RBC faces tough questions after bad quarter at LA-based City National
The company’s U.S. banking unit, which focuses on wealth management, reported a $38 million quarterly loss. Executives said they’re cutting staff in an effort to right the ship, but analysts questioned whether the expense cuts are aggressive enough.
Zillow Offers 1% down payment to lure struggling homebuyers
The program is even lower than Freddie Mac’s best of 3%, with Zillow offering to pay 2% of the down payment at closing, according to a statement Thursday.
Does a spat between fintech founders spell doom for the company?
A co-founder of Totem, a neobank for Native Americans, initiated legal action against his counterpart. Disputes are not uncommon in the startup world.
Citi revamping checking accounts to support wealth management push
The company is ditching standard account packages and will instead adopt “relationship tiers” that are based on customer’s deposit and investment accounts.
JPMorgan wins ruling that leveraged loans are not securities
The decision by the 2nd U.S. Circuit Court of Appeals in Manhattan came in a securities fraud lawsuit brought by a trustee for note purchasers in a 2014 syndicated loan deal led by JPMorgan Chase.
How to fix the biggest flaws in today’s banking system
After the turbulence of the banking crisis, here are a dozen ideas experts have for keeping the financial system healthy, from American Banker’s BankThink op-ed section.
Fed ends enforcement action against HSBC for FX trading scandal
Front-running schemes by the bank’s foreign exchange desk defrauded clients of millions of dollars. In 2017, the Federal Reserve cited the lackluster oversight for failing to stop it.
At long last — and over banks’ protests — CRA reform is afoot
Banking regulators have been debating how to reform the implementing regulations for the Community Reinvestment Act across two presidential administrations. But despite banks’ urging to slow down, regulators are poised to finish the job in early fall.
UBS poised to absorb Credit Suisse domestic bank, drop brand
UBS Group AG is expected to announce soon that it’s fully integrating Credit Suisse’s domestic bank, ending months of speculation about the future of the business.
Bank boardrooms need more experts on nature-related risks
Most financial firms are failing to see how the natural world impacts their business, but they’re about to wise up — quickly.