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Companies linked to JPMorgan, Bank of America, Citigroup and Wells Fargo have discussed the possibility of jointly issuing a stablecoin, The Wall Street Journal reports. Some of the biggest banking companies in the US are reportedly exploring a team-up to launch a crypto stablecoin. Companies owned by JPMorgan, Bank of America, Citigroup and Wells Fargo…
Large U.S. banks reported massive earnings Friday, signaling that the biggest institutions largely shrugged off the banking crisis stemming from Silicon Valley Bank’s collapse. JPMorgan Chase, the largest bank in the nation, posted $12.6 billion in first-quarter profits, a whopping 52 percent increase from the same period last year. Wells Fargo’s quarterly profits rose 32…
” Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B “ The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. Its 66% year-to-date (YTD) growth is vastly outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising. BTC market cap daily…
“Shankar Mishra arrested for ‘peeing on Air India passenger’” Shankar Mishra, the former Wells Fargo executive fired by the bank after he urinated on an elderly woman while intoxicated during an Air India flight in late November, was arrested in New Delhi, according to Indian media reports. Mishra, a resident of Mumbai, was sought by…
“Wells Fargo VP Shankar Mishra ‘urinated on passenger’ on plane” Wells Fargo has terminated its vice president of operations in India after he allegedly urinated on a 72-year-old woman while they both flew business class aboard a recent Air India flight. Shankar Mishra, who worked for Wells Fargo at its Mumbai corporate office, was identified…
“United Furniture lenders reveal chaos surrounding 2,700 layoffs” Lenders to United Furniture Industries claimed in court filings they were blindsided by the company’s pre-Thanksgiving move to abruptly fire its 2,700 employees in the middle of the night — revealing for the first time a bizarre sequence of events that triggered the surprise bloodbath. The Nov….
“Wells Fargo’s hiring practices under investigation: report” Federal prosecutors in New York have opened a criminal investigation into whether Wells Fargo violated federal laws by conducting fake job interviews, the New York Times reported on Thursday, citing people familiar with the matter. Earlier this week, the bank said in a memo it was pausing a hiring policy that requires recruiters to…
“SEC fines Wells Fargo $7M for anti-money laundering lapses” The Securities and Exchange Commission said Friday that Wells Fargo Advisors had agreed to pay $7 million to settle charges of anti-money laundering related violations. The regulator said Wells Fargo Advisors failed to file at least 34 Suspicious Activity Reports in a timely manner between April 2017 and October 2021. The lapse arose because the…
“Wells Fargo staged sham job interviews for black, female candidates: report” Wells Fargo staged sham job interviews with minority candidates for positions that had already been promised to others, according to a former executive at the bank who claims he was fired after complaining about it to his bosses. Joe Bruno, who was an executive…
“# Wells Fargo partners with HSBC to settle FX transactions using blockchain ” Wells Fargo has partnered with HSBC to use its blockchain tools for the settlement of bilateral foreign exchange (FX) transactions. Wells Fargo would use the HSBC-developed FX Everywhere platform for interbank FX transactions. Developed by HSBC in 2018, the blockchain settlement platform…