Morgan & Co. has named Nicholas B. Paumgarten co-head
Mr. Paumgarten, who had been head of the banking company's financial
Edward J. Kelly, Morgan's general counsel and secretary, will succeed
Mr. Paumgarten joined J.P. Morgan in 1992 from C.S. First Boston Corp.
Among the deals he advised on were First Bank System Inc.'s bid to buy
Mr. Kelly joined the bank from the law firm of Davis Polk & Wardell,
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
