Receiving Wide Coverage ...
Open the checkbooks: Thirty-four of the 35 largest banks passed the Federal Reserve’s annual stress tests, with only Deutsche Bank’s U.S. unit failing due to “widespread and critical deficiencies.” The others were cleared to raise their dividends and share repurchases, except Goldman Sachs and Morgan Stanley, which were ordered to hold their payouts at current levels.
Goldman and Morgan Stanley were prevented from raising their payout levels because their initial proposals would have resulted in
Wells Fargo’s passage “is
Bank of America plans to
JPMorgan Chase said it will
Citigroup also said it
But all this good news isn’t translating into higher bank stock prices. The reason? A
End of the road: Visa and Mastercard are reportedly close to settling a long-running and contentious antitrust lawsuit brought by retailers over the interchange fees the merchants pay to accept credit and debit cards. Under the settlement, the two payments networks and several banks would pay about $6.5 billion to the retailers, who allege that the networks and banks have colluded to inflate those fees.
Misbehaving: A former manager at Equifax is facing civil and criminal insider-trading charges, claiming he tried to profit from last year’s data breach at the credit bureau. The Securities and Exchange Commission said Sudhakar Reddy Bonthu, a former software engineering manager at Equifax, made $75,000 by trading on nonpublic information he received while creating a website for consumers whose personal data was compromised by the breach. He also faces criminal charges from the U.S. Attorney’s Office in Atlanta, where Equifax is headquartered. He is the second Equifax employee to be charged with insider trading before the breach became public knowledge.
Wall Street Journal
Cashing in on crypto: A Denver-based startup called Salt has created a lending platform to enable cybercurrency millionaires to cash in their profits. The company “matches borrowers with lenders that provide high-interest
Elsewhere
The mail never stops: Nonbank lenders are
Quotable
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