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Banks that own the Zelle payment network want to boost security as scams dupe customers into transferring money. Some of America’s biggest banks are devising a plan to compensate customers who fall victim to scams on their Zelle payment network. JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. are among the banks in advanced discussions to create a playbook for refunding customers and each other for illegitimate transfers, according to people familiar with the matter. The idea is to boost security and consumer trust in Zelle, the peer-to-peer payment system jointly owned by a consortium of banks, the people said.
Deutsche Bank was fined by New York state’s financial regulator in 2020 for failing to properly monitor its dealings with Jeffrey Epstein and other lapses. Women who accused Jeffrey Epstein of sexual abuse are suing Deutsche Bank AG and JPMorgan Chase & Co., saying the banks facilitated Epstein’s alleged sex-trafficking operation and ignored red flags about their wealthy client. The two lawsuits seek class-action status and unspecified financial damages. They were both brought by lawyers that have represented many of the late financier’s accusers. The suits were filed in federal court in New York on Thursday.
Deutsche Bank was fined by New York state’s financial regulator in 2020 for failing to properly monitor its dealings with Jeffrey Epstein and other lapses. Women who accused Jeffrey Epstein of sexual abuse are suing Deutsche Bank AG and JPMorgan Chase & Co., saying the banks facilitated Epstein’s alleged sex-trafficking operation and ignored red flags about their wealthy client. The two lawsuits seek class-action status and unspecified financial damages. They were both brought by lawyers that have represented many of the late financier’s accusers. The suits were filed in federal court in New York on Thursday.
Crypto Bank Silvergate Battles FTX Contagion Fears
  + stars: | 2022-11-20 | by ( David Benoit | ) www.wsj.com   time to read: 1 min
Earlier this month, Silvergate Capital Corp. gathered its staff to celebrate its transformation into the go-to bank for the crypto market. Then, the crypto market blew up. The collapse of crypto exchange FTX has raised questions about how close the bank was to the empire of Sam Bankman-Fried . The price of Silvergate’s stock has been cut in half this month and is now down nearly 90% over the past year.
HOUSTON— JPMorgan Chase & Co. is launching a national program to try to get more loans into the hands of minority small-businesses owners and close a persistent racial gap in financing. The country’s biggest bank has been quietly piloting a special-purpose credit program this year here and in Dallas, Detroit and Miami that allows it to offer more loans to business owners who might have otherwise been rejected.
Rising Rates Help Some Banks More Than Others
  + stars: | 2022-11-07 | by ( David Benoit | ) www.wsj.com   time to read: 1 min
Rising interest rates were supposed to help Silicon Valley Bank. Instead, it got hurt. The largest banks in the country posted higher lending profits in the third quarter and predicted more gains to come thanks to the Federal Reserve’s recent rate moves. Silicon Valley Bank, which caters to technology and life-science companies, especially startups, posted some of the slimmest gains and warned that its margins had already peaked.
An uprising by banks in a United Nations -sponsored climate coalition has been quelled but opened wounds that could weaken an alliance meant to funnel trillions of dollars to fund the transition away from fossil fuels. Getting banks to sign on to the coalition was a marquee achievement of the U.N. climate conference in Glasgow. Since then, fuel shortages and pressure from politicians and regulators led banks to push back against what they thought were tighter rules.
JPMorgan Chase & Co. executive Carlos Hernandez, the leader of the bank’s investment banking staff and a member of Jamie Dimon ’s inner management circle, will retire next year. The 36-year veteran of JPMorgan has been a counselor to major executives and world leaders and a close ally to Mr. Dimon. He plans to retire at the end of the first quarter next year, according to an internal memo Monday from Mr. Dimon and Daniel Pinto , the president and head of the corporate investment bank.
The nation’s largest banks are nervous about a recession, but their third-quarter earnings showed few signs of one yet. JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup all said Friday they had socked away hundreds of millions of dollars apiece to cover potential loan defaults, dragging down their profits. Still, revenue rose at all three banks and beat analyst forecasts.
JPMorgan Chase & Co.’s third-quarter earnings dropped 17% as the bank built up its defenses for a potential recession and took a nearly $1 billion loss on securities it held. The nation’s biggest bank’s revenue rose 10% to $32.72 billion thanks to higher interest rates, strong Wall Street trading performance and continued consumer spending. Analysts had expected $32.12 billion, according to FactSet.
JPMorgan Chase & Co.’s third-quarter profit dropped 17% as the bank built up its defenses for a potential recession and took a nearly $1 billion loss on securities it held. The nation’s biggest bank’s revenue rose 10% to $32.72 billion thanks to higher interest rates, strong Wall Street trading performance and continued consumer spending. Analysts had expected $32.12 billion, according to FactSet.
Small Business Marketing
  + stars: | 2022-07-17 | by ( Richard Vanderford | David Benoit | Annamaria Andriotis | ) www.wsj.com   time to read: 1 min
Pro Cyber NewsToo many small and medium-size businesses rely on usernames and passwords alone to secure their systems, leaving them vulnerable to cyberattacks that could otherwise be prevented, government officials and cybersecurity chiefs say.
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