banking industry

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Mastercard Brings Hammer Down on Pot Purchases

Company says it's banning cannabis transactions on its debit cards, as cannabis isn't legal federally

(Newser) - Looking to pick up some pot at the dispensary? Don't pull out your Mastercard. On Wednesday, the payment processing company announced it had informed financial institutions that it would not be allowing marijuana purchases on its debit cards, in what Reuters describes as "a blow to an industry...

It's the Second-Largest Bank Failure in US History
It's the Second-Largest Bank
Failure in US History
the rundown

It's the Second-Largest Bank Failure in US History

Regulators seize First Republic, sell most of it to JPMorgan Chase

(Newser) - Another midsize US bank has gone under, the third in two months. Regulators seized First Republic Bank on Monday and sold the bulk of it to the nation's largest bank, JPMorgan Chase, reports the BBC . The move, however, which was telegraphed over the weekend , is not being received as...

In Silicon Valley Bank Fail, the Fed's 'Mea Culpa' (Sort Of)

US central banking system blames lax oversight, weakened regulations for bank's collapse

(Newser) - The Federal Reserve blamed last month's collapse of Silicon Valley Bank on poor management, watered-down regulations, and lax oversight by its own staffers, adding that the industry needs stricter policing on multiple fronts to prevent future bank failures. The Fed was highly critical of its own role in the...

Jamie Dimon: Repercussions of Bank Crisis Will Last

But JPMorgan chief emphasizes it's not as severe as the 2008 crisis

(Newser) - Ten months ago, the chief of America's biggest bank warned that an economic "hurricane" was brewing and might slam the US. On Tuesday, Jamie Dimon of JPMorgan Chase sounded a lot more optimistic about the forecast, referencing "storm clouds" instead, reports Axios . In his annual letter to...

Nation's Banks Throw $30B Lifeline to One Struggling

As a result of the help for First Republic, the stock market had a strong day

(Newser) - Stocks rallied on Thursday after a group of big banks offered a lifeline to a bank Wall Street had zeroed in on in its hunt for the next victim in the industry’s struggles, per the AP . The benchmark S&P 500 jumped nearly 2% Thursday, erasing earlier losses following...

Explaining the SVB Mess in 30 Words
SVB Made 'Elementary'
Error Before Its Collapse
the rundown

SVB Made 'Elementary' Error Before Its Collapse

Larry Summers weighs in on bank's mistake of failing to account for rate hikes in investments

(Newser) - The fallout continues over last week's collapse of Silicon Valley Bank , as well as the government's response to protect depositors' money. A look at coverage:
  • In short: Former Treasury Secretary Larry Summers tweeted that SVB is guilty of "one of the most elementary errors" a bank can

Biden Tries to Shore Up Confidence in Bank System

'Your deposits will be there when you need them'

(Newser) - One of President Biden's first orders of business on Monday was to attempt to reassure Americans—and the financial markets—that the banking system is on solid ground after a tumultuous few days .
  • "Your deposits will be there when you need them," said Biden in a national

UK Offshoot of Failed US Bank Sells for ... $1.21

HSBC acquires Silicon Valley Bank subsidiary for 1 British pound

(Newser) - These are tense days in the world of banking , as seen in an unusual price tag Monday morning: HSBC will acquire the British subsidiary of Silicon Valley Bank for all of 1 British pound, reports the BBC . That's the equivalent of about $1.21. SVB, of course, is the...

Number of 2023 Bank Failures Now Up to 3
Bank Depositors Will Get
Their Money Back
the rundown

Bank Depositors Will Get Their Money Back

US takes action to ease pain of SVB collapse, as another big bank fails

(Newser) - The government has taken what the AP calls "extraordinary steps" to avert a potential banking crisis in the wake of Silicon Valley Bank's failure , with the Treasury Department, Federal Reserve, and FDIC issuing a joint statement Sunday assuring SVB clients they would all be protected and that depositors,...

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

JP Morgan CEO Jamie Dimon Just Got a Raise

He earned $34.5M in stocks and cash in 2021

(Newser) - At an age where many people are gearing up for retirement, the 65-year-old CEO of JPMorgan Chase got 50 million reasons to stay in his post. Jamie Dimon received a $50 million bonus in early 2021 as an incentive to stay with the mega bank for a minimum of five...

Wells Fargo CEO Sorry for Complaint About Black Talent

Charles Scharf blamed bank's lack of diversity on 'very limited' pool of talent

(Newser) - The CEO of Wells Fargo has apologized for an "insensitive" memo in which he said the bank wasn't meeting diversity goals because of a shortage of skilled Black workers. "The unfortunate reality is that there is a very limited pool of Black talent to recruit from with...

Deutsche Bank's Push to Be a Banking Giant Is Dead

The Frankfurt-based bank began cutting 18K jobs on Monday

(Newser) - Germany's Deutsche Bank on Monday began cutting 18,000 jobs, marking the end of a long, failed attempt to compete with the planet's investment banking giants. The bank plan unveiled Sunday aims to take Deutsche Bank "back to our roots" by refocusing on traditional strengths like serving...

Deutsche Bank Cuts Businesses, and Plans to Trim 18K Jobs

Board approves retreat from global ambitions

(Newser) - In a sweeping restructuring, Deutsche Bank announced Sunday that it will cut 18,000 jobs and abandon its global equities sales and trading business. The bank intends to cut costs as much as $19 billion in coming years, CNBC reports. That would leave it with 74,000 employees by 2022....

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,...

Facebook Offers Banks Its Users for Their Data

The company says it's 'partnering' with financial giants like Wells Fargo and Citigroup

(Newser) - A report out Monday in the Wall Street Journal claims Facebook has asked some of America's largest financial institutions to share their customers' private financial data. The social giant reportedly wants data as specific as checking account balances and individual transaction information, which would be used as part of...

Senate Votes to Roll Back Post-Crisis Bank Safeguards

Some Democrats join GOP in vote to loosen Dodd-Frank

(Newser) - The Senate passed bipartisan legislation Wednesday designed to ease bank rules that were enacted to prevent a relapse of the 2008 financial crisis that caused millions of Americans to lose their jobs and homes. The Senate voted 67-31 for a bill from Republican Senator Mike Crapo of Idaho that would...

Goldman Sachs' Next CEO Has a Surprising Hobby

Co-president David Solomon likes to spin sick beats

(Newser) - One of Goldman Sachs' co-presidents, a part-time DJ, is set for promotion, while the other, a karate black belt, is packing his bags. Harvey Schwartz, appointed co-president when Gary Cohn left for the White House in December 2016, will leave the firm after its board of directors chose fellow co-president...

Wells Fargo Grabs Back $75M From Ex-Execs

Former CEO John Stumpf to lose $28M more, Carrie Tolstedt $47.3M in stocks

(Newser) - New developments in the Wells Fargo sales scheme emerged Monday, with an investigative report from the bank's board noting that $75 million in compensation will be clawed back from two former executives, including ex-CEO John Stumpf , the New York Times reports. After a six-month probe into the scandal that...

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