China retaliates as U.S. sanctions put banks in a bind

August 10, 2020.
China retaliated Monday by levying its own sanctions against U.S. officials in response to U.S. sanctions introduced last week that left banks in Hong Kong to grapple with how to operate without running afoul of the local government.

Fed defends Main Street loan program’s sluggish start

August 7, 2020.
A U.S. Federal Reserve official defended the central bank’s loan program meant to help midsize businesses on Friday as U.S. congressional oversight committee members scrutinized how long it took for the program to become operational, how effective the program has been and whether changes to the program are warranted.

Capital One assessed $80 million fine for haphazard data handling before 2019 hack

August 6, 2020.
Capital One is facing an $80 million fine from the U.S. Office of the Comptroller of the Currency, and requirements to fix certain cloud-based cybersecurity issues, after faulty practices resulted in a 2019 data breach, the regulator said Thursday.

Bank CEOs among those pushing EU policymakers on sustainable finance goals

August 5, 2020.
A group of CEOs, including several from major financial institutions, took an aggressive stance on sustainable finance Wednesday in a new report, pushing European policymakers for a greener economy in line with United Nations goals during the pandemic recovery.

Citi takes over as sole US custodian of Peru's dual-listed securities

August 3, 2020.
Citigroup has been appointed as the only U.S. financial institution allowed to provide custody and tax services for the dual listing program of the Lima Stock Exchange in Peru, managing $6 billion worth of securities.

Citigroup extends pre-approved small loans to Amazon customers

August 3, 2020.
Citigroup said it will offer loans to Amazon customers making purchases over $100, providing them with longer-term and lower-rate financing than with credit cards, as it seeks to expand its consumer lending options.

Google partners with eight U.S. banks on mobile-first banking

August 3, 2020.
Google Pay is collaborating with eight U.S. banks to develop mobile-first accounts that will be able to be managed through the Google Pay app when they launch in 2021, partnered banks said Monday.

With big banks’ backing, group pitches landmark carbon accounting standards

August 3, 2020.
After snagging big-name members including Bank of America and Morgan Stanley in recent weeks, the Partnership for Carbon Accounting Financials on Monday released a draft of the first international standard for measuring and disclosing the climate impact of financial institutions’ loans and investments.

Morgan Stanley to co-chair working group on data security as financial industry shifts to cloud

July 30, 2020.
Morgan Stanley will help lead a group of financial firms and cloud computing companies as they develop a framework for more secure cloud data management, an issue of growing importance as businesses operate remotely and cybersecurity risk increases.

Bank of America amplifies muscle of carbon accounting standards group

July 30, 2020.
Bank of America on Wednesday said that it became the largest U.S. financial institution to commit to disclosing the climate impact of its loan and investment portfolio as a member of the Partnership for Carbon Accounting Financials, boosting the group’s leverage as it prepares to release a draft methodology next week.

Citigroup launches 5-year sustainability strategy with $250B in green financing

July 29, 2020.
Citigroup said Wednesday that it will dedicate another quarter-trillion dollars to financing and facilitating green projects over the next five years, as part of a new sustainability strategy for the fourth-largest bank in the U.S.

Westpac names new COO as its anti-money-laundering reporting problems grow

July 28, 2020.
Westpac on Tuesday named Scott Collary as its new chief operating officer, while also acknowledging that it had discovered new failures to make proper reports to Australian financial crimes regulator AUSTRAC.

HSBC to launch dedicated ESG unit

July 28, 2020.
HSBC said Monday that it is creating an environmental, social and governance unit to cater to the growing number of clients around the globe seeking to “rebuild and transition their businesses and economies in a more sustainable way post-COVID-19.”

Virgin Islands seeks Epstein financial records from Wells Fargo, Citi and others

July 27, 2020.
The U.S. Virgin Islands is asking six U.S. financial institutions about any accounts they handled for Jeffrey Epstein or related entities as the territory continues to seek more information about the late sex offender’s finances as part of a civil lawsuit.

Banco do Brasil CEO resigns after failed privatization push

July 27, 2020.
Banco do Brasil CEO Rubem de Freitas Novaes has tendered his resignation after abandoning a bid to privatize the state-controlled lender, the bank said Friday in a securities filing.

More than 140 parties interested in buying Wirecard’s businesses

July 24, 2020.
Wirecard’s administrator said Friday that more than 140 parties have expressed interest in acquiring the German payments processor and its subsidiaries, including its North American unit, after the company filed for insolvency protection amid a EUR 1.9 billion ($2.1 billion) accounting scandal.

Citigroup names new private bank chairman for South Asia

July 24, 2020.
Citigroup said Friday that Lung Nien Lee has been picked to serve as chairman of the South Asia region of its Citi Private Bank unit.

Citi deploys bots in Hong Kong to boost securities services

July 22, 2020.
Citigroup Asia will begin to use bot technology in Hong Kong for matching and settlement securities services, helping add efficiency to markets as the financial hub struggles with a renewed spike in COVID-19 cases and a government crackdown on freedoms.

Citigroup pauses reopening of Hong Kong offices as COVID-19 cases spike

July 20, 2020.
Citigroup has put office reopening plans on hold in Hong Kong as the city experiences its worst spike in COVID-19 cases to date, one of multiple banks to take a pause recently on bringing employees back to work.

DBRS Morningstar predicts lower third-quarter performance for big US banks

Last modified July 20, 2020. Published July 20, 2020.
Though big U.S. banks’ revenues got a boost in the second quarter from “very strong” results in capital markets, DBRS Morningstar said Monday that they should not expect this performance to continue over the coming months.