Wall Street Journal
Hasty departures
Two senior executives of the Federal Reserve Bank of New York are leaving, effective at the end of this week. Simon Potter, head of the bank’s Markets Group, and Richard Dzina, its Financial Services Group chief, are both leaving. The two positions “are among the most important within the Federal Reserve.” The Fed did not explain "why Messrs. Potter and Dzina are leaving the bank, the timing of which
Business with Iran
The Treasury Department said a unit of State Street Corp. violated sanctions against doing business with Iran when it
Financial Times
Gotta have a replacement
“In a rare public attack by a big U.S. bank on a rival,” JPMorgan Chase CEO Jamie Dimon said Wells Fargo was “
On your guard
Visa’s plan to offer a cryptocurrency-funded debit card in the U.K. with Coinbase “could open a back door for dirty money” unless “regulators stand firm on anti-money laundering requirements,” the paper says. “Forcing crypto institutions to operate in a similar way to the core banking system is a must if the sector is to be allowed access to the core system via the Visa network. It’s the only way to maintain a level playing field and insure that
Seeing an opening
Plaid, a Silicon Valley-backed fintech firm that “provides the technology for other financial technology companies to
Elsewhere
Second choice?
Citigroup “was in advanced negotiations” with Apple to co-brand its credit card “but pulled out amid doubts that it could earn an acceptable profit on the partnership,” which eventually went to Goldman Sachs. JPMorgan Chase, Barclays and Synchron, also bid on the business, according to Reuters.
“Within the industry, the deal is widely perceived as one that’s
Barclays tries again
A year after it paid $2 billion to settle U.S. charges that it sold toxic mortgage-backed securities in the run up to the 2008 financial crisis, Barclays “is betting a return to that market can bring in bumper revenues to fortify its investment bank.” The British bank has “assembled a team of over 140 securitization bankers and traders with plans to hire more as investors clamor for the higher returns such deals offer compared with traditional stocks and bonds. The success of that bid would [also] be a huge fillip for Barclays Chief Executive Jes Staley, who is in a race against time to
Quotable
“Dude, if that