Banks Archives - Page 3 of 5

FDIC alleges Cross River engaged in ‘unsafe’ lending practices

Jack J. Kelly Bank Failure, Banks, Cryptocurrency, FinTech, Lending May 8, 2023

The Federal Deposit Insurance Corporation (FDIC) has requested Cross River Bank – known for its services to fintech and crypto firms like Visa (NYSE:V) and Coinbase (NASDAQ:COIN) – to “self-correct” and appropriately address weaknesses in its lending activities. On April 28, the FDIC made ...Read More

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Wall Street is cutting more jobs as Morgan Stanley plans 3,000 layoffs

Jack J. Kelly Banks, IPO, Job Cuts, Jobs, Layoff May 5, 2023

As Wall Street’s slump in IPOs and mergers deepens this year, top advisory firms including Morgan Stanley, Bank of America and Citigroup have turned to job cuts in recent weeks. Morgan Stanley plans to eliminate roughly 3,000 positions by the end of June, according to a person with knowledge of the ...Read More

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Officials Suspect One Possible Scandal on Crazy Bank Stock Movements

Jack J. Kelly Bank Failure, Banks, Market Manipulation May 5, 2023

While investors fret about a contagion in the banking industry taking down the entire sector, U.S. regulators are investigating the possibility that “market manipulation” is what’s actually behind tanking bank stocks. A spike in short-seller activity and volatility in bank stocks has drawn the attention of federal and ...Read More

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JPMorgan Chase takes over First Republic after biggest U.S. bank failure since 2008

Jack J. Kelly Bank Failure, Banks, FDIC May 1, 2023

Regulators took possession of First Republic on Monday, resulting in the third failure of an American bank since March, after a last-ditch effort to persuade rival lenders to keep the ailing bank afloat failed. JPMorgan Chase, already the largest U.S. bank by several measures, emerged as ...Read More

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Former JPMorgan Banker With Ties to Jeffrey Epstein Leaves Citigroup

Jack J. Kelly Banks, Scandal April 26, 2023

Citigroup Inc. has parted ways with Paul Barrett, an executive in its private bank, after The Wall Street Journal reported on his ties to Jeffrey Epstein. Mr. Barrett is a former managing director at JPMorgan Chase & Co., which counted Epstein as a client until 2013. Mr. Barrett is among ...Read More

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How Washington allowed bank CEOs to pocket huge bonuses amid failure

Jack J. Kelly Bailout, Bank Failure, Banks, Bonus, FDIC, Federal Reserve, OCC, Regulators, SEC, Securities and Exchange Commission April 24, 2023

The 44-page PowerPoint presentation to federal banking regulators was clear and direct: Letting companies pay their chief executives in stock that the CEOs could sell while still working for the companies risked disaster. Years of research showed that the existing structure for paying Wall ...Read More

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Bank runs in the ‘Twitter’ age – SVB’s collapse poses new challenges for firms, regulators

Jack J. Kelly Bailout, Bank Failure, Banks, FDIC April 3, 2023

The speed with which deposits were pulled from Silicon Valley Bank have left many wondering whether mobile banking now carries its own liquidity management risks. Whether SVB’s depositors were largely a tech savvy breed, and therefore an outlier, remains to be seen in the ...Read More

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Two former Fed officials warn regulators’ supervision of banks is like a ‘SciFi’ movie: ‘It is mostly special effects’

Jack J. Kelly Bank Failure, Banks, Congress March 30, 2023

Regulators have taken a lot of heat from both sides of the political aisle after the rapid failure of three U.S. banks—Silicon Valley Bank, Signature Bank and Silvergate Bank—this month. Massachusetts Sen. Elizabeth Warren, a democrat, argued regulators “clearly fell down on the job” at Silicon ...Read More

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Biden calls for stronger banking safeguards

Jack J. Kelly Bailout, Bank Failure, Banks, Regulation March 30, 2023

President Biden on Thursday called on federal regulators to consider imposing stronger safeguards on the banking industry in the wake of the failure of Silicon Valley Bank, in part by reversing Trump-era rollbacks. Biden urged federal banking agencies, in consultation with the Treasury Department, to consider a ...Read More

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Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans dodge U.S. taxes for years

Jack J. Kelly Bailout, Bank Failure, Banks March 30, 2023

Credit Suisse, the collapsed Swiss bank taken over by UBS Group in a hastily arranged bailout earlier this month, may bring with it a fresh set of regulatory and legal problems for its new owner. For years, the bank has provided a safe haven for wealthy ...Read More

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