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Morning Scan: Citi, JPM Tap New Tech Execs; First Republic Goes for the Gold

08/17/16

Receiving Wide Coverage ...

Musical tech chairs: Citigroup named Gavin Michael, American Banker's Digital Banker of the Year, its head of technology for global consumer banking. Michael, head of digital for consumer and community banking at JPMorgan, will replace Mark Torkos, who retired in July. Michael will assume his new role in November. Bill Wallace, who was head of operations for JPMorgan's consumer bank, was named to replace Michael. The two announcements follow the departure of...

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Morning Scan: ValueAct Buys Stake in Morgan Stanley; AIG Selling Unit

08/16/16

Receiving Wide Coverage ...

ValueAct buys Morgan Stanley stake: The activist hedge fund ValueAct Capital Management said it has bought a 2% stake, valued at about $1.1 billion, in Morgan Stanley, but said it is not looking for the bank to make major changes. "We are completely supportive of [Morgan Stanley CEO James] Gorman and impressed by his leadership over the past six years," ValueAct founder Jeff Ubben told the Financial Times. ValueAct said the market...

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Morning Scan: Cordray on Treating Customers; Foreign Banks Unprepared

08/15/16

Wall Street Journal

GE sells French mortgages: General Electric received a binding offer for its French prime mortgage portfolio from a newly established French entity backed by an Austrian bank. The deal increases GE Capital's asset sales to about $192 billion, close to its goal of selling $200 billion as part of its plan to disband its GE Capital unit. The deal is expected to close in the fourth quarter. ...

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Morning Scan: World Economic Forum Endorses Blockchain; Late Heloc Payments

08/12/16

Wall Street Journal

Another mortgage bill comes due: More homeowners are missing payments on the home equity lines of credit they took out 10 years ago as the lines reset to include principal payments, not just interest. That can lead to a huge payment shock totaling hundreds of dollars a month for which many homeowners find they aren't prepared. The 30-day delinquency rate on Heloc balances that were originated in early 2006 jumped to 4.4% from...

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Women in Banking: The Trouble with Leading a Turnaround

08/11/16

Carrie Dolan steps down as CFO of Lending Club. All eyes are on Marissa Mayer's next move as the Yahoo-Verizon deal plays out Â-- and speaking of women righting ships: Mary Hines talks about reviving Citi's loyalty program.

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Morning Scan: More on That Fifth Third Departure; Jefferies on the Move

08/11/16

Wall Street Journal

Conflict or no conflict?: Heather Russell, the former general counsel at Fifth Third Bancorp, said she was fired after less than a year at the bank following her disclosure of a romantic relationship with Timothy Mayopoulos, Fannie Mae's chief executive officer. When she was let go last month, the bank said it was based on "a personal matter" that represented "a conflict of interest." Russell, told the Wall Street Journal she "never had...

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Morning Scan: Fighting Cyberattacks; It Pays to Be a Whistleblower

08/10/16

Wall Street Journal

Preparing for cyberwar: Eight of the largest U.S. banks, including JPMorgan Chase, Bank of America and Goldman Sachs, have joined together to tackle the growing threat of cyberattacks. The banks expect group members to share more information with each other about threats, prepare comprehensive responses and conduct "war games." The financial services industry ranked third in the number of cyberattacks last year, after health care and manufacturing. ...

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Morning Scan: Barclays Settles Libor Suit; Lending Club Woes

08/09/16

Receiving Wide Coverage ...

Barclays settles again: Barclays Bank agreed to pay $100 million to settle charges by 43 states and the District of Columbia that it tried to manipulate the London interbank offered rate thereby defrauding government entities and nonprofits out of millions of dollars. The settlement comes roughly four years after the British bank paid $450 million to settle similar claims brought by federal and British authorities. Wall Street Journal, New York Times ...

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Morning Scan: Online Lenders Set to Report; Trump's Team

08/08/16

Receiving Wide Coverage ...

Trump taps bankers: GOP presidential nominee Donald Trump announced his economic team ahead of a major economic speech in Detroit Monday. The 13-member group is heavily weighted with developers, hedge fund managers and investment bankers, including hedge-fund billionaire John Paulson and Thomas Barrack, founder of Colony Capital. Many have done business with Trump previously. Notably absent are people from Silicon Valley, academia or economics. But there is at least one community banker...

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Women in Banking: Maternity Leave, Likability, Role Models on Wall Street

08/04/16

The 30% Club's Brenda Trenowden talks about the need for more female role models in banking; Barbara Byrne and Sallie Krawcheck talk about successful women "rubbing people the wrong way"; and backers and advisers of the new movie Equity talk about being pregnant on Wall Street. Also Digital Asset Holdings staffs up with RBS and JPMorgan executives.

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