Goldman Sachs to move over 100 London staff to EU cities before Brexit: Bloomberg

2 hours ago.
Goldman Sachs has reportedly asked more than 100 London-based employees to sign new contracts and gear up for a move to the European Union, in the latest shift by a financial firm related to Brexit.

Chase charged millions in improper overdraft fees through ‘secret step,’ class action says

2 hours ago.
JPMorgan Chase Bank routinely and quietly charged customers overdraft fees on debit transactions that didn’t actually overdraw their checking accounts, reaping millions of dollars in the process, according to a proposed class-action lawsuit filed in U.S. federal court.

Gold and silver dealers scammed elderly investors out of $185M, CFTC says

3 hours ago.
Two U.S. precious metal dealers tricked elderly, mostly politically conservative investors into spending $185 million on fraudulently overpriced priced gold and silver, market regulators said Friday.

Hong Kong hires US blockchain firm ConsenSys for central bank digital currency project

4 hours ago.
The Hong Kong Monetary Authority has hired U.S. blockchain technology company ConsenSys to study the use of a central bank digital currency for cross-border payments.

Bank of America issues $2B ‘racial equality’ sustainability bond

4 hours ago.
Bank of America issued a bond that will fund projects related to racial equality, economic opportunity, and transitioning to a low-carbon economy, the first-ever offering of its kind in the financial services industry.

FTSE Russell adds China to influential World Government Bond Index

6 hours ago.
FTSE Russell will include Chinese government bonds in its World Government Bond Index beginning in October 2021, in a move that could result in up to $140 billion in additional inflows for China.

More than one-third of UK financial institutions plan job cuts: Lloyds Bank

7 hours ago.
About 36% of U.K. financial institutions are expecting to cut jobs in the near future, as the country plunges further into a recession worse than in many other developed nations, according to a new report.

Winklevoss-founded crypto exchange Gemini debuts in the UK

September 24, 2020.
Fintech Gemini rolled out its cryptocurrency exchange and custody services in the U.K. on Wednesday, in the latest expansion of the New York-based startup founded by Tyler and Cameron Winklevoss.

UK banks urged to crack down on remote employee conduct violations

September 24, 2020.
A U.K. financial watchdog reportedly urged banks and investment managers to more closely supervise employees working from home as financial firms scale back return-to-office plans amid a resurgence of COVID-19 in the country.

JPMorgan to pay record $1B penalty to resolve spoofing probes: Bloomberg

September 23, 2020.
JPMorgan is nearing an agreement to pay nearly $1 billion to resolve several government market manipulation probes, Bloomberg reported Wednesday, as U.S. authorities take an increasingly aggressive approach to “spoofing.”

U.S. residential mortgage performance declined in Q2: OCC

September 23, 2020.
The percentage of U.S. residential mortgages that are current and performing declined to 91.1% in the second quarter of 2020, down from 96.1% during the same period in 2019, according to data released Wednesday by the Office of the Comptroller of the Currency.

Fifth Third Bank plans to double sustainable financing to $8B by 2025

September 23, 2020.
Fifth Third Bancorp set a goal of growing its sustainable financing to $8 billion by 2025, with a focus on shovel-ready projects, in the latest effort by a U.S. financial institution to boost environmentally focused initiatives.

JPMorgan poised to become Germany’s 6th-largest bank with $233B post-Brexit asset transfer: Bloomberg

September 23, 2020.
In a change that would make it Germany’s sixth-largest bank, JPMorgan Chase is moving about EUR 200 billion ($233 billion) from the United Kingdom to Frankfurt, Bloomberg reported Wednesday.

Congressional watchdog calls on FinCEN to expand access to Bank Secrecy Act data

September 22, 2020.
Many local U.S. authorities lack access to a database of suspicious bank activities that could aid financial crime investigations, a government watchdog found, as lawmakers call for greater scrutiny of money laundering at big banks.

US senators call for money laundering crackdown after suspicious activity reports leak

Last modified September 22, 2020. Published September 22, 2020.
U.S. Sens. Elizabeth Warren and Bernie Sanders called for heightened federal oversight of banks in the wake of a recent report that flagged the potential laundering of trillions of dollars through the world’s largest financial institutions.

Wall Street-backed stock exchange MEMX kicks off trading

September 21, 2020.
Members Exchange, a new stock exchange backed by a slew of banks and other financial firms, commenced trading activity on Monday with seven listed securities, including for prominent companies such as Google’s parent Alphabet, ExxonMobil and Ford.

Federal Reserve proposes overhaul of community reinvestment rules on heels of OCC changes

Last modified September 21, 2020. Published September 21, 2020.
The Federal Reserve proposed an overhaul of Community Reinvestment Act rules on Monday, following closely behind a separate set of new regulations that may complicate compliance for banks.

JPMorgan to allow credit-enhanced bonds into emerging markets index

September 21, 2020.
JPMorgan Chase’s bond index division will start allowing credit-enhanced bonds to be eligible for its emerging markets bond index, paving the way for debt relief for poor countries struggling amid the pandemic, in what the unit called one of its “most material rule changes” since early 2019.

Goldman Sachs reshuffles global M&A division leadership as deal activity slows

September 21, 2020.
Goldman Sachs, one of the leading advisors of corporate deals, has named two new heads of its global mergers and acquisitions unit as the investment bank navigates a quieter period for transactions amid COVID-19.

Leaked suspicious activity reports show ‘massive failure’ of banks, regulators

Last modified September 22, 2020. Published September 21, 2020.
Experts say a recent report about the potential laundering of trillions of dollars through the world’s biggest banks showcases a toothless regulatory system that’s regularly abused by banks, with little set to change unless direct action is taken by the government to modernize the reporting of illicit behavior.