Receiving Wide Coverage ...
Big hack
Capital One said a hacker accessed the personal information of more than 100 million credit card customers and applicants, “
“The bulk of the exposed data involves information submitted by customers and small businesses that applied for Capital One credit cards between 2005 and early 2019, the bank said, including addresses, dates of birth and self-reported income.”
“The suspect, Paige Thompson, 33,
On her Twitter account, Thompson “
“I have a whole list of things that will ensure my involuntary confinement from the world,” she wrote. “The kind that they can’t ignore or brush off onto the crisis clinic. I’m never coming back.”
“The hack appears to be
Facing up to the challenge
Responding to “challenging market conditions,” Citigroup is planning to cut “hundreds” of jobs in its global markets division “imminently.” At the same time, the bank is combining its stock trading business with its prime brokerage unit, but the job cuts “were in no way related” to that reorganization, the Financial Times said.
“Citi was a relatively good performer” in the second quarter, the FT noted, “but still suffered a 4% fall in fixed income trading year on year and a 9% drop in equities revenues on the same basis.”
On Sunday the FT reported that the bank is under pressure from investors and some people within the bank “
Wall Street Journal
Boom times
Lenders originated $565 billion of mortgage loans in the second quarter,
“The 30-year mortgage rate unexpectedly dropped to below 4% in May and has remained near its lowest level in three years, opening a window for borrowers who bought at higher rates to lower their payments and for purchasers to jump in. With the Federal Reserve expected to lower short-term rates this week and the yield on the longer-term 10-year Treasury yield lingering just above 2%, the period of low rates stands to continue.”
AI to the rescue
JPMorgan Chase will
Financial Times
The wrong kind of interest
BBVA has been
“The court is investigating whether BBVA hired a company to spy on a would-be buyer and members of the government of the former Socialist prime minister José Luis Rodríguez Zapatero more than a decade ago.”
Transparency
U.K. banks with more than £50 billion in retail deposits will be
Welcome aboard
Revolut, the British online bank, is planning to
“Dave brings a wealth of banking and financial services experience to the table and, as we prepare to launch Revolut in new international markets, will play a crucial role in our mission to help improve the financial wellbeing of millions of people worldwide,” CEO Nik Storonsky said.
Washington Post
Abuse and misuse
Eric Blankenstein, the former Consumer Financial Protection Bureau official who left the agency after being accused of writing racially insensitive blog posts more than 10 years ago,
Quotable
“We are competing with other countries that know how to play the game against the U.S. A small rate cut is not enough, but