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“# Bacon Protocol launches decentralized mortgage platform ” Decentralized mortgage lender Bacon Protocol officially launched on Tuesday, allowing cryptocurrency investors to participate in the housing market through a new stablecoin that’s backed by USD Coin (USDC) and home loans. In addition to launching its protocol, Bacon announced Tuesday that it is holding a public sale…
“#Wells Fargo, BlackRock delay office returns over rising COVID cases” Wells Fargo and BlackRock announced Thursday that they’re pushing back their return-to-office plans to October amid rising cases of COVID-19. Wells Fargo, the largest workforce of any US bank with almost 260,000 employees, said it will start calling workers back to the office on Oct….
Elizabeth Warren has sharp words for Wells Fargo. The bank is discontinuing personal lines of credit and will shut down existing ones in the coming weeks, CNBC reported, citing customer letters it has reviewed. The bank is under increased regulatory pressure in the wake of recent scandals. In a “frequently asked questions” section of a letter sent by the back,…
“# Banks cautious about crypto ahead of COVID-19 testimony before US Senate ” Major Wall Street bank executives will appear before the United States Senate Banking Committee on Wednesday to discuss the role of their financial institutions in the recovery of the American economy. Democratic lawmakers plan to grill a number of major bank execs,…
“#Feds reportedly OK Wells Fargo overhaul plan” Wells Fargo could be getting out of the Federal Reserve’s naughty corner, and the megabank’s much-maligned stock is taking a rare move upwards on the news. According to a Wednesday report from Bloomberg, the Fed has indicated that it will accept the bank’s latest governance overhaul plan, a…
“#Wells Fargo records rare profit beat as credit costs fall” Wells Fargo posted a small rise in quarterly profit Friday that beat Wall Street estimates, as stabilizing credit costs helped buffer historic near-zero interest rates meant to prop up the ailing economy during the COVID-19 pandemic. The country’s fourth-largest bank, which has been plagued by hefty…
“# Bitcoin price climbs 20% overnight as US banks brace for 40% profit cut ” The dollar value of Bitcoin (BTC) jumped 20% overnight leading into Jan. 12, as the world’s most well-known cryptocurrency recovered swiftly from a 27% decline suffered just days before. The broader cryptocurrency market followed suit on Tuesday, as over $150…
“# Wells Fargo report labels Bitcoin as speculative investment ” San Francisco-based bank Wells Fargo has released a report identifying Bitcoin as the best performing asset of 2020, while also highlighting the coin’s volatility for investors. In an investment strategy report released yesterday, the banking giant noted that Bitcoin (BTC) is up 170% this year…
“#Former Wells Fargo CEO and senior exec hit with new SEC charges” The feds slapped ex-Wells Fargo chief John Stumpf and the bank’s former community banking head Carrie Tolstedt with fresh civil charges and fines over their roles in the fraud scandal that rocked the bank in 2016. The Securities and Exchange Commission said Friday…
“#Wells Fargo reportedly exploring sale of asset management business” Wells Fargo is exploring a sale of its asset management business, in what would be the bank’s biggest shake-up since former Bank of New York Mellon chief executive Charles Scharf joined as CEO last year, people familiar with the matter said. The potential deal would illustrate…