UBS on $1 billion quest to avoid Deutsche Bank’s IT missteps
UBS’s schedule, which targets the integration to be finished by the end of 2025, is very ambitious and not certain to be met, according to sources.
Wells Fargo’s Tolstedt sentenced to probation in phony-accounts scandal
Carrie Tolstedt, the former retail banking chief at Wells Fargo, was sentenced Friday to three years of probation including six months of home confinement — a major setback for federal prosecutors who wanted to send a message by putting a high-level big-bank executive in prison.
Dwolla changes CEOs, cuts jobs, shifts strategy
Dave Glaser, the company’s president, is replacing Brady Harris to move payments fintech’s focus to larger clients.
Discover considers possible sale of its student-loan arm
The unit, which includes a $10.2 billion portfolio of private student loans, could fetch interest from alternative asset managers or rival student-loan platforms.
Citigroup’s Europe boss departs amid CEO Fraser’s sweeping overhaul
Kristine Braden, the head of Citigroup’s Europe unit, is leaving the U.S. lender amid Chief Executive Officer Jane Fraser’s comprehensive reorganization of the top management structure to boost returns.
Ex-Deutsche Bank banker poised to plead guilty to crypto fraud
Former Deutsche Bank investment banker Rashawn Russell, who has denied defrauding investors in a cryptocurrency fraud, appears ready to change his mind and plead guilty to fraud charges, court records show.
An insidious plan in Washington would put small lenders at risk
A movement is afoot to transfer the job of the Federal Home Loan banks to the Federal Reserve. This would be a disaster for small lenders.
Bank disintermediation, Fed control fuels bipartisan skepticism of CBDC
While proponents of a central bank digital currency tout modernity and financial inclusion, House Financial Services Committee members of both parties fear lending could suffer under a digital dollar and are wary of handing the Federal Reserve even more power.
Amid profit woes, City National will get an infusion of new leadership
Greg Carmichael, the former CEO of Fifth Third, will join the Los Angeles bank as its executive chair. The move comes a few weeks after City National, which is a unit of Royal Bank of Canada, reported a quarterly loss.
Capital proposal could lead to a credit crunch, critics testify
The impact on things like servicing rights would raise costs even for lenders that aren’t banks, according to Mortgage Bankers Association President and CEO Bob Broeksmit. Others disagree.