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Stories 1 - 20 |
Mastercard Brings Hammer
Down on Pot Purchases
Jul 27, 2023 7:33 AM CDT
Mastercard Brings Hammer Down on Pot Purchases
Company says it's banning cannabis transactions on its debit cards, as cannabis isn't legal federally
- 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...
Venmo Changes Policy
on Teen Accounts
May 22, 2023 2:46 PM CDT
Venmo Changes Policy on Teen Accounts
Social payments app will let kids ages 13 to 17 join, get debit card—with parental OK
- Teenagers will officially be allowed to open a Venmo account with a parent's permission, the company said Monday, expanding the popular social payments app to an age demographic that's likely to embrace it almost immediately. The Venmo Teen Account will be available for 13- to 17-year-olds and comes...
Close In on
Apr 29, 2023 5:15 PM CDT
Regulators Close In on First Republic
Federal takeover and sale could be completed over the weekend
- Federal regulators were working through the weekend to take over and sell First Republic Bank, an effort to bring an end to the regional banking crisis that began seven weeks ago with the collapse of Silicon Valley Bank. The goal is to have the operation, which is being managed by...
of Bank Crisis
Apr 4, 2023 10:15 AM CDT
Jamie Dimon: Repercussions of Bank Crisis Will Last
But JPMorgan chief emphasizes it's not as severe as the 2008 crisis
- 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...
US, Allies Take
Big Step Against
Feb 26, 2022 5:30 PM CST
US, Allies Take Big Step Against Russian Banks
Nations had resisted calls to block access to system for handling global transactions
- The US and its European allies agreed Saturday to shut certain Russian banks out of SWIFT, a major messaging system critical in making global financial transactions. The leaders, including President Biden, had been dismissive this week of the likelihood they'd take this step to hurt Russia's economy after...
There's One Sanction
the US Is Resisting Using
Feb 25, 2022 8:52 AM CST
There's One Sanction the US Is Resisting Using
Biden says America won't push to have Russia kicked off SWIFT system
- Western countries and the US have responded to the Russian invasion of Ukraine with sweeping sanctions, but they're holding back on deploying what analysts call the "nuclear option" of financial sanctions: kicking Russia off the Belgium-based SWIFT messaging system for global financial transactions. The system "doesn't...
Whistleblower Reveals 18K
Secret Swiss Bank Accounts
Feb 21, 2022 10:25 AM CST
Whistleblower Reveals 18K Secret Swiss Bank Accounts
Credit Suisse did business with some nefarious characters
- 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:
A whistleblower gave the German newspaper
data on more than
Bank Trying to Claw Back
$175M in Mistaken Payouts
Dec 30, 2021 4:55 PM CST
Bank Trying to Claw Back $175M in Mistaken Payouts
Santander in the UK is having a bad week
- Some UK customers of Santander bank had an unexpectedly nice Christmas. The bank, not so much. It seems a glitch related to scheduled payments resulted in the bank mistakenly paying out a total of $175 million to 2,000 individuals and businesses, reports the
. "We're sorry that...
Biden's Pick for
Dec 8, 2021 8:31 AM CST
Under Fire, Biden's Pick for Bank Regulator Pulls Out
'It is no longer tenable for me to continue' as the nominee for OCC, says Saule Omarova
- Saule Omarova, President Biden's nominee to head up the Office of the Comptroller of the Currency, has taken her name out of the running. "I deeply value President Biden's trust in my abilities and remain firmly committed to the Administration's vision of a prosperous, inclusive, and...
Wells Fargo CEO Sorry for
Complaint About Black Talent
Sep 24, 2020 4:41 AM CDT
Wells Fargo CEO Sorry for Complaint About Black Talent
Charles Scharf blamed bank's lack of diversity on 'very limited' pool of talent
- 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...
Bank CEO Says Trump
Should Focus on Virus Fight
Apr 15, 2020 4:00 PM CDT
Bank CEO Says Trump Should Focus on Virus Fight
Brian Moynihan doesn't want to bring workers back until conditions are stable
- As a CEO on President Trump's new advisory committee on reopening the economy, Bank of America chief Brian Moynihan might have been expected to push for looser restrictions as soon as possible. Instead, on a call with investors Wednesday, Moynihan urged caution, advising the administration to focus on fighting...
Cops: Couple Blew $100K
Mistakenly Put in Their Account
Sep 9, 2019 1:21 AM CDT
Cops: Couple Blew $100K Mistakenly Put in Their Account
They've been charged with felony theft
- After Pennsylvania couple Robert and Tiffany Williams received an unexpected windfall of $120,000, they went on a massive spending spree over the next two-and-a-half weeks, police say. One problem: The money wasn't theirs. Police say that after a BB&T bank teller accidentally deposited the $120,000 in...
Deutsche Bank Cuts Businesses,
and Plans to Trim 18K Jobs
Jul 7, 2019 11:20 AM CDT
Deutsche Bank Cuts Businesses, and Plans to Trim 18K Jobs
Board approves retreat from global ambitions
- 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....
Senate Votes to Roll Back
Post-Crisis Bank Safeguards
Mar 15, 2018 2:00 AM CDT
Senate Votes to Roll Back Post-Crisis Bank Safeguards
Some Democrats join GOP in vote to loosen Dodd-Frank
- 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...
Wells Fargo Grabs Back
$75M From Ex-Execs
Apr 10, 2017 12:33 PM CDT
Wells Fargo Grabs Back $75M From Ex-Execs
Former CEO John Stumpf to lose $28M more, Carrie Tolstedt $47.3M in stocks
- 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...
Bank Chief Punished for
Effort to Expose Whistleblower
Apr 10, 2017 12:17 AM CDT
Bank Chief Punished for Effort to Expose Whistleblower
He was exposed by another whistleblower
- One of Britain's top bankers is being punished for his attempts to unmask a whistleblower. Jes Staley, CEO of Barclays, will be officially reprimanded and lose a bonus that the BBC estimates at more than $1.5 million. He will also be investigated by regulators in the UK and...
Wells Fargo to Pay $110M
to Settle Fake Account Lawsuit
Mar 29, 2017 12:04 AM CDT
Wells Fargo to Pay $110M to Settle Fake Account Lawsuit
Bank employees opened 2M accounts without customers' permission
- Wells Fargo has agreed to pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission, the bank announced Tuesday. It's the first private settlement that Wells has reached since the company paid $185 million to federal...
As Wells Fargo Pays Up,
Exec Exits With $125M
Sep 13, 2016 9:48 AM CDT
As Wells Fargo Pays Up, Exec Exits With $125M
CEO says Carrie Tolstedt is 'a champion for customers'
- Wells Fargo has been fined $185 million over a scam that involved employees opening phony accounts for customers who were forced to pay fees, but the executive in charge of those employees will take home almost as much. Carrie Tolstedt, former head of community banking, will receive $124.6 million...
One of World's
CEOs Dead in
Mar 21, 2016 11:03 AM CDT
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
- "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...
Glitch Causes Bank
Customers to See
Billions in Charges
Nov 27, 2015 3:54 PM CST
Glitch Causes Bank Customers to See Billions in Charges
'My wife is going to kill me'
- A technical glitch meant some First Hawaiian Bank customers logged on to their accounts to find that they appeared to be billions—or sometimes more than a trillion dollars—in the red. KHON-TV reports that bank officials say the glitch was visible to customers who logged on to their accounts...
Stories 1 - 20 |
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