Receiving Wide Coverage ...
Stumpf to the Hill: The Senate Banking Committee plans to question Wells Fargo CEO John Stumpf as pressure on the bank grows in light of the unauthorized accounts scandal. Several Wells executives are scheduled to brief panel members Tuesday prior to the hearing, which is scheduled for September 20. "Clearly there is a disconnect between whatever Mr. Stumpf was telling the public and what was actually going on at Wells Fargo — and that's putting it politely," Andrew Ross Sorkin writes in the New York Times DealBook section.
Meanwhile, the bank is telling its employees to "please suspend referrals of products or services unless requested by customers until further notice."
Separately, the Financial Times reported that two large institutional shareholders are demanding to know what the bank plans to do about the millions of dollars in bonuses that were paid to Carrie Tolstedt, head of the community banking division at the center of the scandal, who announced her retirement in July. Tolstedt was paid at least $45 million since 2011, including more than $9 million last year, according to the paper. "There's no point having a clawback if it doesn't claw in circumstances like this," one large shareholder said. "What has happened at Wells is an affront to the integrity of the institution."
Wall Street Journal
On their own: More than a dozen investment advisers who manage a collective $2.2 billion in client assets are leaving Morgan Stanley and striking out on their own. Members of Morgan Stanley's Kirk Bahm Group, in Wichita, Kan., said they quit to form their
Another exit at HSBC: Spencer Lake, a group general manager at HSBC Holdings, is
Financial Times
Cure for QE: Two British bankers are
New York Times
What a card: Usually, credit cards with $450 annual fees have only a select few customers. Not so JPMorgan Chase's Chase Sapphire Reserve card. The bank was inundated with requests for the card even before it was officially launched, then "ran out of the engraved card's fancy metal stock in only 10 days," leaving disappointed cardholders to settle for a temporary plain old plastic version. What's all the fuss about? The card offers a 100,000-point sign-up bonus, double the standard offer on competing cards. The card, the Times reports, has "
Washington Post
Whistleblower suit: A federal appeals court Monday said a private banker's whistleblower lawsuit against JPMorgan Chase can move forward. The former banker, Jennifer Sharkey, claimed she was fired seven years ago, a week after warning that an Israeli client might be committing fraud. A federal district court judge dismissed the suit last year, saying the former banker may have been