Kevin Reen and Bill Juliano, who recently worked for J.P.Morgan Chase and Santander Bank respectively, will now serve as Wells Fargo‘s new corporate risk leaders, in the company’s attempt to have better oversight going forward. The new hires are part of an initiative to add...
Analysts at UBS Securities lowered Wells Fargo’s rating and earnings forecast, saying the bank will have a tougher time bouncing bank from the coronavirus pandemic — more so than other financial institutions (FIs). In a UBS research document released on Monday (May 4), analysts lowered Wells...
The Federal Reserve Board has eliminated its six-per-month limit on transfers and withdrawals from savings accounts as the nation continues to adapt to changes caused by COVID-19. “The interim final rule allows depository institutions immediately to suspend enforcement of the six transfer limit and to...
The Monetary Authority of Singapore (MAS) said on Tuesday (April 7) that it will allow banks more leeway with regulatory requirements and programs so that financial institutions (FIs) can do more to boost business during the coronavirus crisis. In a prepared statement, the country’s central...
In Egypt, banks have been told to impose a limit on cash withdrawals and deposits in a move to hopefully stop hoarding and inflation. The new limit will be 10,000 Egyptian pounds ($635) and 50,000 pounds for companies per day. There will be exceptions for those...
The Federal Deposit Insurance Corporation (FDIC) is setting new regulations for FinTechs and industrial banks that will enhance transparency and establish record-keeping requirements, the agency said on Tuesday (March 17). “This proposal would ensure that parent companies serve as a source of strength for their...
The U.S. Federal Reserve has announced that it’s prepared to use its “full range of tools” to help households and businesses and stay on top of employment and price stability targets during the coronavirus crisis, according to a release. “Federal Reserve lending to depository institutions...
The recent resignations of Wells Fargo board Chairman Elizabeth Duke and board member James Quigley drew criticism by Congress during the first hearing on Capitol Hill on Wednesday (March 11) about the bank’s fake accounts scandal, Bloomberg reported. “While Ms. Duke and Mr. Quigley have...
Wells Fargo Board of Directors Chair Elizabeth Duke has resigned days before she was scheduled to testify at a congressional hearing about the bank, according to reports on Monday (March 9). Board member James Quigley also resigned. Charles Noski, a board member since June, will...
