The unit is under investigation by federal agencies for misrepresenting pricing; investment bankers are looking at a possible 15-20% drop in bonus money.
Linda Lacewell replaces Maria Vullo as New York’s chief financial regulator; the Swiss bank is reportedly talking to Christian Meissner about a senior role.
The accounts — which eschew paper checks and overdraft protection — appeal beyond the low-income customers they were intended for; lenders are embracing artificial intelligence systems to analyze more data to determine creditworthiness.
Facebook’s WhatsApp unit has been testing its payments app in India since May; investors price in an almost a 90% probability of no Fed hikes this year.
The industry has largely avoided added federal oversight after the Equifax hack; the product has created a “financial albatross” as consumers game the system.
Regulators give OK, but find “shortcomings” that need to be addressed; Labor Department says the bank is laying off U.S. workers while hiring overseas.
Bank hit, but CEO Jes Staley escapes NYS fine for trying to unmask a whistleblower; Malaysia will pursue criminal complaints against Goldman in other countries.
