Category: Finance

Morgan Stanley is penalizing individual bankers for conducting company business on messaging platforms such as WhatsApp, in connection with an investigation by regulators that drew $1.8 billion in fines last year from 11 Wall Street institutions. The bank is either clawing back funds from previous bonuses or deducting money from future pay — in penalties […]

Dive Brief: Sen. Elizabeth Warren, D-MA, on Wednesday praised Securities and Exchange Commission Chair Gary Gensler’s efforts to rein in the crypto market, but said the regulator still needs to do more to bolster its scrutiny of the industry in an effort to fight fraud. In a speech at a virtual event hosted by the […]

The largest department store in Mexico wants to use brand recognition to position itself as a worthy place to keep and manage money for Mexican Americans. Grupo Coppel, parent company to the Coppel chain of department stores, launched a Federal Deposit Insurance Corp.-insured mobile wallet app Tuesday that offers users digital and physical debit cards […]

Dive Brief: DailyPay, the New York City-based early wage access provider, has received $160 million in lending through a new revolving credit facility from Barclays bank and hedge fund firm Angelo Gordon, plus a $100 million term loan from the venture capital firm SVB Capital and investment company Neuberger Berman, according to a Tuesday press […]

At Visa’s annual shareholder meeting Tuesday, Visa CEO Al Kelly declared the card giant remains committed to cryptocurrency uses despite their recent turmoil. He also hinted at potential management team changes. The company hasn’t incurred any credit losses in the wake of recent crypto industry setbacks, and investments it made in crypto startups or funds […]

The largest department store in Mexico wants to use brand recognition to position itself as a worthy place to keep and manage money for Mexican Americans. Grupo Coppel, parent company to the Coppel chain of department stores, launched a Federal Deposit Insurance Corp.-insured mobile wallet app Tuesday that offers users digital and physical debit cards […]

Foro, a fintech backed by a former Bank of America CEO, on Wednesday announced the launch of its national commercial lending platform designed to guide small business owners through the commercial lending process and match them with banks. Hugh McColl Jr., who helped transform Bank of America into a financial giant before retiring in 2001, became […]

Federal prosecutors have seized $50 million from Farmington State Bank — the rural one-location Washington state-based bank that received a multimillion-dollar investment from FTX sister company Alameda Research a year ago, according to court documents that were unsealed last week. Prosecutors also seized about $100 million from California-based Silvergate Capital. Federal prosecutors seized the Farmington funds Jan. […]

Dive Brief: The Federal Reserve fined New York-based Popular Bank $2.3 million for failing to detect “significant indications of potential fraud” in six Paycheck Protection Program loans the bank processed in 2020, the regulator announced Wednesday. The bank, a subsidiary of Puerto Rico-based Popular Inc., also failed to report the potential fraud in a timely […]

Dive Brief: Bank of America is again giving restricted-stock awards to its rank-and-file employees, according to a memo seen Tuesday by Bloomberg and Reuters. Roughly 96% of the bank’s nearly 217,000 workers are eligible for the awards. Employees who receive $500,000 or more in total annual pay per year are not, according to the memo. […]