big banks

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Major Banks Try to Ease Junior Bankers' Exhaustion

JPMorgan, Bank of America take steps to prevent overwork amid criticism

(Newser) - Two leading investment banks are taking steps to prevent junior bankers from working more than 100 hours a week following complaints of overwork. JPMorgan is instituting an 80-hour weekly cap for junior bankers in a first-of-its-kind move for the bank, while Bank of America, which already flags work beyond a...

Bank of America Inches Closer to Its $25-an-Hour Goal

Minimum wage at bank will now be $24 an hour, starting in October

(Newser) - Bank of America has pledged it would raise its minimum wage to $25 by 2025, and it just got one step closer to reaching that goal. On Tuesday, the finance giant announced it would up its lowest pay rung to $24 an hour, starting in October, for both full-time and...

Banks' Deal With Elon Musk Is Worst Since 2008 Crisis

WSJ : Big institutions have not been able to offload the debt as planned

(Newser) - A number of big banks loaned Elon Musk $13 billion to buy what was then Twitter in 2022. Two years later, the Wall Street Journal reports that it now ranks as the worst such deal for banks since the 2008 financial crisis—and one of the worst of all time....

Capital One-Discover Deal Faces 'Gale-Force Headwinds'
Capital One-Discover Deal
Seen as 'Dangerous'
THE RUNDOWN
Feb 21, 2024 9:03 AM CST

Capital One-Discover Deal Seen as 'Dangerous'

Sen. Elizabeth Warren leads charge against $35B merger, saying it will hurt 'working people'

(Newser) - Capital One announced on Monday that it was buying Discover Financial Services, in a $35 billion deal to combine two of the nation's largest credit-card firms. But experts say it will take at least a year for the merger to be completed, and there's already pushback from advocacy...

Big Banks Warn Customers of Deposit Delays

'Manual error' said to cause 'processing issue' at Chase, Bank of America, Wells Fargo, others

(Newser) - Deposits at major banks across the nation were delayed Friday, due to what the Federal Reserve is calling a "processing issue" caused by human error. CNN Business reports that customers at Bank of America, Chase, Wells Fargo, US Bank, and Truist started complaining about the problem Friday morning, with...

JPMorgan Settles Epstein Case With $75M Payment

Virgin Islands accused the bank of turning a blind eye to his sex trafficking of girls

(Newser) - JPMorgan Chase will pay $75 million to close an ugly chapter in the banking giant's history. The payment settles a lawsuit brought by the US Virgin Islands that accused the bank of turning a blind eye to the sex trafficking of girls by Jeffrey Epstein, reports the New York ...

Feds Order Bank of America to Pay $250M in New Scandal

CFPB says bank charged junk fees, withheld bonuses, opened fake accounts

(Newser) - Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses, and opening accounts without customer consent, reports the AP . Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the Office of...

UBS Buys Credit Suisse in Deal Driven by Regulators

Swiss government says merger will protect global financial system

(Newser) - Switzerland's two biggest banks are merging, after regulators intervened to prevent the smaller one's problems from affecting the global banking system. The deal between UBS and Credit Suisse was announced Sunday night by Swiss President Alain Berset. The country's finance minister said that had Credit Suisse filed...

Exodus From Russia Now Includes Wall Street Banks

Goldman Sachs is first to make the move

(Newser) - Another financial shot to Russia: Goldman Sachs on Thursday became the first major Wall Street bank to pull out of the nation since the invasion of Ukraine, reports NPR . It's a sign of the increasing economic isolation being imposed on Moscow by the West, though CNBC describes US banking...

Whistleblower Reveals 18K Secret Swiss Bank Accounts

Credit Suisse did business with some nefarious characters

(Newser) - The idea of not-so-upright characters stashing money in a Swiss bank account is a staple of Hollywood—and a large leak of account holders with the giant Credit Suisse suggests it's right on the money:
  • The leak: A whistleblower gave the German newspaper Sueddeutsche Zeitung data on more than
...

Banks Are Laundering Trillions for the Bad Guys
BuzzFeed
Has Dug Up
Damning Bank
Documents
the rundown
Sep 21, 2020 4:03 AM CDT

BuzzFeed Has Dug Up Damning Bank Documents

The 'FinCEN files' show how criminals, terrorists, and corrupt leaders use Western banks

(Newser) - The new Panama Papers are out, and they're just as ugly—if not worse. Leaked government documents show that big banks are laundering untold trillions of dollars for shady operators around the world and getting away with it, BuzzFeed reports. JPMorgan Chase and HSBC appear to be among the...

For First Time, a Woman Will Lead Major US Bank

Jane Fraser is taking over at Citigroup

(Newser) - Citigroup's Jane Fraser will become the first woman to ever lead a Wall Street bank when she succeeds CEO Michael Corbat in February. The New York bank announced the succession Thursday, per the AP and the Wall Street Journal . Fraser, 53, is currently head of Citi's global consumer...

Chase Slammed for 'Poor-Shaming' After 'Motivational' Tweet

Elizabeth Warren among critics hitting Chase

(Newser) - Chase Bank's #MondayMotivation tweet was better suited for #ToneDeafTuesday, according to critics. The since-deleted tweet set up a hypothetical conversation between a bank account and its owner, who ponders the reasons for a low balance. "I guess we'll never know," the customer said, despite the bank...

Deal Would Create 6th Largest Bank in US

SunTrust and BB&T plan to merge

(Newser) - Southeastern regional banks BB&T and SunTrust will attempt to join in an all-stock deal, creating a new bank that would be the sixth largest in the US based on assets and deposits. It would have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits,...

5 Big Banks Get Failing Grades on 'Living Wills'

They need to retool emergency plans quickly

(Newser) - Federal regulators say five of the biggest banks in the US haven't worked out strong plans for how they might reshape themselves in case of failure, which could leave them unable to survive without another taxpayer bailout, reports the AP . JPMorgan Chase, Bank of America, Wells Fargo, Bank of...

JPMorgan Sinking $100M in Detroit Renewal

Effort aims to improve housing, offer job training

(Newser) - JPMorgan is moving to help a bankrupt city get back on its feet. The bank is putting $100 million, divided between loans and grants, toward Detroit's revitalization, the New York Times reports. The money is intended to help the city with an array of projects, including housing improvements, the...

BofA Just Showed How Easy It Is to Lose $4B
 BofA Just Showed How Easy It Is to Lose $4B
OPINION
Apr 28, 2014 12:15 PM CDT

BofA Just Showed How Easy It Is to Lose $4B

Is bank too big to keep track of its assets?

(Newser) - Bank of America canceled a planned share buyback program today, after realizing that it had made a tiny little accounting error—and by "tiny little," we mean "$4 billion." "The market's reaction, with about $10 billion of BofA's market value wiped out, was...

Bank's 'Spy Novel' Tactics Hid US Tax Dodgers' Billions

And Justice Dept. did little to respond, per Senate report on Credit Suisse

(Newser) - Swiss bank Credit Suisse helped thousands of Americans keep as much as $12 billion in assets tucked away from the eyes of the IRS, a Senate report out yesterday alleges—and the bank used some unconventional techniques in the process, including once hiding bank statements in a copy of Sports ...

China Regulator Asked JPMorgan for Hiring 'Favor'

Bank gave job to official's family friend

(Newser) - With JPMorgan Chase facing scrutiny over its hiring in China, the New York Times is raising questions about a worker who is a family friend of a Chinese insurance regulator. In June 2012, when JPMorgan was looking for work with Chinese insurance firms, CEO Jamie Dimon met with the regulator,...

JPMorgan Is Being Punished for Not Being Evil Enough

Probe into firm's China hires is ironic, Matt Levine argues

(Newser) - A trove of emails have emerged in JPMorgan Chase's China corruption scandal , and they reveal a deep irony about the case: Essentially, "JPMorgan's mistake was not hiring Chinese princelings fast enough," argues Matt Levine at Bloomberg . The emails reveal that JPMorgan initially had a program preventing...

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