Wells Fargo has fired its consumer credit solutions head and three other senior managers for actions related to a scandal involving employees creating fraudulent customer accounts.
The number of new checking accounts at the embattled Wells Fargo fell by double digits year over year, and account closures remained brisk. Yet the figures on credit card applications were worse.
JPMorgan Chase and Wells Fargo are among the large institutions that are making fewer car loans amid intense price competition and concerns about that lenders are at risk of bigger losses.
Some execs have plenty to be sour about, but others are emphasizing the possibilities amid today's economic and political realities. Their contrasting mindsets were on full display at a Credit Suisse conference this week.
The FDIC received eight new bank applications last year, not a lot but the most since the financial crisis; Wells' board is considering dropping bonuses for its top brass.
CFO John Shrewberry projects that legal costs and other expenses related to the scandal will swell to between $50 million and $60 million and remain at that level for the next several quarters.
Hong Kong and Singapore have long been economic crossroads. China and India are economies with vast populations. And Shenzhen is bursting with innovative creativity. All of these contribute to the Asian fintech market being far ahead in adoption and ecosystem creation.
