Ex-Heartland Tri-State CEO pleads guilty to embezzling $47M in crypto

    Shan Hanes also stole money from his church and a local investment club, according to court documents. Both have since disbanded. He faces 30 years in prison.

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    N26
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    N26 readies for a post-cap future

    Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.

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    Leon Neal / Staff via Getty Images
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    Former FTX exec Ryan Salame sentenced to 7½ years

    He originally faced up to 10 years in prison, following guilty pleas to two counts in September. Prosecutors, however, suggested he serve five to seven years.

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    Anna Hrushka/Banking Dive
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    FDIC failed to timely report misconduct allegations, IG says

    The White House could tap a nominee to lead the agency this week — and reportedly has a front-runner. Meanwhile, outgoing agency Chair Martin Gruenberg is set to testify on Capitol Hill again June 12.

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    lucadp via Getty Images
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    Trades shift to one-day settlement

    The shift to T+1, a settlement cycle in which transactions settle one business day after they're made, has been in the works since the SEC approved it in February 2023. Trades haven’t settled that quickly since the 1920s.

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    Spencer Platt / Staff via Getty Images
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    Q&A

    How banks are employing quantum computing

    Because cyber risks are consistently top of mind for banking executives, “using quantum to fight quantum” is the most prominent application currently, said EY’s Jan Bellens.

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    JPMorgan ramps up prompt engineering training, AI projects

    The bank estimates its AI use cases can deliver up to $1.5 billion in value, President Daniel Pinto said.

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    gorodenkoff via Getty Images
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    Paze targets nationwide coverage by year-end shopping season

    The big bank-backed digital wallet is now accepted by about 80,000 “primarily small” merchants, according to James Anderson, managing director at Early Warning Services.

  • People enter and exit UBS Bank in NYC.
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    Chris Hondros via Getty Images
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    UBS looks internally for Ermotti’s successor: report

    The Swiss banking giant plans to disclose the names of three potential CEO successors as early as next year, the Financial Times reported Monday. Sergio Ermotti expects to step down once the UBS-Credit Suisse integration is complete.

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    Column

    Dive Deposits: Return-to-office bank edicts may cancel summer before it even starts

    FINRA’s COVID-era policies easing banks’ requirement to monitor workplaces are ending. That’s prompting Citi, HSBC, Barclays and others to prod thousands back to the office.

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    Courtesy of Comerica
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    Comerica slapped with OCC enforcement action

    The regulator discovered unsafe or unsound practices at the Dallas-based bank, including those related to its risk governance framework and internal controls.

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    Small bank receives rare conditional Fed master account approval

    Numisma Bank, a tier 3 uninsured bank co-founded by a former Fed official, is on track to receive the benefits of a master account. Caitlin Long, CEO of tier 3 Custodia Bank, has questions.

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    Maks_Lab via Getty Images
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    Gesa Credit Union to buy Washington bank

    The transaction, expected to close next year, marks the fourth time a credit union has moved on an Evergreen State bank this year. The purchase price was not disclosed.

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    Joe Raedle / Staff via Getty Images
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    Walmart and Capital One break up

    The retail behemoth and its credit card issuer said in a terse, joint press release Friday that they’re parting ways.

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    Spencer Platt via Getty Images
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    JPMorgan fined by CFTC over surveillance gap probe

    JPMorgan will pay $200 million in a civil monetary penalty, with up to $100 million credited for amounts paid to the OCC and the Fed in March in parallel actions.

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    Mario Tama via Getty Images
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    Ex-Citi employee was fired for refusing to fudge data to OCC, she says

    Kathleen Martin said the pressure came from Anand Selva "almost as soon as he got promoted" to chief operating officer last year. The bank denies the allegations.

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    Mario Tama via Getty Images
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    Gorman to step down as Morgan Stanley board chair

    The ex-CEO's departure at year end could be seen as a vote of confidence in his successor, Ted Pick. The bank held its annual general meeting Thursday.

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    Joe Raedle / Staff via Getty Images
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    TD CEO: Spending on AML remediation could extend into 2025

    TD’s Bharat Masrani declined to say whether the Canadian lender expects closure this year on investigations into the bank’s AML program, citing ongoing conversations with regulators and the DOJ.

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    Eric Thayer via Getty Images
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    Bank of America vet hired to lead diversity efforts at Apple

    Cynthia Bowman, a 17-year alum of the U.S.'s second-largest bank, will replace Barbara Whye, who is retiring this fall, Apple said.

  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi fined $78.4M over 2022 flash crash error

    A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.

  • A closeup of JPMorgan Chase's headquarters in New York.
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    Michael M. Santiago via Getty Images
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    JPMorgan shareholders veto proposal to split CEO, chair duties

    Still, the measure garnered support from 42.7% of voters — notably more than the 33% and 31% of Goldman Sachs and Bank of America shareholders, respectively, that backed similar proposals this year.