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Search resuls for: "Chris Prentice Pete Schroeder"


3 mentions found


☆ U.S. banking regulator has begun misconduct probes in Signature, SVB failures
  + stars: | 2023-03-27 | by ( Chris Prentice Pete Schroeder | Chris Prentice | Pete Schroeder | ) www.reuters.com   time to read: +1 min
WASHINGTON, March 27 (Reuters) - A U.S. banking regulator is investigating potential misconduct on the part of executives and others involved in the failures of Silicon Valley Bank and Signature Bank. Gruenberg did not offer further details into who or what may be the subject of probes, which could be one of several under way by the U.S. government. It is common for the government to open probes into such events, and such investigations do not necessarily result in charges of misconduct. But its sudden collapse has also raised questions about what executives knew about the bank's struggles and what they disclosed with investors, the sources said. Reporting by Pete Schroeder and Chris PrenticeOur Standards: The Thomson Reuters Trust Principles.
☆ Former Wells Fargo exec faces prison, will pay $17 mln fine over fake accounts scandal
  + stars: | 2023-03-15 | by ( Chris Prentice Pete Schroeder | Chris Prentice | Pete Schroeder | ) www.reuters.com   time to read: +2 min
Companies Wells Fargo & Co FollowWASHINGTON, March 15 (Reuters) - The former head of Wells Fargo's retail bank is facing prison time after pleading guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016. An attorney for Tolstedt, who ran the bank's retail and small business lending from 2007 to 2016, declined to comment. But, in this case, Ms. Tolstedt took steps to cover up misconduct at Wells Fargo," Joseph McNally, acting U.S. attorney for the central district of California, said in a statement. A spokesperson for Wells Fargo declined to comment. The development marks a rare instance of a senior bank executive facing prison time as a result of their job, but some said it does not go far enough.
☆ US bank collapse sparks fresh oversight fight in divided Congress
  + stars: | 2023-03-13 | by ( Hannah Lang Chris Prentice Pete Schroeder | Hannah Lang | Chris Prentice | ) www.reuters.com   time to read: +4 min
Silicon Valley Bank had $209 billion in assets at the end of last year, while Signature Bank had some $110 billion. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by (Republican former President) Donald Trump that I strongly opposed," Senator Bernie Sanders said in a statement. he added, saying awareness of the bank's recent growth and business model should have led Fed officials to anticipate trouble. In an op-ed for the New York Times, Democratic Senator Elizabeth Warren placed some of the blame at the feet of bank regulators, whom she accused of "letting financial institutions load up on risk." "There won't be legislation getting through Congress, and so regulators will be making the big decisions," he said.
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