Bank of America has hired former Goldman CTO Michael Dubno to head up its global markets and research technology business. BofA also named Cathy Bessant global technology and operations executive, she had been president of global corporate banking. JP Morgan hired Frank Troise to be global head of equities electronic client solutions; Troise was head of equities electronic trading product at Barclays. Deutsche Bank has hired former Credit Suisse managing director Jose Marques to head up global electronic equity trading in New York. Cardtronics has named former NYCE President and COO Steven Rathgaber to be its new CEO, replacing interim CEO Fred Lummis, who will continue as chairman. The Financial Services Information Sharing and Analysis Center announced elections to its board: Max Morris, vp, threat intelligence services, Wells Fargo; Anish Bhimani, managing director of IT risk management, JPMorgan Chase; Mark Clancy, managing director and CISO, Depository Trust and Clearing Company; and James Doyle, vp, corporate investigations division, Prudential Financial. Diebold has appointed Charles Ducey to be evp of North American operations.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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