Columbus, OH

US regulators are flagging JPMorgan Chase, Bank of America, Citibank and Goldman Sachs over the banks’ contingency plans for trillions of dollars in derivatives. The Federal Reserve and Federal Deposit Insurance Corporation (FDIC) say the lenders’ so-called “living wills” – which in part detail how banks could safely unwind their derivatives portfolios without requiring government assistance – are inadequate, reports Reuters.

JPMorgan Chase, Bank of America and Citibank Flagged for Holding Trillions of Dollars in Derivatives Without Proper Contingency Plans: Report

Thousands of British bank customers flock on social media to air their complaints after a widespread IT glitch disrupted digital banking services across major institutions. The Daily Mail revealed that HSBC, Nationwide, Barclays, and Virgin Money were among the banks affected, leaving many unable to access their accounts or process transactions on what coincided with a critical payday for many.

Major Banks Hit With IT Glitch, Leaving Thousands Struggling to Access Money on Payday

PYMNTS

The ability to access credit is a necessity in today’s economy. However, 16% of U.S. consumers find themselves without a credit card. Lack of credit access limits these consumers’ financial flexibility and restricts their access to a valuable lifeline in emergencies. We call these consumers, “credit card outsiders.”

New Report: Who Is the Credit Card Outsider? … And How Do They Get Access?

The FTC’s focus on private equity in healthcare is warranted, as we have argued in these remarks, because PE firms make profit maximization over a period of just a few years their top priority, sacrificing current spending on clinical staff, closing ob-gyn units or other less profitable services, and delaying investments in infrastructure whose payoff down the road cannot be captured by the current PE owners. The use of high levels of debt and multi-layered financial structures, partnerships w.

The FTC’s Focus on Private Equity is Warranted

Private equity firms famously use so-called roll-up mergers to rationalize competition in crowded and/or fragmented markets; and to combine companies with complementary capabilities into a full-service business. For example, an oil exploration enterprise could be combined with a drilling company and/or a refiner, creating a vertically integrated firm. For perhaps obvious reasons, such practices raise, at least antitrust scrutiny. The articles in the present volume explore these debat.

Antitrust Chronicle® – Private Equity Roll-Up Schemes

The Federal Deposit Insurance Corporation (FDIC) says a former US bank employee has admitted to stealing thousands of dollars from customers’ accounts. The FDIC accuses Derrick Alan Smith of directly or indirectly violating laws and recklessly engaging in unsound and unsafe practices while working as a branch banker at the North Carolina-based lender Truist Bank.

$24,315 Drained From Customers’ Bank Accounts After Employee at Major US Lender Goes Rogue: FDIC Report

Business Insider

Steven Perry, 58, thought the notice confirming his student-loan forgiveness was a scam. But after decades of payments, he finally got debt relief.

A Gen Xer got $110,000 in student loans forgiven after he'd paid off more than he borrowed. It's allowed him to scrap his plans to work part time in retirement.

California State

San Diego, CA

Money is now being drained from customer’s accounts due to banks failing to protect its users, several reports allege. A couple have been left furious, claiming their bank failed to protect their savings. California husband and wife, Ron and Jan Scott, lost thousands in savings after hackers infiltrated their...

Money Is Now Being Drained From Customer’s Accounts

Fargo, ND

New York Post

Wells Fargo last month terminated over a dozen employees after reviewing allegations that they were involved in pretending to work by using simulated keyboard activity, Bloomberg News reported Thursday.

The fired staffers worked in the bank’s wealth and investment management unit, according to the report, which cited the bank’s disclosures filed with the Financial Industry Regulatory Authority.

Wells Fargo accused of sexual discrimination, ‘unapologetically sexist’ workplace: suit

“Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior,” a spokesperson told Reuters.



Jamie Dimon again warns about ‘uncertain’ year ahead as JPMorgan profit rises

It wasn’t clear from the regulatory disclosures if the employees were fired for allegedly faking active work from home, the report added.

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Devices and software known as “mouse movers” or “mouse jigglers” gained popularity during the pandemic as companies were forced to allow employees to work from home. 

Some exchanged tips on social media sites Reddit and TikTok on where to buy the gadgets and how to use them.

Wells Fargo in early 2022 had asked most of its employees, including those in customer-facing roles, to return to office and work under a hybrid flexible model.

For top headlines, breaking news and more, visit nypost.com.

Wells Fargo fires over dozen employees for allegedly faking work by simulating keyboard activity

Daily Mail

Dozens of Wells Fargo employees were firedafter the bank looked into allegations that they were pretending to work by being involved in 'simulation of keyboard activity.'

Wells Fargo fires a dozen employees for pretending to work - here's how they tried to get away with it

An unexpected company is now laying off 1,000 employees after not finding great success with the department since its introduction in 2015. Microsoft will lay off employees who work on mixed reality, a spokesperson told CNBC on Monday. Although the cuts will affect the department that contributes to the HoloLens...

An Unexpected Company Is Now Laying Off 1,000 Employees

US banks closed 51 branches across the country in the first three weeks of June. DM.com has the full list.

US banks closed 51 branches in just three weeks - is your affected?

DC News Now

Across the 100 largest metros in the U.S., the median non-mortgage debt is $24,668, according to LendingTree.

Tracking debt: Which generation owes the most?

Rhode Island State

Fortune

The performance share units and restricted stock units won’t vest for another three years. The 14th-largest bank with $222 billion in total assets offered up extra retention bonuses to its head of consumer banking, Brendan Coughlin, and chief financial officer, John Woods. They are in the horse race to...

A bank doled out $19 million to two executives just to keep them from walking away—but there are strings attached

Fill in the form below for free unlimited access to all our Trackers and Studies. By completing this form, I have read and acknowledged the terms and conditions. Walmart recently held its 4th annual Walmart+ event from June 17 to 23. This year, the Walmart+ sale event lasted a week, not a weekend, and offered additional perks. The retailer made the shopping event exclusive to subscribers.

First Look: Walmart+ Week Draws High-Income Shoppers Looking for Deals

New Jersey State

A former bank manager has admitted to stealing from a customer’s accounts in a scheme that lasted even after the victim’s death. The U.S. Attorney’s Office for the District of New Jersey says 43-year-old James Gomes has pleaded guilty to one count of wire fraud affecting a financial institution.

Bank Manager Steals $208,939 From Customer, Drains Accounts Before and After Victim’s Demise: US Department of Justice

Contributors represent independent, third-party users who have joined our contributor program and self-verified their accounts. They have also demonstrated their experience writing hard news for other outlets. Contributors are expected, like all users, to adhere to our Community Standards.

contributor

Alameda Post

California regulators just stopped AT&T from pulling the plug. California’s Public Utilities Commission on June 20 rejected AT&T’s application to stop providing landlines and other services in areas where there is no other option.

Still Need Your Landline?

One might argue that return-to-office mandates don’t work, since they fail to boost productivity and they hurt workers. Talk to some executives in C-suites across the nation, however, and you just might hear another story. A recent survey found that 25% of VP and C-suite executives say that they...

45 Top Fully Remote Jobs You Can Apply for in July 2024

New York City, NY

Reuters

NEW YORK (Reuters) - Visa's and Mastercard's proposed $30 billion antitrust settlement to limit credit and debit card fees for merchants is in peril, after a New York judge signaled she was preparing to reject the accord.

Visa, Mastercard $30 billion fee settlement in peril

Morristown Minute

NEW JERSEY - Attorney General Matthew J. Platkin and the Division of Consumer Affairs announced today that Walmart has agreed to pay $1.64 million to settle allegations of unlawful unit pricing practices across its 64 New Jersey retail stores. The settlement, which includes a $1.61 million civil penalty, marks the largest ever obtained by the Division’s Office of Weights and Measures (OWM).

Walmart Pays $1.64M Settlement for Unlawful Pricing in NJ

NewsBreak

Payments Execs Say Banking-as-a-Service Players Forgot the Banking Part

Fill in the form below for free unlimited access to all our Trackers and Studies. By completing this form, I have read and acknowledged the terms...

Payments Execs Say Banking-as-a-Service Players Forgot the Banking Part

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