George Yacik

The sale, which is set for $2.1 billion, is part of the bank’s plan to reduce its costs; the bank hopes managing stock ownership plans will deepen its reach with tomorrow’s Silicon Valley rich.

Yellen says the tests probably won’t lead to imposing capital requirements or limit dividends; the big banks want a global convergence in financial standards to do business in other countries.

M&T Bank in Buffalo has a deal for Bridgeport, Conn.-based People’s United for more than $7 billion; more people are buying homes sight unseen online as interest rates start to climb.

The Treasury secretary says the economic crisis warrants the $1.9 trillion spending plan; Brainard says banks and other lenders need to prepare for events like the crisis in Texas.

A report says the Fed has approved the bank’s risk management proposal, although it’s not home free yet; JPMorgan Chase is investing $200 million to help minority firms become Fortune 500 giants.

A federal judge ruled that lenders can keep $500 million the bank erroneously wired to them; the president extended the moratorium another three months, to June 30.

About 19 million loans, worth $7 trillion, are still strong candidates for refinancing; the pandemic has demonstrated the need for banks to close branches and cut jobs.

The custodian said it will hold, transfer and issue cryptocurrencies on behalf of its asset management clients; some got caught up in the homebuying frenzy and now regret it.

The company plans to accept digital currencies on its network sometime this year; Citi’s incoming CEO will rely on her international experience to try to fix the bank’s problems.

High usage fees and the cryptocurrency’s volatility make it unlikely it will become a widespread payments method; the JPMorgan Chase CEO was the only bank executive at the meeting.