Receiving Wide Coverage ...
Restructuring
JPMorgan is a revamping its wealth management business units “in an effort to better compete with big-bank rivals such as Morgan Stanley. The bank is creating a unit that will combine its U.S. wealth-management operations for affluent clients and the Chase branch network’s financial-advisory business. The restructured business will also include JPMorgan’s new You lnvest online brokerage,” the Wall Street Journal reports.
“The change positions the bank to have
Separately, Lori Beer JPM’s chief information officer, “said artificial intelligence could help the bank develop new products and services for helping people build retirement savings, among other things. AI-based virtual assistants, for example, could be used to help consumers save money for retirement.”
“I do think we are uniquely positioned to really have an impact on
Meanwhile, the bank’s co-president Gordon Smith told employees he was “sickened” by a report in Wednesday’s New York Times in which two black men — a JPM financial advisor and a prospective client — had taped conversations that showed
Another spy accusation
Credit Suisse, which allegedly spied on its former wealth management chief as he was preparing to defect to rival UBS in September, is being accused by another former executive of spying on her more than two years earlier. “Colleen Graham, who worked for a joint venture half owned by the bank, said she believes a woman
After the most recent episode of alleged spying became public, “Graham emailed Credit Suisse Chief Executive Tidjane Thiam, Chairman Urs Rohner and board member John Tiner with details of her alleged surveillance. She asked them to investigate and to share her information with regulators and a law firm investigating the spying” on Iqbal Khan, the executive who is now at UBS.
Financial Times
A tale of two nations
Bank of America CEO Brian Moynihan “has joined a chorus of U.S. bankers predicting
“News on Monday that Morgan Stanley would cut 1,500 jobs to deal with the ‘uncertain’ outlook had raised questions about whether investment banks were enjoying the rebound analysts expected. But senior executives speaking at the Goldman Sachs financials conference in New York this week painted a brighter picture.”
It’s a different story in Europe, where Credit Suisse “has softened its full-year financial targets and targeted hundreds of millions of fresh cost-saving measures, making it the latest European bank to
The new forecast “follows a plunge in Credit Suisse’s investment banking revenue, with the M&A unit expected to make a big loss this year. The bank, like many across the region, is also suffering from an extension of negative interest rates and slowing economic growth in Europe.”
Forex suit
One of the law firms that won a $2 billion settlement against banks in the U.S. for allegedly
“The two cases come after the EU’s competition watchdog levied a €1 billion fine on five [of the] banks that are pursued in the latest case. There are a few differences between the two claims, including the number of banks the action is being brought against and the scope of the transactions being included,” the paper says. The newest case was filed by the Hausfeld law firm, which said it is “seeking to represent the interests of thousands of participants in the foreign exchange market.”
Mum’s the word
“Some leading Wall Street and European banks are avoiding mentions of Hong Kong’s anti-government protests in the research they supply to clients, out of fears they will upset Beijing and risk an increasingly important source of revenue,” the paper says. “Banks in the city have said in private that discussing the market impact of months of simmering political unrest is too sensitive, underscoring the
Quotable
“The myopic, feckless and piecemeal attempt to address socially desirable initiatives, such as green finance and [small business] lending, via bank capital regulation risks thwarting the [Basel committee’s] progress in improving minimum global standards.
