The Latest
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Oklahoma adds Barclays to anti-ESG list
The British bank joins JPMorgan Chase, BlackRock, Bank of America, Wells Fargo and State Street and eight other financial institutions on the list.
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Sponsored by FedEx Office
4 reasons banks should focus on print to enhance customer experience
Though a distant memory for many banking customers, the pandemic's significant effect — shifting away from physical bank visits is fading fast.
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2 Stifel employees leave after inappropriate relationship with cleaner
The investment bank did not identify the employees. One resigned immediately after Stifel found misconduct, while the other is "in a legal process" with the bank, The Times of London reported.
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TD faces DOJ probe over fentanyl-tied money laundering: report
Criminals allegedly laundered millions of dollars of fentanyl proceeds through TD branches in New York and New Jersey, according to The Wall Street Journal.
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Wells Fargo says US authorities probing Zelle disputes
JPMorgan also said it was responding to civil and government authorities’ inquiries regarding handling Zelle customer disputes. The banks did not divulge further details.
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SVB to sell venture-capital arm to investment firm Pinegrove
SVB Capital will be acquired for a combination of cash and “other economic consideration,” the companies said, without giving details on the deal’s value.
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Column
Dive Deposits: Citi’s climate portrait shows a big contrast
This week, Citi disclosed it is on pace to reach its 2030 sustainable finance goals, but Reuters also found a draft indicating the losses the bank would incur if the world goes net zero.
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Republicans seek ‘shot clock’ on regulators’ bank merger reviews
A bill introduced by Rep. Andy Barr, R-KY, seeks to curtail the amount of time banks wait for a regulatory response on merger applications.
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Citi banker, accused of berating and intimidating employees, leaves: report
Edward Ruff was placed on leave in January as the bank investigated allegations he intimidated one co-worker and shouted insults at members of his team because they were late to a call.
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JPMorgan expects to pay $100M more in trading penalties
The penalty, which the lender said it will pay to a third, unnamed U.S. regulator, adds to the $348.2 million JPMorgan agreed to pay the OCC and the Fed in March.
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Officials push Fed to finalize capital-requirements rule by August: report
The central bank “has made no decisions on timing, process or substance” of the proposal, it said in a statement seen Wednesday by Bloomberg.
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Russian court cancels seizure of some JPMorgan funds
The court had ordered seizure of $439.5 million late last month in an ongoing sanctions dispute between JPMorgan and Russia-owned VTB Bank.
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NYCB posts $335M loss, but shares jump on turnaround plan
CEO Joseph Otting said the lender has “identified an opportunity” to sell $5 billion in assets but declined to share details until a deal is final.
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TD sets aside $450M for AML penalties
The amount, however, is meant to cover the fine from just one of the three U.S. regulators investigating the bank's anti-money laundering systems.
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Houston area-based TDECU to buy Louisiana bank
At more than $1.2 billion in assets, Sabine is one of the largest banks to be part of an acquisition by a credit union. It's the eighth such deal this year.
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Q&A
Republic First not alone in feeling unrealized losses: analyst
“There will be banks that have similar problems to this,” necessitating an infusion of capital or a sale, said Robert Hartheimer, an FDIC veteran who now works at consulting firm Klaros Group.
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Wells Fargo shareholders reject union-busting audit
Workers at a handful of the bank’s 4,000 branches have made a splash in recent months by voting to unionize.
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Lawmakers push to revoke Funding Circle’s SBLC license
Rep. Roger Williams and Sen. Joni Ernst wrote to SBA Administrator Isabel Guzman to raise concerns over the agency granting the London-based fintech its first SBLC license.
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Ansa snags $14M mainly from female investors
The fintech, which helps merchants cut down on payment fees and drive loyalty with its white-labeled wallets, will use the cash to drive team growth and product development.
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HSBC CEO to step down
“After an intense five years, it is now the right time for me to get a better balance between my personal and business life,” Noel Quinn said Tuesday. HSBC will consider internal and external candidates for the role, it said.
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Morgan Stanley’s $20M bonuses draw proxy adviser’s fire
Glass Lewis recommended shareholders reject a pay package that gave one-time $20 million awards to the bank's newly minted CEO and his two fellow candidates to succeed James Gorman.
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State Street, sculptor settle Fearless Girl lawsuit
State Street and Kristen Visbal reached a settlement over the weekend following mediation. The settlement averted a trial that was set to start between the two parties this week.
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Binance founder Changpeng Zhao gets 4 months in prison
He pleaded guilty in November to violating anti-money laundering laws. The sentence is less than the 12 to 18 months suggested by guidelines, and less than the three years the DOJ was hoping for.
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NYCB postpones annual meeting by 2 weeks
The bank, at the time of the delay, had yet to say when it would report first-quarter results. Those are coming Wednesday.
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UMB to buy Heartland Financial for $2B
The deal will mark UMB’s largest acquisition in its 111-year history, increasing total assets by more than 40% to $64.5 billion.
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FDIC hits Alabama, Oklahoma banks with consent orders
In separate orders, the regulator said the banks must step up their anti-money laundering compliance programs and ensure their related training programs are sufficient.