Commercial Banking – Page 3

7Dec

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Money

Big Banks Need More Out of Wall Street

As the calendar turns for the biggest banks, a big question mark looms: Where will growth come from next year?A major feature of the global Wall Street banks is the diversity of their revenue sources. They don’t just make money from lending and deposits, like many regional banks, but also via trading and corporate advisory fees. And while volatile interest rates are known to scare chief executives and corporate boards from making big acquisition moves, they can sometimes be a big boost for trading desks.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Texas Bank Overdraws Its Own Accounts After Messy Tech Update

6Dec

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Money

Texas Bank Overdraws Its Own Accounts After Messy Tech Update

Regulators are probing Comerica after a botched technology upgrade left the bank’s wealth-management unit short millions of dollars.The Office of the Comptroller of the Currency has been looking into a wealth management platform change at the bank that led to widespread errors on transactions for trust clients, according to people familiar with the matter and internal emails reviewed by The Wall Street Journal. Executives at the Texas-based bank told staff the errors could force them to potentially write down any funds they weren’t able to chase down.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Royal Bank of Canada Fined C$7.5 Million Over Money-Laundering Lapses

5Dec

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Money

Royal Bank of Canada Fined C$7.5 Million Over Money-Laundering Lapses

OTTAWA—Canada’s financial-intelligence agency said Tuesday it has fined Royal Bank of Canada, the country’s largest lender by market capitalization, for failing to comply with the country’s rules aimed at deterring money laundering.The Financial Transactions and Reports Analysis Centre of Canada, or Fintrac, said the fine, of 7.5 million Canadian dollars, or the equivalent of $5.5 million, is the largest financial penalty it has yet levied.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

FTC Investigates Exxon’s $60 Billion Deal for Pioneer

5Dec

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World

FTC Investigates Exxon’s $60 Billion Deal for Pioneer

Updated Dec. 5, 2023 12:49 pm ETU.S. antitrust enforcers are investigating Exxon Mobil’s plan to acquire Pioneer Natural Resources, which would be the largest oil-and-gas deal in two decades, according to securities filings. The Federal Trade Commission has sought additional information from the companies about the deal, a step it takes when reviewing whether a merger could be anticompetitive under U.S. law, Pioneer disclosed in a filing Tuesday. Merger investigations on average take about 10 months to complete, according to data compiled by law firm Dechert.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

5Dec

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World

Financial Services Roundup: Market Talk

The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.0139 GMT – Malaysian banks may report better earnings in coming quarters, with some lenders already seeing higher interest income as margin conditions improve, Kenanga IB analyst Clement Chua says in a note. However, this may not fully materialize in the coming 4Q earnings amid seasonal deposit competition, he says, but adds that banks’ 2024 earnings should stand up better than 2023. Chua expects banks may compete to increase market share in the financing space and thinks Bank Negara will maintain its policy rate at 3.0% throughout 2024, resulting in solid business conditions for the banking industry. Kenanga maintains an overweight rating on the Malaysia banking secto...

Pressure Is Building in China’s Financial Plumbing

4Dec

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Money

Pressure Is Building in China’s Financial Plumbing

Plumbing is something most of us take for granted—until there’s a problem, at which point things can get messy fast. Likewise for the “plumbing” of modern financial systems: the money markets, where banks and other financial institutions make short-term loans to each other.So given the strains China’s economy is already laboring under—including a slow-motion property sector implosion and the “serious” insolvency of Zhongzhi Enterprise Group, a large asset manager, in its own words—it isn’t a great sign that China’s money markets have recently been throwing off little blips of distress too.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

FDIC Faces Internal Reckoning Over Toxic-Culture Allegations

1Dec

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Money

FDIC Faces Internal Reckoning Over Toxic-Culture Allegations

Updated Dec. 1, 2023 4:51 pm ETThe Federal Deposit Insurance Corp. is facing an internal reckoning over allegations of widespread harassment and discrimination, with many employees left skeptical about the agency’s commitment to overhaul its culture.In the weeks since a Wall Street Journal investigation revealed that a toxic culture at the FDIC had prompted many female bank examiners to quit over the years, there have been internal debates over who should oversee an external investigation and blowback from employees on multiple division-wide calls.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

1Dec

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World

FDIC Faces Internal Reckoning Over Toxic-Culture Allegations

The Federal Deposit Insurance Corp. is facing an internal reckoning over allegations of widespread harassment and discrimination, with many employees left skeptical about the agency’s commitment to overhaul its culture.In the weeks since a Wall Street Journal investigation revealed that a toxic culture at the FDIC had prompted many female bank examiners to quit over the years, there have been internal debates over who should oversee an external investigation and blowback from employees on multiple division-wide calls.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

FDIC Faces More Demands for Evidence of Toxic Culture at Bank Regulator

29Nov

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World

FDIC Faces More Demands for Evidence of Toxic Culture at Bank Regulator

Nov. 29, 2023 10:00 am ETPressure on the Federal Deposit Insurance Corp. over allegations of a toxic work environment mounted this week, as the agency’s internal watchdog launched its own inquiry and a Republican senator requested records related to settlements and nondisclosure agreements.The FDIC’s inspector general will examine the “leadership climate at the FDIC with regard to all forms of harassment and inappropriate behavior,” a spokeswoman said. The IG will also assess the agency’s sexual harassment prevention program, including looking at what steps the FDIC has taken since a 2020 IG report found that program was flawed.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Bank of America Fined $12 Million by CFPB Over Mortgage Data Reporting

28Nov

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World

Bank of America Fined $12 Million by CFPB Over Mortgage Data Reporting

The U.S. Consumer Financial Protection Bureau has fined Bank of America $12 million for allegedly submitting inaccurate mortgage lending information to the federal government.The agency said Tuesday that the bank’s loan officers failed in some instances to ask mortgage applicants certain federally required demographic questions, including about race, ethnicity and sex, but incorrectly reported that the applicants had opted not to respond to those questions.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8