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☆ Mortgage companies could intensify the next recession, US officials warn
▼ + stars: | 2024-05-13 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Unlike traditional banks, nonbank mortgage companies like Rocket Mortgage are heavily exposed to swings in the mortgage market, depend on funding that can dry up during times of stress and don’t have stable deposits to rely on as a safety net. Despite the wonky term, nonbank mortgage companies have become vital players that make most home mortgages in the United States today. As of 2022, nonbank mortgage companies originated about two-thirds of US mortgages and owned the servicing rights on 54% of mortgage balances, according to FSOC. “Nonbank mortgage firms are thinly capitalized, which makes them vulnerable to failure if they lose financing or mortgage defaults spike,” said McCoy, a former mortgage regulator. “Starting in early 2007, we saw a tsunami of nonbank mortgage firms fail precisely for these reasons.”

Persons: Janet Yellen, FSOC, Cooper, ” FSOC, Ginnie Mae, Bob Broeksmit, Patricia McCoy, ”, McCoy Organizations: New, New York CNN, Rocket, Mortgage, Mortgage Bankers Association, ABA, Boston College Law School, “ Locations: New York, United States

☆ Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square
▼ + stars: | 2024-05-01 | by ( Gretchen Morgenson | ) www.cnbc.com time to read: +13 min

Cash App, introduced in 2013, allows users to send and receive money instantaneously among themselves and to buy stocks and Bitcoin. As of December, Cash App had 56 million active transacting accounts and $248 billion in inflows during the previous four quarters, the company said. (Merchants are considered customers at Square, while users are considered customers at Cash App.) Cash App is not a bank, but it uses external banking partners to conduct various services. On March 29, Sutton Bank settled a consent order with the Federal Deposit Insurance Corp. that echoed the whistleblowers' allegations.

Persons: Jack Dorsey, Block, Venezuela —, Edward Siedle, Prosecutors, Cash, OFAC, Lawrence Summers, Sharon Rothstein, Summers, Rothstein, Lord Paul Deighton, Goldman Sachs, Deighton, Dorsey, Banks, Sutton, James Booker Organizations: Twitter, Southern, of, NBC, NBC News, Securities and Exchange Commission, Block, Foreign Assets Control, U.S . Treasury, Cash, OFAC, Goldman, Financial Market, Bank of Lithuania, Payments Lithuania UAB, PayPal, Consumer Finance Protection Bureau, Sutton Bank, Federal Deposit Insurance Corp, FDIC Locations: of New York, Cuba, Iran, Russia, Venezuela, Ohio, Sutton

☆ School Employee Arrested After Racist Deepfake Recording of Principal Spreads
▼ + stars: | 2024-04-25 | by ( Natasha Singer | More About Natasha Singer | ) www.nytimes.com time to read: +1 min

While the district investigated, Mr. Eiswert, who denied making the comments, was inundated with threats to his safety, the police said. He was also placed on administrative leave, the school district said. Now Mr. Darien is facing charges including disrupting school operations and stalking the principal. Mr. Eiswert referred a request for comment to a trade group for principals, the Council of Administrative and Supervisory Employees, which did not return a call from a reporter. Mr. Darien, who posted bond on Thursday, could not immediately be reached for comment.

Persons: Eric Eiswert, Eiswert Organizations: Pikesville High, Baltimore County Police Department, Public Schools, Administrative, Supervisory Employees Locations: Baltimore, Dazhon Darien, Darien

☆ Senators blast Biden administration’s staffing plans for veterans’ healthcare
▼ + stars: | 2024-04-18 | by ( Curt Devine | ) edition.cnn.com time to read: +4 min

CNN —The top two senators on the Senate Committee on Veterans’ Affairs called the Biden administration’s plan to reduce veterans’ health care staffing a “mess” that could undercut the timing and quality of care. Their letter, obtained by CNN, called VA’s apparent “zero growth” policy a “drastic” and “shortsighted” decision. Though the VA told the committee that critical staff and some others would be exempt, Tester and Moran wrote that has not been the case. The VA has long been plagued by delays in health care. A decade ago, the Obama administration’s then-VA secretary, Eric Shinseki, resigned following revelations of sometimes deadly delays for veterans waiting for care at VA facilities.

Persons: Biden, Veterans Affairs Denis McDonough, Sen, Jon Tester, Jerry Moran, Moran, “, …, Shereef Elnahal, Dr, Jason Crow, Helen H, Richardson, ” Elnahal, ”, Terrence Hayes, ” Hayes, McDonough, Joe Biden, Obama administration’s, Eric Shinseki Organizations: CNN, Veterans ’ Affairs, Veterans Affairs, Montana Democrat, Kansas Republican, VA, Health, U.S . Department of Veterans Affairs, Wheeling, Denver Post, PACT Locations: Montana, Kansas, ”, VA, Wheeling St, Aurora , Colorado

☆ A US Navy amphibious warship returned home for repairs just 10 days after deploying
▼ + stars: | 2024-04-17 | by ( Rachel Nostrant | ) www.businessinsider.com time to read: +6 min

USS Boxer, a Wasp-class amphibious assault ship, is returning home just 10 days after deploying. "USS Boxer is returning to San Diego to undergo additional maintenance in support of its deployment in the Indo-Pacific region," Lt. Cmdr. "We're seeing some potential delays on [the amphibious assault ship USS Wasp]," Franchetti said. A spokesperson for Surface Force Atlantic told Military.com following the incident that "during the underway, the ship discovered an engineering irregularity" and "returned to port to effect repairs." The amphibious assault ship USS Boxer transits the East Sea during Exercise Ssang Yong 2016 March 8, 2016.

Persons: Boxer, —, Cmdr, Jesus Uranga, Military.com, Uranga, Craig Z, Adm, Lisa Franchetti, Franchetti, Bill Dodge, Yong, Seaman Craig Z, Konstantin Toropin Organizations: US Navy, Service, USNI News, Navy, Marine Corps, Boxer, Marines, 15th Marine Expeditionary Unit, USNI, Space, Maritime, USS Boxer, USS Boxer U.S . 5th, . Navy, Naval, Surface Force, REUTERS, U.S . Navy, Reuters, USS, Somerset Locations: San Diego, Boxer U.S, USS Boxer U.S, Norfolk, Virginia, Handout, USS Somerset, Somerset, India

CNN —The largest power-generating plant in Ukraine’s Kyiv region was reportedly destroyed in a Russian missile attack on Thursday as Moscow steps up its attacks on infrastructure. There were no casualties, and the attack has not resulted in power cuts in Ukraine’s capital region Kyiv or other regions supplied by Trypilska TPP. The plant was the largest supplier of electricity to the regions of Kyiv, Cherkasy and Zhytomyr, the Centrenergo statement said. The attack on the Trypilska plant follows a recent Russian attack that destroyed the company’s plant in the Kharkiv region, Zmiivska TPP, on March 22, according to the Centrenergo statement. The total designed capacity of the three power plants was 7690 MW, according to the company’s website.

Persons: Centrenergo, Trypilska TPP, since, TPP, Andriy Gota, Svitlana Vlasova, Caitlin Danaher Organizations: CNN, Supervisory, of Centrenergo Locations: Ukraine’s Kyiv, Russian, Moscow, Ukraine’s, Kyiv, Cherkasy, Zhytomyr, Russia, Ukrainian, Ukraine, Europe, Kharkiv, Donetsk, Andriy, London

☆ 'Lose-lose situation': New Swiss bank laws could derail UBS' challenge to Wall Street giants
▼ + stars: | 2024-04-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.

Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland

☆ I’m a CEO in Finland, the happiest country in the world: 3 phrases we use at work every day
▼ + stars: | 2024-03-31 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

Finland is the happiest country in the world for the seventh year running, according to the latest World Happiness Report. 'Serious business matters are taken care of; otherwise, we'll be like Mary's chickens on the loose.' Funny imagery aside, Makitalo says this phrase is meant to highlight the flat hierarchies common in Finnish work cultures. There's a mindset of: Let's not worry, let's not dwell on it, it will be taken care of when starting moving forward. Miika Makitalo CEO of HappyOrNot

Persons: Miika Makitalo, Makitalo, —, let's, Miika, HappyOrNot Locations: Finland, U.S, HappyOrNot

☆ Why Is Sean Combs the Subject of a Homeland Security Investigation?
▼ + stars: | 2024-03-30 | by ( Julia Jacobs | ) www.nytimes.com time to read: +1 min

The raids of Sean Combs’s homes in Los Angeles and the Miami area this week raised a barrage of questions about the nature of the inquiry, which a federal official said was at least in part a human trafficking investigation. The government has said little about the basis for the search warrants, but the raids came after five civil lawsuits were filed against Mr. Combs in recent months that accused him of violating sex trafficking laws. In four of the suits women accused him of rape, and in one a man accused him of unwanted sexual contact. Mr. Combs, a hip-hop impresario known as Puff Daddy and Diddy who has been a high-profile figure in the music industry since the 1990s, has vehemently denied all of the allegations, calling them “sickening.” Officials have not publicly named him as a target of any prosecution. As the civil suits against Mr. Combs illustrate, the term human or sex trafficking has a broader meaning in the law than perhaps the more popularly understood image of organized crime and forced prostitution rings.

Persons: Sean Combs’s, Combs, Diddy, “, ”, Jim Cole Organizations: Mr, ”, Homeland Security Investigations Locations: Los Angeles, Miami

☆ 8 federal government jobs that can pay over $200K
▼ + stars: | 2024-03-13 | by ( Ana Altchek | ) www.businessinsider.com time to read: +6 min

64 federal job categories pay upwards of $200,000, with some reaching $400,000. AdvertisementMany people enter federal roles for job security, not for the money. Data from the US Office of Personnel Management indicates 64 federal job categories have positions that pay over $200,000 — and some pay as much as much as $400,000. AdvertisementThere are currently 55 open positions in this category, with the highest role listed with a starting salary of $180,564. According to OPM, there are currently 319 federal employees in this job category who make over $200,000.

Persons: —, usajobs.gov Organizations: Service, Management, Federal Deposit Insurance Corporation, Department of, IT Management, NASA, FDA, Fish and Wildlife Service, Forest Service, Natural Resources Conservation Service, General Engineering, Marshall Space Flight, HR Management, National Science Foundation

☆ India’s booming tech sector suffers a big blow as Byju’s and Paytm plunge into crisis
▼ + stars: | 2024-03-07 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

A subsequent audit "revealed persistent non-compliances and continued material supervisory concerns in the bank," the central bank said on Jan. 31. Yet to be profitable, Paytm is also reportedly being probed by the federal anti-fraud agency on possible violations of foreign exchange laws. On Feb. 26, One97 Communications, the parent company of Paytm, said in an exchange filing that founder and CEO Vijay Shekhar Sharma had resigned from the board of Paytm Payments Bank. During the pandemic, Paytm capitalized on the digital payments boom in India, reporting a 3.5 times growth in transactions. SoftBank and Ant Group are now reportedly cutting their stakes in the payments company, according to local media.

Persons: Anindito Mukerjee, There's, Karan Mohla, Paytm, Vijay Shekhar Sharma, SoftBank Organizations: Bloomberg, Getty, B Capital, Reserve Bank of India, One97 Communications, Paytm Payments, Alibaba, Ant, Ant Group Locations: Greater Noida, India

☆ EU Strikes Deal to Unjam European Air Traffic Reform
▼ + stars: | 2024-03-06 | by ( March | At A.M. | ) www.usnews.com time to read: +1 min

PARIS (Reuters) - The European Union on Wednesday agreed on a deal to unjam air traffic reform in a bid to bring order to the mosaic of airspace regulations that is blamed for chronic delays and unnecessary emissions across Europe. The Belgian EU presidency said on Wednesday that negotiators from the European Council presidency and European Parliament had reached provisional agreement on reforming the "Single European Sky", aiming to increase capacity, lower costs and increase the air traffic control system's adaptability, while also trying to reduce aviation's environmental impact. The deal comes after decades of foot-dragging, political divisions and union opposition, and still needs to be approved by the Council and the European Parliament. Under the agreement, member states will set up national supervisory authorities to assess air traffic control's structure and financial sustainability. Member states can merge economic and safety oversight functions in the same administrative entity, cutting red tape and conforming to common organisational models.

Persons: Georges Gilkinet, Eurocontrol, Geert De Clercq, Tim Hepher Organizations: PARIS, European Union, European Council, Council, Parliament Locations: Europe, Belgian

☆ Here's what might happen after California raises fast-food wages to $20, from higher burger and pizza prices to better wages for retail workers
▼ + stars: | 2024-03-05 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

AdvertisementBurgers, tacos, and pizzas will get more expensiveDiners should expect to pay more as fast-food restaurants put menu prices up to offset higher wages. But restaurants already paying workers higher wages will feel less of an impact from the new legislation. Jon Tower, an analyst at Citi, said the higher prices could be hard for some diners to accept. However, higher wages at McDonald's, Subway, and Burger King will likely prompt other employers to offer higher pay so they can compete for labor. AdvertisementPeople will have more money to dine outAs fast-food workers' wages increase, they'll actually have more disposable income to spend dining out.

Persons: —, Gavin Newsom, It's, Jack, Sharon Zackfia, William Blair, Andy Barish, Sara Senatore, Chris Kempczinski, they're, Jon Tower, Barish, Zackfia, Burger, Danilo Gargiulo, Bernstein, Matt Clark Organizations: Service, Golden State, Gov, Jefferies, Bank of America, Citi, Bureau of Labor Statistics Locations: California, McDonald's

☆ A beauty manufacturing company fired a worker on her first day after finding out she was deaf, a federal agency says
▼ + stars: | 2024-02-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

A company in Illinois fired a worker after it learned that she was deaf, the EEOC alleged. The worker lost her job on her very first day, the EEOC said in a disability-discrimination lawsuit. The company has agreed to pay the worker $75,000 in back pay and compensatory damages. AdvertisementA beauty manufacturing company in Illinois fired a worker on her first day on the job after finding out that she was deaf, according to a disability discrimination lawsuit filed by the Equal Employment Opportunity Commission. On the worker's first day, "Voyant learned that she was deaf and informed her that because she is deaf, Voyant was ending her employment there," the EEOC's lawsuit alleges.

Persons: —, Voyant, EEOC, Jeremy Daniel, Gregory Gochanour Organizations: Service, Commission, Countryside, Court, Northern, Northern District of Illinois, US, EEOC's, Office Locations: Illinois, Countryside , Illinois, Northern District, EEOC's Chicago

☆ Deutsche Bank's 3-day-a-week return-to-office policy has been met with fierce criticism by staff who say there isn't enough space for everyone
▼ + stars: | 2024-02-28 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Deutsche Bank staff have criticized the company's new return-to-office policies. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "There's enormous resistance among staff," Stephan Szukalski, the head of the labor union DBV, which represents Deutsche Bank staff, told Bloomberg via email. Szukalski, who is also part of the bank's supervisory board, said there isn't enough office space and that staff are already complaining about bottlenecks. The spokesperson told BI: "The bank remains committed to our hybrid working model, which has been received extremely positively by staff.

Persons: —, Christian, Rebecca Short, Stephan Szukalski, Szukalski, EY, Dan Schawbel, Nicholas Bloom Organizations: Deutsche Bank, Staff, Service, Bloomberg, Business, DBV, Google, General Motors, SAP, Stanford Locations: Germany

☆ ‘A show and propaganda:’ Iran braces for low-turnout election amid silenced dissent, tumbling economy
▼ + stars: | 2024-02-28 | by ( Rosa Rahimi | Nadeen Ebrahim | ) edition.cnn.com time to read: +10 min

“No, I will not vote,” a 23-year-old Iranian woman told CNN from Tehran. Authorities are nonetheless eager to bring people to the polls, trying to inspire a sense of duty and resistance among Iranians amid Israel’s war in Gaza. Pedestrians pass by a poster featuring Ayatollah Khomeini, the first Supreme Leader of the Islamic Republic (right) and Ayatollah Khamenei, the current Supreme Leader (left) on February 24 in Tehran, Iran. Hossein Beris/Middle East Images/AFP/Getty ImagesOther officials have directly cited the Gaza war to rally voters ahead of the polling day. An election poster for a female parliamentary candidate apparently plays on the 'Woman-Life-Freedom' protest slogan, replacing it with 'Woman-Wisdom-Greatness' in Isfahan, Iran on February 24.

Persons: Ayatollah Ali Khamenei, Mahsa, “, ”, Khamenei, ” Khamenei, Khomeini, Ayatollah Khamenei, Hossein Beris, Hamidreza, Alex Vatanka, Foad, ” Izadi, ISNA, Hassan Moslemi Naeini, Morteza, ” Iran’s, hardliner Ebrahim Raisi, Holly Dagres, Jamshid Jamshidi, –, Hassan Rouhani, ” Hengaw, Pedram Soltani Organizations: CNN, Experts, Authorities, Islamic, Getty, Middle East Institute, University of Tehran’s, World Studies, Center for Education, Culture, Research, Atlantic Council, University of Oxford, UN, CNN International, Iran’s Guardian, Hengaw Organization for Human Rights, Army Locations: Iran, Tehran, “, Gaza, Islamic Republic, Tehran Times, Washington , DC, Israel, Isfahan, Norway, Sanandaj, Jordan

☆ An abrupt exit at a Goldman Sachs-backed crypto bank spotlights the industry's tug-of-war with regulators
▼ + stars: | 2024-02-26 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Read previewWhen the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company's "announcements" Slack channel in late November about an executive's departure, employees started buzzing. Just over a year after it received the charter, the OCC issued a consent order against Anchorage in April 2022. Regulators are aggressively scrutinizing crypto players and prioritizing monitoring crypto compliance. Regulators' viewThe OCC is now led by Michael Hsu, the former Federal Reserve regulator and self-described crypto skeptic who has viewed crypto companies' regulatory compliance in some areas as inadequate. A crypto bank would face risks in safeguarding digital assets in its custody, maintaining appropriate hedges in crypto-lending, and adhering to capital requirements specific to crypto assets, said Kim, who studies crypto and blockchain technology.

Persons: —, Georgia Quinn, Nathan McCauley's, McCauley, Goldman Sachs, Andreessen Horowitz, Quinn, Brian Brooks, CoinDesk, Oliver Wyman, FTI, Brooks, Michael Hsu, Hsu, Evelyn Hockstein, Mark duBose, Seoyoung Kim, University's, Kim, Diogo Mónica, Axel Springer, Mark McCombe, Max Levchin, BNY, Seyfarth Shaw, Ellenoff Grossman, it's Organizations: Service, Anchorage, Business, Citadel Securities, Apollo Global Management, Visa, OCC, Regulators, Securities, Exchange, IBM, KPMG, Anchorage Digital Bank National Association, Federal Reserve, Reuters, Business Insider, Santander Bank, University's Leavey School of Business, KKR, BlackRock, BNY Mellon Locations: Anchorage, United States, Santa, San Francisco, Portugal

☆ Siemens CEO Hits Out Against Extremism in Germany
▼ + stars: | 2024-02-08 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Siemens Chief Executive Roland Busch on Thursday criticised the rise of extremism in Germany, the latest business leader to voice concerns about sharpening political divisions in the country. "I'd like to state loud and clear: extremism of any kind hurts this country," Busch said in a speech to shareholders at Siemens's annual general meeting in Munich. "And this naturally includes all those who come to Germany and want to contribute themselves and their skills." Siemens Energy supervisory board chairman Joe Kaeser last month warned of a resurgence of right-wing extremism in Germany, saying a policy of mass deportation was "absolutely disgusting". Siemens currently employs around 88,000 people in Germany, its second biggest market after the United States, and is investing $1 billion in a new high tech production and research centre in Erlangen, near Nuremberg.

Persons: Roland Busch, Busch, Joe Kaeser, Peter Boehringer, John Revill, Gareth Jones Organizations: Reuters, Siemens, Siemens Energy Locations: Germany, Munich, United States, Erlangen, Nuremberg

☆ NYCB's stock crash shows the peril of a bank growing too fast
▼ + stars: | 2024-02-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The implosion of New York Community Bancorp highlights an unusual risk for banks: growing too fast. New York Community Bancorp's 64% stock crash was in part caused by the increased regulatory scrutiny it received after crossing $100 billion in assets. But it can be a completely different story in the banking sector, and New York Community Bancorp is the latest example. Since then, New York Community Bancorp stock has crashed 64% and reignited fears of another regional banking crisis. "The case underpins a core principle of banking that may seem counterintuitive beyond: In banking, growth is … not good," Rubinstein said.

Persons: Marc Rubinstein, SVBFG, Thomas Cangemi, Rubinstein Organizations: York Community Bancorp, New, New York Community, New York Community Bancorp, Signature Bank, Valley Bank, Foreign Banking Organization, Bank, York Community, Bloomberg, Wall Locations: New York, New, America

☆ Man pleads guilty in $1 billion scheme to dodge money laundering rules in New York
▼ + stars: | 2024-01-31 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

A man described as an "experienced anti-money laundering specialist" pleaded guilty on Wednesday to illegally funneling more than $1 billion in lucrative, high-risk transactions through small financial institutions, the U.S. Department of Justice said. The man, 56-year-old Gyanendra Asre of Greenwich, Connecticut, pleaded guilty in Brooklyn federal court to one count of failing to maintain an anti-money laundering program in violation of the Bank Secrecy Act. The U.S. Department of the Treasury's Financial Crimes Enforcement Network, meanwhile, on Wednesday assessed a $100,000 civil penalty on Asre and banned him from participating in any financial institution's affairs for five years. He had previously been employed as a senior vice president at a domestic bank, and was "experienced in international banking and trained in anti-money laundering compliance and procedures," the DOJ said. Asre "represented to the NYSEFCU that he and his businesses would conduct appropriate anti-money laundering oversight as required by the Bank Secrecy Act," according to the DOJ.

Persons: Asre, Attorney Breon Peace Organizations: U.S . Department of Justice, DOJ, U.S . Department, Network, U.S, Attorney, New York, Employees Federal Credit Union, Bank Locations: Greenwich , Connecticut, Brooklyn

Buell died Monday in Sunnyvale, California, where his daughter lived, after battling pneumonia, his daughter Barbara Buell said in an email. “Hal pushed us an extra step,” Adams said in an internal AP newsletter at the time of Buell's retirement in 1997. Buell implemented the transition from a chemical darkroom where film was developed to digital transmission and digital news cameras. He also helped create AP’s digital photo archive in 1997. Buell is survived by his daughter, Barbara Buell, and her husband, Thomas Radcliffe, as well as two grandchildren and a great-grandson.

Persons: — Hal Buell, Buell, Barbara Buell, “, ’, ”, Eddie Adams, Horst Faas, Nick Ut, Hal, ” Adams, Kim Phuc, ” Buell, ” Santiago, ” Lyon, Kennedy, Thomas Radcliffe, Angela, Claudia DiMartino, Mike Schneider Organizations: Associated Press, AP, South Vietnamese Air Force, Northwestern University, Army, “, History, AP Corporate Locations: SUNNYVALE, Calif, Vietnam, Sunnyvale , California, Saigon, New York, ” Santiago Lyon, Tokyo, Chicago, AP's New York, Asia, Hollywood, Iwo Jima, United States, Orlando , Florida

The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York

☆ Former Chinese central banker took ‘extraordinarily massive’ bribes, state media says
▼ + stars: | 2024-01-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Fan Yifei, a disgraced former Chinese central banker, has admitted making a “huge mistake” in comments aired as part of a documentary by state broadcaster CCTV that alleges he accepted massive bribes from the beginning of his tenure. It described how he had received “extraordinarily massive” payments from executives of various companies in exchange for favors after taking up the PBOC’s second-highest position. “I wanted to possess great power, and at the same time, to be rich,” Fan said in the documentary. “I made a huge mistake.”According to CCTV, Fan accepted payments from businesspeople through his brother’s investment company. In addition to Fan’s case, the CCTV documentary exposed graft at a state-owned energy investment group and at the highest levels of Chinese sport.

Persons: Fan, Xi Jinping, “, Qian Long, Liu Liange, Wang Bin, Tang Shuangning, Tang, Wang Yongsheng, Wang, Li, China’s Organizations: Hong Kong CNN, People’s Bank of China’s, Central Commission, Xinhua, Communist Party, National Supervisory Commission, of China, China Life Insurance, China Everbright, China Development Bank, China Daily, soccer team, China’s Twitter Locations: China, Hong Kong, Xinhua, Weibo

☆ Deutsche Bank to review Postbank tech migration - Handelsblatt
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsBERLIN, Dec 4 (Reuters) - Deutsche Bank's supervisory board has tasked its auditor EY with reviewing the Postbank IT integration, which has caused numerous customer complaints due to disruptions, Handelsblatt reported on Monday. The result could result in cuts to bonuses, the newspaper said, citing people familiar with the matter. A Deutsche Bank spokesperson declined to comment on the story. Reporting by Kirsti Knolle; Editing by Linda Pasquini and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Handelsblatt, Kirsti Knolle, Linda Pasquini, Jan Harvey Organizations: Deutsche Bank, REUTERS, Rights, Deutsche, Thomson Locations: Brussels, Belgium

☆ ECB raises minimum capital requirements for Spanish banks
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Acquire Licensing RightsMADRID, Dec 1 (Reuters) - The European Central Bank has raised the minimum capital requirements for Spanish lenders BBVA (BBVA.MC), Caixabank (CABK.MC), Sabadell (SABE.MC) and Bankinter (BKT.MC) as part of a supervisory review and evaluation process (SREP). The process provides an overall assessment of the challenges that face significant institutions, together with the corresponding solvency requirements and other supervisory measures that banks are expected to comply with for the year ahead. BBVA's capital threshold was also raised to 9.09% for next year from 8.72%. For Unicaja (UNI.MC), the supervisor however maintained its solvency threshold for 2024 unchanged at 8.27% compared to 2023.

Persons: Heiko Becker, Caixabank, Jesús, Emma Pinedo, Sharon Singleton Organizations: European Central Bank, REUTERS, Rights, BBVA, ECB, Spain's Santander, Thomson Locations: Frankfurt, Germany, Sabadell

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