Wells Fargo faces new class-action suit over cash sweeps
Sep 26, 2024 · A new class-action lawsuit accuses Wells Fargo of underpaying interest to clients in its cash sweep program. In the proposed class action brought against the San Francisco-based lender, plaintiff Darren Cobb accuses Wells Fargo of breach of fiduciary duty, fair dealing, breach of contract and unjust enrichment.
Bank of America CEO on digital transformation: ‘There’s always …
Jan 18, 2024 · Dive Brief: Bank of America spent $3.8 billion on new technologies last year and plans to do the same this year, as it develops and deploys generative artificial intelligence capabilities. “There’s always more to go,” CEO Brian Moynihan said of digital transformation, speaking during a Q4 earnings call Friday. “We’ve had algorithm machine learning-type models all over our company for ...
NY’s Five Star Bank pivots away from BaaS | Banking Dive
Sep 20, 2024 · Dive Insight: The $6.1 billion-asset Five Star is hardly the first lender to back away from BaaS. Wyoming-based Mode Eleven Bancorp said in April that it would voluntarily retreat from the space after the Federal Reserve Bank of Kansas City hit the holding company with a cease-and-desist order over the fintech-related activities of its subsidiary, Summit National Bank.
JPMorgan creates role to oversee junior bankers’ ‘wellbeing’: memo
Sep 19, 2024 · Ryland McClendon, a 14-year veteran of JPMorgan, has been named the global investment banking associate and analyst leader. She will implement a policy to limit junior employees' workweeks to 80 hours and support their wellbeing and success.
A year after reorg, progress at Citi comes in ‘fits and starts’
Sep 12, 2024 · Citi's CFO Mark Mason discusses the bank's progress and challenges one year after launching a major reorganization to modernize its technology and address regulatory issues. He also talks about staffing, expenses and revenue growth amid the transformation.
Commerzbank names next CEO amid UniCredit advances
Sep 24, 2024 · Commerzbank named its CFO, Bettina Orlopp, as its next CEO on Tuesday, as the German lender’s board met to discuss strategy to fend off a rapid buy-up of the bank’s stock by Italian bank UniCredit. Orlopp will replace Manfred Knof, who told Commerzbank this month he would step down when his contract ends in December 2025. “I am grateful for the trust of the Supervisory Board and all ...
OCC should restrict Citi’s growth, Warren says | Banking Dive
Oct 3, 2024 · Warren argued the Office of the Comptroller was too lenient with Citi in July, when it and the Federal Reserve imposed $135.6 million in new penalties against the bank for failing to quickly resolve the data quality, risk management and internal control issues that pushed the agencies to issue Citi a pair of consent orders in 2020. “Your newest enforcement actions against Citi are a mere ...
Coinbase urges court to force SEC to draft digital asset rules
Sep 25, 2024 · Dive Insight: Monday’s arguments are the latest development in the contentious back-and-forth between the regulatory agency and the company. The SEC has said it sees most crypto tokens as securities, therefore falling under its jurisdiction, while the industry says existing securities laws don’t apply to cryptocurrencies.
Bank of America adds family banking to give parents control of …
Sep 26, 2024 · Dive Brief: Bank of America is rolling out a family banking product in three states before launching it nationwide in December, the lender said Thursday.; The account, designed for parents with children younger than 16, offers a debit card and digital banking access for children and enables parents to supervise their child’s spending.
Wells Fargo CEO Scharf details asset cap limitations
Apr 16, 2024 · Wells Fargo CEO Charlie Scharf expects the bank to be more aggressive in going after deposits and lending once the asset cap it’s under has been lifted, as the lender has had to carefully manage its activities due to that regulatory action. The asset cap, imposed on the bank by the Federal Reserve in 2018, is tied to its 2016 fake-accounts scandal.