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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sam-bankman-frieds-plans-to-save-the-world-went-down-in-flames-11669257574
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sam-bankman-frieds-plans-to-save-the-world-went-down-in-flames-11669257574
Anti-Woke Bank GloriFi to Shut Down
  + stars: | 2022-11-21 | by ( Annamaria Andriotis | Rachel Louise Ensign | ) www.wsj.com   time to read: 1 min
GloriFi’s app was aimed at people who saw Wall Street as too liberal. The Texas startup that sought to build a conservative banking alternative is shutting down. GloriFi has laid off most of its employees and told them that it is closing up shop, according to people familiar with the matter and emails to employees reviewed by The Wall Street Journal.
Customers of beleaguered crypto exchange FTX are losing hope they will ever see their money again. The company’s massive financial problems began spilling into the open early this month, and FTX was quick to halt withdrawals from its international unit. American customers had hoped they might be luckier, but many of them haven’t been able to get their money out either.
JPMorgan Chase & Co. offers most of its customers a one-year certificate of deposit paying a 2% interest rate. The bank recently offered clients of broker Fidelity Investments a nearly identical product—at 4.5%. Banks are selectively raising interest rates on deposits following the Federal Reserve’s steep rate increases this year. Many are paying their best rates on so-called brokered CDs, which well-off customers buy through brokerage firms. The offers are helping CDs—deposits that are locked up for a set period—regain popularity after falling out of favor in the era of low rates that followed the financial crisis.
GloriFi was launched as a financial-services company for people who think traditional banks are too liberal. The chief executive of a Texas startup that sought to build a banking alternative for conservative Americans resigned over the weekend. Toby Neugebauer stepped down as GloriFi CEO on Sunday, according to an email he sent to employees that was reviewed by The Wall Street Journal. His resignation follows a Journal article earlier this month that detailed GloriFi’s turbulent start.
An A-list group of financial backers including Ken Griffin and Peter Thiel gave Toby Neugebauer tens of millions of dollars to build a new kind of bank—one aimed at people who see Wall Street as too liberal. The potential customer base was huge, Mr. Neugebauer and his business partner, former Mike Pence chief of staff Nick Ayers , told the investors. Plumbers, electricians and police officers, the pitch went, are fed up with big banks that don’t share their values.
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