The megabank’s continued compliance problems suggest that all of its board members, along with 100 of its most senior managers, should be replaced to make way for real change.
Federal Reserve Vice Chairman for Banking Supervision Randal Quarles is expected to succeed Bank of England Governor Mark Carney as chairman of the Financial Stability Board, a key global financial regulator, according to two people familiar with the matter.
The ratings agency said that it views rollbacks of stress-test comparisons and liquidity coverage ratio requirements as "negative" for banks with between $100 billion and $250 billion of assets.
Efforts to create city- or state-owned banks in Los Angeles, Seattle and New Jersey have suffered setbacks of late, but public banking advocates are taking the long view.
The French bank was hit with a billion-dollar fine after it was found to have unsafe practices that violated sanctions against Cuba and other sanctioned countries.
Andrew Keys, co-founder of the venture capital firm ConsenSys Capital, has a vision of the future bankers might find chilling, in which banks and other middlemen are cut out of financial services.
