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A supervisory letter detailing their failings in assessing exposure to a collapsed hedge fund suggests that the Federal Reserve believes banks are falling short in basic risk management.
March 11
Better Markets -
Revolut’s Chief Revenue Officer Alan Chang is leaving the U.K. financial technology startup for a new cryptocurrency venture and is seeking to raise roughly $100 million in financing.
March 11
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Thousands of staff, billions of dollars and three decades of complicated relationships. Some of the world’s largest banks are starting to pull back from Russia, but it’s not going to be easy.
March 11
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Citigroup’s Greg Girasole and Alex Kriete, who were tapped by the bank last year to oversee a new digital-assets group inside its wealth management division, are departing.
March 11
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Emma Hayes, who is also the chief diversity officer for the African American Credit Union Coalition will take the lead on programs to further diversity, equity and inclusion for the Raleigh, North Carolina, credit union.
March 11
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The Federal Deposit Insurance Corp. reported a spike in troubled assets, suggesting a fairly large bank may be under heightened scrutiny. But confidentiality rules make it impossible to confirm any details.
March 10
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The deal for Horizon Community Bank in Arizona is the fifth instance of a credit union agreeing to buy a bank this year, and the second such deal for the Phoenix credit union, which bought Pinnacle Bank in 2019.
March 10 -
Prosecutors say Rafael Martinez and his company, MBE Capital, used false information to reap more than $71 million in fees from loans made under the Paycheck Protection Program.
March 10
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The company has filed a lawsuit against the banking commissioner for threatening to end its partnership with a bank that enables consumer loans to exceed the state’s 36% interest rate cap. OppFi’s argument: Its bank partner is the true lender.
March 10
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Spike Henderson was most recently a regional president at Equity Bank in Kansas.
March 10 -
JPMorgan Chase is actively unwinding its Russia business, joining Goldman Sachs Group in pulling back in response to the country’s invasion of Ukraine last month.
March 10
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With the Russia-Ukraine conflict intensifying and prices soaring, the bank could be among many to report similar issues in the first quarter.
March 10
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Jamaica plans to give $16 of free money to the first 100,000 citizens who use its soon-to-be-launched Jam-Dex digital currency.
March 10
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Demand for green bonds and other financing tied to climate and environmental projects is growing and should expand further, Bank of America CEO Brian Moynihan said.
March 10
