Wells Fargo overhauls lawmaking and policy arm

– Wells Fargo & Co is making several changes to its government relations and public policy unit in what its new leader said was a response to its steady growth since the financial crisis. The bank has had a difficult seven months since a sales scandal that severely damaged its reputation and led to the departure of then-Chairman and CEO John Stumpf in October. Stumpf’s sudden retirement came after he was slammed by U.S. lawmakers.…

"Wells Fargo overhauls lawmaking and policy arm"

JPMorgan Chase & Co leaves blockchain consortium R3

NEW YORK – JPMorgan Chase & Co has left the mammoth bank blockchain consortium led by New York-based startup R3 CEV, the latest member to depart over the course of the company’s fundraising process, R3 confirmed on Thursday. R3, which counts about 80 financial institutions as members, wants to raise $150 million from its members and strategic investors and give them a 60 percent stake in R3. “JPMorgan parted ways with R3 to pursue a…

"JPMorgan Chase & Co leaves blockchain consortium R3"

Goldman hopes high rates will lure consumers to online bank

– Goldman Sachs Group Inc plans to promote its high-interest bearing deposit products in a marketing push to consumers later this year as it looks to grow its online bank, Chief Strategy Officer Stephen Scherr said in an interview on Thursday. Historically known as an adviser to the world’s richest people and corporations, Goldman Sachs has been trying to do more business with ordinary consumers to diversify its business and have a more stable source…

"Goldman hopes high rates will lure consumers to online bank"

Customers in short supply at HSBC’s Pearl River Delta branches, core of China plan

DONGGUAN, China/LONDON/HONG KONG – In the digital age, footfall in bricks-and-mortar outlets is an incomplete measure of business activity, but HSBC’s sparsely attended branches in the Pearl River Delta suggest it’s not all plain sailing for the bank’s expansion in mainland China. HSBC, the world’s sixth-largest bank by assets, announced in 2015 that it would hire 4,000 new staff and invest billions to make the Pearl River Delta (PRD) its gateway to China, a retail…

"Customers in short supply at HSBC’s Pearl River Delta branches, core of China plan"

Credit Suisse seeks capital security with $4 billion cash call

ZURICH – Credit Suisse has ditched plans to raise money by listing part of its Swiss business and will instead sell new shares worth about 4 billion Swiss francs ($4 billion) to get its financial strength back on a par with rivals. Switzerland’s second-biggest bank, which is recovering from back-to-back annual losses as it restructures under Chief Executive Tidjane Thiam, said the decision should remove any lingering concerns about its capital strength. “It’s the right…

"Credit Suisse seeks capital security with $4 billion cash call"

JPMorgan beats Madoff customers’ appeal

NEW YORK – JPMorgan Chase & Co is not liable to a group of former customers of Bernard Madoff who blamed the bank for being actively involved in his Ponzi scheme and ignoring red flags of fraud, a federal appeals court ruled on Wednesday. The 2nd U.S. Circuit Court of Appeals in Manhattan said the customers failed to show that JPMorgan had enough “control” over Madoff’s fraud to justify liability under federal securities laws. JPMorgan…

"JPMorgan beats Madoff customers’ appeal"

Deutsche Bank weighs moving thousands of jobs from London after Brexit

FRANKFURT – Deutsche Bank is considering whether it needs to move thousands of staff from London to Frankfurt following Britain’s decision to leave the European Union, one of its top executives said. After Britain triggered Article 50 last month and has begun divorce talks with the EU, financial firms have stepped up planning on how to deal with any disruption that might ensue, such as losing access to the bloc’s single market. “For front office…

"Deutsche Bank weighs moving thousands of jobs from London after Brexit"

JPMorgan zooming in on Warsaw for new global back office center

WARSAW/LONDON – U.S. bank JPMorgan Chase is zooming in on Warsaw as a destination for its new back office operations center which could eventually employ several thousand people supporting the bank’s European and Asian business, sources said. As Britain prepares to leave the European Union, and banks and other financial firms look to shift jobs from London’s financial center, Poland has set its sights on mid-tier work where salaries may not be astronomical but jobs…

"JPMorgan zooming in on Warsaw for new global back office center"

Wells Fargo board gets black eye in shareholder vote

PONTE VEDRA BEACH, Fla./BOSTON – Wells Fargo & Co shareholders showed displeasure with the scandal-hit bank’s board on Tuesday, offering scant support for a dozen directors, including Chairman Stephen Sanger, in a vote capping a contentious annual meeting. Only three directors received more than 90 percent support from voting shareholders, a benchmark cited by Sanger as what would be the outcome of a normal vote. He received just 56 percent approval. “Wells Fargo stockholders today…

"Wells Fargo board gets black eye in shareholder vote"

Wells Fargo board faces peculiar problem after lukewarm shareholder vote

BOSTON/PONTE VEDRA BEACH, Fla. – Wells Fargo & Co’s directors face an unusual and difficult task after shareholders rebuffed most of them: reformulating the board in a way that satisfies investors without causing more chaos. Chairman Stephen Sanger said no directors will step down immediately, even after a dozen fell short of a traditional threshold of shareholder confidence at the bank’s dramatic annual meeting on Tuesday. But sources said some directors nearing a mandatory retirement…

"Wells Fargo board faces peculiar problem after lukewarm shareholder vote"