The Latest
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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.
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Republic First is seized, assets sold to Fulton Bank
The first bank failure of 2024 punctuates the discord that has brewed at Republic First for more than two years. Fulton, meanwhile, will double its Philadelphia presence through the deal.
Updated April 29, 2024 -
FedNow pricing aimed at avoiding market disruption
The Federal Reserve sought to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a central bank official said Wednesday.
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Citizens Bank funds green jobs program for New York’s offshore wind sector
The bank’s philanthropic arm will commit $600,000 over two years to financially support Brooklyn-based youth in pursuing careers in the renewable energy sector.
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Deutsche Bank plans to set aside $1.4B over Postbank case
A Cologne court intends, at least partially, to favor Postbank shareholders over claims that Deutsche low-balled them in 2010 takeover offers, Deutsche disclosed Friday.
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DOJ examines Capital One-Discover deal’s competitive angle
The Fed and the OCC extended their comment periods on the proposed acquisition until May 31. Capital One doesn’t “take any signaling” from the regulators’ decision, CEO Richard Fairbank said.
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Customers Bancorp reframes ex-CFO’s dismissal
Carla Leibold's departure was by "mutual agreement," not "cause," the bank holding company said in an amended filing. Leibold will receive $2.5 million but will forfeit her equity awards.
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FDIC tables asset manager proposal
The proposed measures were shelved Thursday when FDIC director and Acting Comptroller of the Currency Michael Hsu did not support either one.
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Green Dot CHRO eyes ‘engagement,’ tech hires amid BaaS buildout
The company has brought aboard a new chief product officer, tech chief and general manager for BaaS over the past six months.