Bernanke joins Anthropic's oversight trust, JPMorgan inks NBA deal

Published July 10, 2026 3:00 PM

1 Min Read

In this week's banking news roundup:

Former Fed Chair Ben Bernanke is appointed to Anthropic's long-term benefit trust.
JPMorganChase signs a multiyear agreement to partner with the Dallas Mavericks.
Brazil-based digital bank Nubank receives full regulatory approval to open Nu Mexico, and more.

Anthropic names former Fed Chair Bernanke to oversight trust

Former Federal Reserve Chairman Ben Bernanke was appointed to Anthropic's long-term benefit trust, a corporate oversight body meant to keep the artificial intelligence company accountable to its stated mission.

Bernanke led the Federal Reserve from 2006 to 2014, sitting at the helm of the central bank during the 2008 financial crisis and recovery. He currently serves as a distinguished fellow at the Brookings Institute.

"The potential of artificial intelligence is enormous, and so is the range of outcomes. How that potential plays out will depend, in part, on the institutions we build around it," Bernanke said in the Thursday announcement.

The trust consists of four members who do not hold company equity and receive no corporate profits. Their role is meant to ensure that Anthropic balances the public's interests alongside those of investors as a public benefit corporation, according to the company. — Jasmine Ni

JPMorgan signs multiyear partnership with NBA team

JPMorganChase has inked a multiyear agreement to be the official jersey patch and banking partner of the Dallas Mavericks, the bank announced in a press release.

The deal is Chase's first NBA jersey patch sponsorship and expands its large presence in the Dallas-Fort Worth metropolitan region, where it operates nearly 200 Chase retail branches and employs about 17,500 people, it said in the release.

The bank did not disclose the financial details of the agreement.

In addition to the Mavericks, Chase is the official bank of the New York Knicks, the Golden State Warriors and the Atlanta Hawks, a Chase spokesperson confirmed.

As part of the deal, JPMorgan and the Mavericks will "work together on North Texas initiatives that expand economic opportunity and support local entrepreneurs," according to the release. In addition, Chase cardholders will get access to certain benefits at the Mavericks' team store and arena concessions during Mavericks games as well as select events at American Airlines Center, the bank said. —Allissa Kline

Nubank Mexico receives regulatory approval for full banking license

The Brazil-based digital bank Nubank announced on Friday that its Mexico division has received full regulatory approval from the country's National Banking and Securities Commission to open Nu Mexico.

Nubank also received conditional approval for a de novo national bank charter from the OCC in January of this year, and is awaiting final approval from the agency to establish a U.S. bank.

The digital bank initially expanded into Mexico in 2019 and has operated there as a fintech up to this point. With 15 million current active customers, according to the company, Nu Mexico will become the largest digital bank in the country with a customer base of approximately 15% of Mexico's adult population. Nu Mexico also reached break-even in the first quarter of 2026 and hit $5.9 billion in deposits.

In accordance with current regulations, Nu Mexico has 30 calendar days to formally open as a bank. —Melinda Lucy

Fintech Trust & Will cuts staff, citing AI

Estate planning fintech Trust & Will laid off staff in a recent restructuring.

The company wrote in a statement that the cuts were not "performance-related," citing how artificial intelligence has changed "where value sits in estate planning and wealth tech." Founded in 2017, Trust & Will has raised $75 million over multiple funding rounds and employed 160 people as of April, according to research platform Tracxn.

"We're concentrating resources on the areas that drive the most durable long-term value for our customers and partners," a Trust & Will spokesperson wrote to American Banker.

Trust & Will says it has over 1 million users on its digital estate planning platform, which supports over $300 billion in self-reported estate assets. The company also reports over 150 enterprise partners, including UBS and Fifth Third Bank. —Jasmine Ni

Wells hires Nicholls from PJT to run sports investment banking

Wells Fargo has hired Tom Nicholls from PJT Partners as head of sports investment banking, according to a person familiar with the matter.

Nicholls has joined the San Francisco-based firm's corporate and investment bank as a managing director, reporting to Derek Van Zandt, head of media and telecommunications investment banking, said the person, who asked not to be identified because the details aren't public. He is based in Los Angeles.

Sports deals have accelerated in recent years as private equity firms and billionaires increasingly view franchises as lucrative investments in a fragmenting entertainment landscape. Nicholls helped Sixth Street buy a stake in the San Francisco Giants last year and advised a trio of Ares Management executives on their co-investment in the Baltimore Orioles in 2024.

A representative for Wells Fargo confirmed the hire and declined to comment further. A representative for PJT didn't immediately respond to a request for comment. —Michelle F. Davis, Bloomberg News

Deutsche Bank leveraged finance banker Laino is leaving for SMBC

Deutsche Bank leveraged finance banker Luca Laino is joining Sumitomo Mitsui Banking in a new capital markets role, according to people familiar with the matter.

Laino will oversee sponsor and leveraged finance capital markets for Europe, the Middle East and Africa at SMBC, said the people, who asked not to be identified because they're not authorized to speak publicly. He is due to start the position in September, said one of the people.

Laino will be responsible for high-yield bonds, leveraged loans, infrastructure lending, private credit and real estate fund finance, said one of the people. He worked at UBS Group prior to his role at Deutsche Bank.

A spokesperson for SMBC declined to comment. Laino and a spokesperson for Deutsche Bank didn't immediately respond to a request for comment. —Claire Ruckin and Eleanor Duncan, Bloomberg News

BNP names Jain Global’s Gupta as head of FICC trading Americas

BNP Paribas has appointed Kavi Gupta — previously at multistrategy hedge fund Jain Global — as head of fixed income, currencies and commodities trading across the Americas.

Gupta joined BNP from Jain, which oversees about $6 billion, in June. He was a senior portfolio manager in fixed income and global macro at Bobby Jain's investment firm.

Prior to joining Jain Global in 2025, Gupta held roles overseeing global rates trading, trading analytics and counterparty portfolio management at Bank of America, according to a statement from BNP. He began his career at Goldman Sachs Group.

At BNP, Gupta will lead trading across interest rates, options, commodities, foreign exchange, repo and secondary credit in the Americas. He will work alongside Heather Orrico, BNP's head of FICC sales Americas, and report to John Gallo, head of global markets Americas, and Arne Groes, global head of FICC. —Carter Johnson, Bloomberg News