The Blackstone Group has converted some of its shares in BankUnited Inc. into non-voting stock in a move that should allow its own chief executive' to keep his personal financials private.
Blackstone on Wednesday
The Federal Reserve Board can require the personal information of top executives of firm's that own 10% or more in a public company. Several media outlets reported that the sale was tied to a desire by Stephen Schwarzman, Blackstone's CEO, to avoid such disclosure.
BankUnited
The top five banks and thrifts have combined total assets of nearly $13 trillion.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
