banking industry

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This Could Be Rough Day for Wells Fargo CEO in Senate

John Stumpf will be apologizing to panel over fake accounts

(Newser) - Things could get ugly Tuesday for Wells Fargo CEO John Stumpf, who has the pleasure of appearing before the Senate Banking Committee to answer questions about why on earth his bank created about 2 million fake bank and credit card accounts on behalf of clients without their permission. Employees allegedly... More »

5.3K Wells Fargo Workers Fired for Creating Fake Accounts

Employees got bonuses; customers got extra fees

(Newser) - Wells Fargo has been slapped with a record $185 million penalty over a scam carried out by its own employees—5,300 of whom were fired. The Consumer Financial Protection Bureau says Wells Fargo workers trying to reach sales targets opened around 2 million phony deposit or credit card accounts,... More »

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... More »

One of World's Best-Performing CEOs Dead in Plane Crash

'Iron Man' Roger Agnelli, banker turned mining magnate, dies with wife, 2 kids, 3 others

(Newser) - "We have lost a Brazilian of extraordinary entrepreneurial vision," Dilma Rousseff, the country's president, said in a statement Sunday, per Reuters . Her mournful message announced the death of 56-year-old banker Roger Agnelli, who turned a Brazil mining company into the world's largest iron-ore producer and made... More »

5 Banks Fined $3.4B for Market Manipulation

Foreign exchange probe involves Citibank, JPMorgan Chase, HSBC

(Newser) - US, British, and Swiss regulators have fined five global banks for attempting to manipulate foreign exchange markets—the latest penalties for an industry previously criticized for rigging interest rates and for its role in triggering the global financial crisis. Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank, and... More »

Did Russian Cyberattackers Raid Big US Banks?

Feds suspect attacks could be payback for sanctions, sources say

(Newser) - The big banks are staying tight-lipped about it, but multiple sources say several major US financial firms were hit by hackers who made off with gigabytes of data earlier this month. The banks included JPMorgan Chase and at least four others, according to New York Times sources, who say the... More »

Among US' Most Rabid Fee Collectors: Walmart Banks

Top 5 in-store branches among top 10 nationwide

(Newser) - Walmart's famously low prices don't extend to the banks that operate inside of it. The five banks that have the most branches within Walmart stores are among the most aggressive fee collectors in the nation, the Wall Street Journal reports. Its analysis revealed that all five were among... More »

Feds Ease Up on Banks Dealing With Pot Businesses

But not all are convinced that new 'guidance' is sufficient

(Newser) - The Obama administration today gave banks a road map for doing business with legal marijuana sellers without getting into trouble, a step by the federal government toward enabling a legalized marijuana industry to operate in states that approve it. The guidance issued by the Justice Department and Treasury Department was... More »

Next Big Step for Pot Business: Banks?

Holder says feds are working on new regulations

(Newser) - The Obama administration will soon take the radical step of allowing legal pot businesses to actually put their money in banks—sort of. At an event yesterday, Eric Holder said he was working with the Treasury Department on new regulations and would unveil them "very soon," Politico reports.... More »

US Banks Hit Lowest Number Since Depression

Pennsylvania sees country's first startup since 2010

(Newser) - There are currently 6,891 banks in the US—the fewest since 1934, when the federal government started keeping records. The figure is down from about 18,000 in the mid-1980s, and it's largely because small banks have been disappearing, the Wall Street Journal reports. Between 1984 and 2011,... More »

Online Bank Lets Customers Pay What They Want for Checking

GoBank to offer option of $0 to $9 on checking accounts

(Newser) - An online-only bank called GoBank will be rolled out in the next several weeks with a buzz-worthy offer: Customers will pay what they think is fair for a checking account—even if that amount is $0 per month, reports MarketWatch . Parent company Green Dot, which provides prepaid debit cards, is... More »

Warren to Regulators: Why Don't You Take More Banks to Court?

Senator makes a splash at first hearing; critics see grandstanding

(Newser) - Elizabeth Warren has kept a low national profile in her first month on the job as a senator, but that changed yesterday at a hearing in which she grilled federal regulators of Wall Street, reports the Boston Globe and MassLive . In the exchange getting the most attention, Warren noted that... More »

JPMorgan Might Dock Dimon's Bonus Over 'Whale'

He will likely no longer be top-paid banking executive as a result

(Newser) - He probably won't win a lot of sympathy for this, but it looks like JPMorgan's Jamie Dimon is going to lose bragging rights of being the nation's highest-paid banking exec. The board is expected to dock Dimon's 2012 bonus because of the disastrous "London whale"... More »

US Positive Iran Is Behind Wave of Banking Hacks

Cyberattacks have caused online slowdowns at several sites

(Newser) - Just about every big American bank has been hit by cyberattacks in recent months, and while one obscure overseas group has claimed responsibility, US officials think the real culprit is Iran, reports the New York Times . The attacks are too sophisticated to be the work of amateurs and smack of... More »

Oldest Swiss Bank Calling It Quits After US Fine

Wegelin will pay $57.8M in fines

(Newser) - After more than two centuries in business, a Swiss bank is closing down following fines for helping American tax dodgers. Wegelin, the country's oldest bank, pleaded guilty to tax evasion charges and will pay $57.8 million in fines. After that, the bank founded in 1741 says it "... More »

Libor Scandal to Cost UBS $1.6B: Report

That's 3 times Barclays' penalty

(Newser) - UBS will pay $1.6 billion to settle with US and European officials in the Libor rate-fixing scandal, an insider tells Bloomberg —a penalty more than three times the size of what Barclays ponied up . Meanwhile, US officials are set to charge bankers in the manipulation of Tokyo interbank... More »

Obama Declares Big Banks Too Big to Jail

Decision not to prosecute bank's money laundering sparks outrage

(Newser) - The Obama administration officially bought into the idea that big banks are "too big to jail" yesterday, by deciding to fine HSBC instead of criminally prosecuting its vast money laundering operation—which funneled cash to Mexican drug cartels and Saudi banks with ties to al-Qaeda. The stated reason? The... More »

Obama Won the 'Makers,' Romney the 'Takers'

Harold Meyerson: Techies went for president, bankers for Romney

(Newser) - A look at this year's political contributions makes a few generalizations safe: If an employee of Google or Microsoft donated to a candidate, it was probably Barack Obama. If an employee at Goldman Sachs or Morgan Stanley did, it was probably Mitt Romney. In short, Silicon Valley loves Obama... More »

Bank of America Scraps Plan for New Fees

Last year's revolt might be too fresh in memory

(Newser) - Remember last year when Bank of America tried to impose a $5 fee for debit cards but had to rescind it amid customer outrage? Some key decision-makers at the bank apparently remember, too, because they've put the kabosh on new checking account fees that were due to go into... More »

Sandy Knocks Banks Back to Pre-Electric Era

Ledgers make a comeback in hard-hit areas

(Newser) - Superstorm Sandy has sent banks in some of the hardest-hit areas back to a level of technology their 19th-century customers would have been familiar with, the Wall Street Journal finds. Some of the hundreds of banks operating in New York and New Jersey have closed all their branches, but others... More »

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