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+10 +1
Wells Fargo Loses BBB Accreditation
Wells Fargo has lost its accreditation with the Better Business Bureau. It's the latest setback for the San Francisco company, reeling from a scandal involving employees opening millions of fake accounts without customers' knowledge. Wells Fargo released a statement to NBC Charlotte Tuesday evening...
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+9 +1
City banks plan to hoard bitcoins to help them pay cyber ransoms
Several of London’s largest banks are looking to stockpile bitcoins in order to pay off cyber criminals who threaten to bring down their critical IT systems. The virtual currency, which is highly prized by criminal networks because it cannot be traced, is being acquired by blue chip companies in order to pay ransoms, according to a leading IT expert. On Friday, hackers attacked the websites of a number of leading online companies including Twitter, Spotify and Reddit. They used a special code to harness the power of hundreds of thousands of internet-connected home devices...
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+27 +1
Billions in damage, but no charges: How U.S. banks pay for protection
The list is long and shameful. The Wachovia Bank helped launder hundreds of millions for Mexican drug cartels. Wells Fargo illegally created nearly two million fake accounts and then charged customers service fees for them. Barclay’s Bank executives manipulated and fixed international interest rates for its own profits. The U.S. operations of Deutsche Bank created over one billion dollars in fake mortgages.
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+20 +1
No Credit History? No Problem. Lenders Are Looking at Your Phone Data
Financial institutions, overcoming some initial trepidation about privacy, are increasingly gauging consumers’ creditworthiness by using phone-company data on mobile calling patterns and locations. By Olga Kharif.
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+7 +1
How Elizabeth Warren Took Down the CEO of Wells Fargo, And Why It Matters
“Brushing aside the excuse that fake accounts were perpetrated by a few (thousand) bad eggs within the company, Warren asked why no senior leaders at Wells Fargo, including Stumpf, had been punished or returned their personal earnings in light of the scam.” By Sibjeet Mahapatra.
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+24 +1
Revealed: Coutts managed tax haven firms for controversial clients
Coutts, the taxpayer-owned bank, provided offshore services to controversial clients including a member of the Brunei royal family accused of stealing billions from his own country, and a banker charged with assisting the sons of Egypt’s deposed president, Hosni Mubarak, in financial crime. Known as the Queen’s bank after its most famous customer, Coutts is revealed to have managed secretive tax haven structures for the Sultan of Brunei’s younger brother, Prince Jefri Bolkiah, and the investment banker Hassan Heikal.
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+5 +1
Wells Fargo Killing Sham Account Suits by Using Arbitration
As the bank reels in the court of public opinion, it has been able to stop lawsuits from defrauded customers by moving the cases to arbitration. By Michael Corkery and Stacy Cowley.
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+40 +1
The bank lent me $2m so I spent it on strippers and cars [and all]
Luke Brett Moore, a young Australian, had just lost his job when he discovered his bank was mistakenly allowing him unlimited credit. It was too good an opportunity to miss. By Brett Moore.
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+13 +1
Big Banks $70 Billion Short in Fed Push to Prevent Bailouts
Wall Street banks are about $70 billion short in building up funds the Federal Reserve says they’ll need to tap following a collapse, down by almost half from the central bank’s earlier estimates. By Jesse Hamilton.
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+5 +1
Poland Has a Lesson for Central Banks During Age of Populism
Simply holding still shows backbone when other Polish institutions are under siege.
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+3 +1
U.S. banks gear up to fight Dodd-Frank Act's Volcker rule
Big U.S. banks are set on getting Congress this year to loosen or eliminate the Volcker rule against using depositors' funds for speculative bets on the bank's own account, a test case of whether Wall Street can flex its muscle in Washington again.
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+31 +1
Federal Reserve Bankers Mocked Unemployed Americans Behind Closed Doors
Newly released transcripts show bankers blaming unemployment on the unemployed, rather than, say, bankers. By Matt Stoller.
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+9 +1
3 More Scandals That Will Have You Saying, 'WTF Wells Fargo'
It’s not just about phony accounts any more. By Jeff Bukhari.
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+19 +1
How Deutsche Bank Made a $462 Million Loss Disappear
More than $10 billion in transactions never appeared on the books.
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+13 +1
Big banks rack up $6.4 billion in ATM and overdraft fees
If you've ever had to pay $3 (or more) to get your own money out of an ATM machine, you aren't alone. Nobody likes those fees. Except banks. America's three biggest banks -- JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) -- earned more than $6.4 billion last year from ATM and overdraft fees, according to an analysis by CNNMoney that was verified by S&P Global Market Intelligence. That works out to over $25 in fees annually for every adult American.
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+5 +1
World’s Biggest Banks Fined $321 Billion Since Financial Crisis
Banks globally have paid $321 billion in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing, according to data from Boston Consulting Group. That tally is set to increase in the coming years as European and Asian regulators catch up with their more aggressive U.S. peers, who have levied the majority of charges to date, BCG said in its seventh annual study of the industry published Thursday. Banks paid $42 billion in fines in 2016 alone, a 68 percent rise on the previous year, the data showed.
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+27 +1
Banking jobs denied to young people due to having 'wrong accents'
Young people from disadvantaged backgrounds are being denied jobs in finance because they have the “wrong” accent and do not wear the correct clothes, a new study has found. Four fifths of banking leaders said they thought candidates from poorer backgrounds were less likely to secure a job in finance because of how they came across during interviews, according to polling carried out by YouGov on behalf of the Sutton Trust and Deutsche Bank.
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+8 +1
David Rockefeller, Philanthropist and Head of Chase Manhattan, Dies at 101
Mr. Rockefeller was influential in foreign affairs, helped resolve New York’s fiscal crisis in the 1970s and was chairman of the Museum of Modern Art for many years. By Jonathan Kandell.
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+1 +1
British banks handled vast sums of laundered Russian money
Britain’s high street banks processed nearly $740m from a vast money-laundering operation run by Russian criminals with links to the Russian government and the KGB, the Guardian can reveal. HSBC, the Royal Bank of Scotland, Lloyds, Barclays and Coutts are among 17 banks based in the UK, or with branches here, that are facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers.
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+20 +1
What the Biggest Banks Are Planning Once Brexit Starts
Big investment banks will begin the process of moving some London-based operations into new hubs inside the European Union within weeks after U.K. Prime Minister Theresa May set a date to trigger the formal mechanism for quitting the bloc. Frankfurt and Dublin are emerging as the biggest winners. Bank of America Corp., Standard Chartered Plc and Barclays Plc are considering Ireland’s capital for their EU base to ensure continued access to the single market...
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