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Three major US banks make up half of 2020’s $11.39bn fine total

October 22, 2020

Category: Regulations

Together, Goldman Sachs, Wells Fargo, and JP Morgan Chase paid $7.85 billion of this total, according to Finbold’s ‘Bank Fines 2020’ report. Finbold classes a ‘major fine’ as anything above $592,000, highlighting that “the real numbers of violations can be […]


Americans are ‘panic buying’ life insurance due to coronavirus pandemic

October 15, 2020

Via: CNBC
Category: Activity, Insurance

Life insurance is enjoying something of a renaissance as a result of the coronavirus pandemic. Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19. […]


Wells Fargo Reportedly Cuts More Than 700 Jobs in Commercial Banking

October 7, 2020

Wells Fargo (WFC) – Get Report reportedly has cut more than 700 commercial-banking jobs and the bank ultimately could reduce tens of thousands positions. Shares of the San Francisco-based financial services company were up 2.77% to $24.84 in trading Wednesday. […]


Activity, Trading

Stephen Moore: Is the Stock Market Telling Us That Trump Will Win?

October 27, 2020

Via: CNSNews.com

Why is the stock market so high? I get asked this riddle every day. The standard answers we hear these days are that the market is anticipating another $2 trillion Donald Trump-Nancy Pelosi stimulus bill (either before or right after […]


Activity, Corporate Banking

HSBC beats estimates, reports 36% year-on-year fall in pre-tax profit for the third quarter

October 26, 2020

Via: CNBC

Hong Kong-listed shares of HSBC popped on Tuesday after third quarter profits beat market expectations. Europe’s largest bank by assets reported profit before tax of $3.07 billion in the July-to-September quarter, 36% lower than the $4.84 billion recorded a year […]


Activity, Corporate Banking

Covid learnings: Barclays eyes further cuts in office space

October 23, 2020

Via: Finextra

The UK bank posted profit before tax of £1.1 billion, almost double the £507 million analysts had forecast. Provisions for bad loans at £607 million were also way below analyst expectation and 63% down on the previous quarter. However, the […]


Regulations

FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal

October 23, 2020

Via: FinTech Futures

The FCA and PRA fines are part of a globally coordinated resolution reached with Goldman Sachs Group (GSG) and its subsidiaries. GSI is an indirect wholly owned subsidiary of the GSG. GSI acts as a material booking entity for bond […]