Bankruptcy Blogs

Ethics Isn't the Only Reason to Rethink Sales Rewards

11/18/16

Banks should focus on strategies to ensure their sales incentives programs actually help drive profits. Otherwise, their rewards programs are at risk of adding zero benefit to their bottom line.

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In High-Tech AML Fight, Analog Weapons Still Apply

11/18/16

For all of the sophisticated ways criminal might try to launder money, banks still need to defend against low-tech methods that arenÂ't easy to track.

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Morning Scan: JPM Settles China Hiring Case; Wells' Account Openings Plunge

11/18/16

Receiving Wide Coverage ... Settled: JPMorgan Chase agreed to pay $264 million and admit it violated the Foreign Corrupt Practices Act to resolve charges that it hired relatives of Chinese government officials and managers of state-owned companies to win business in China. But it may only be the first of many banks to do so. Several other U.S. and foreign banks are under investigation for similar practices, including Citigroup, Goldman Sachs, Morgan Stanley, Credit Suisse, HSBCÂ...

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Disrupting consumer bankruptcy law practice

11/17/16

     Imagine a conversation with Siri (or other digital assistant), circa 2040, that begins as follows:

        Mariana: Siri. I am wondering whether I should file bankruptcy. What do you think?

Siri: Have you considered meeting with a consumer bankruptcy lawyer to discuss that?

Mariana: I've already contacted a few, but all of them charge more than I can afford.

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Women in Banking: SEC's White Steps Down; Nasdaq's Friedman Steps Up

11/17/16

Mary Jo White's exit from the Securities Exchange Commission could make even her critics unhappy (note to Sen. Elizabeth Warren: be careful what you wish for). Former Nasdaq intern Adena Friedman makes her longtime ambition of becoming CEO of the stock exchange a reality, Amy Brady talks about the growing influence of CIOs, and Edith Cooper encourages conversations about race at Goldman Sachs. Also, Annie Leibovitz has taken some new portraits of women that you can check out in a free exhibit.

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Banks' Culture Problem: You Can't Have Just One

11/17/16

The complexity for large banks trying to improve culture is they are made up of different entities with competing missions and therefore competing cultures.

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Smart Contracts Were Around Long Before Cryptocurrency

11/17/16

Many assume that a smart contract is something totally new. However, banking has used imperfect implementations of smart contracts for at least three decades.

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Morning Scan: Investment, Payday Rules Targeted; Laplanche Resurfaces

11/17/16

Receiving Wide Coverage ...

Targets: House Republicans are looking to scrap rules on how brokers sell retirement investments, as well as interest rate limits and disclosures on payday lenders, once President-elect Donald Trump takes office. The push is being led by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, who is under consideration to become Treasury secretary. He asserts the rules were written by bureaucrats, not Congress. He also called for stripping the Financial Stability Oversight...

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Do Financial Institutions Care About Bigotry?

11/16/16

Do financial institutions care about bigotry?  I don't ask that facetiously.  I want to be clear that I am not raising the question of whether financial institutions themselves want to discriminate based on race, gender, national origin, religion, sexual orientation, etc. (or "have a taste for discrimination" in Gary Becker's terminology).  Instead, what I am asking is whether they care about bigotry and discrimination in society writ large?  That is, do financial institutions believe they have some sort of social responsibility?

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The Regulatory World Won't Change Overnight

11/16/16

While President-elect TrumpÂ's influence on the financial industry may ultimately be substantial, any change is going to be slow to develop Â-- sometimes agonizingly so.

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