Johnbull Okpara is currently CFO of the infrastructure groups at Morgan Stanley; the value of distressed properties is being written down by an average 27%, with hotels in the biggest trouble.

The PayPal unit is accused of sending customers to collections even if they are victimized by scams; the financial company said it will deposit money in minority-owned institutions.

Scharf apologizes for June 16 memo saying there was a “very limited pool of Black talent to recruit from”; the penalty would settle the bank’s culpability in its traders’ spoofing practices.

The two officials told a House panel that businesses need grants, not more loans; some Black employees take issue with Wells Fargo CEO’s assertion that minority talent pool isn’t deep enough.

The central bank hopes its plan can lead to a unified standard among all bank regulators; the leak of 2,000 bank suspicious activity reports exposes the need for updated regulations.

BuzzFeed News published its “FinCEN Files,” alleging that large banks ignored reports of suspicious activities and helped launder trillions of dollars; low rates will depress earnings even as credit losses don’t look to be as bad as expected.

The results of the latest exams will be released for each of 33 big banks; the Fed will announce by the end of this month if it will cap fourth quarter dividends and prohibit buybacks.

The central bank reiterated its plan to allow inflation to run above 2% for an extent before raising rates; the German bank postpones returning people to its New York City office until next July.

Top Senate Republican says the Fed nominee doesn’t have the votes but aren’t throwing in the towel yet; the bank’s stock is down 12% this week amid news of a large risk systems upgrade.

A public rebuke on the bank’s risk management may have expedited Corbat’s retirement; a deal would create a Swiss champion in wealth management and investment banking.

Banking now outpaces many other industries in having women in senior management roles; should banks and their investors be worried if the Democrats take control of Washington?

Jane Fraser will become the first female CEO of a major Wall Street bank when she succeeds the retiring Michael Corbat in February; JPMorgan Chase plans to reopen its trading floors September 21.

A report from the derivatives agency says climate change poses “profound risks to the financial system;” the bank dismissed several people for improperly applying for Economic Injury Disaster Loans.

The bank said it found evidence that employees and customers misused several government stimulus programs; the Fed plan may be too restrictive to get banks and borrowers to participate.

So-called criticized CRE loans at biggest U.S. banks have surged as offices and malls stand empty; doctored video and audio content used to defraud bank customers is rising sharply.

Investment banking and trading income hit an eight-year high, buoyed by heavy pandemic-fueled borrowing; the division’s revenue has jumped as it poaches advisers from rivals.

Germany’s two biggest banks have dropped Ernst & Young because of ties to the defunct payments company; Wells was charged with failing to account for the costs of switching customers to new investments.

The bank said the museum at its San Francisco headquarters will remain open but the other 11 are history; the investigation will look into regulatory failures that may have ignored red flags.

Central banks “have conspired to destroy returns” with monetary policy and dividend constraints, the FT argues; JPMorgan Chase hired the Vanguard vet to lead its phone and video-based financial advice unit.

The hedge fund being started by the former acting head of the CFBP aims to bet on financial services stocks; large and small institutions are getting hit from all sides by the pandemic.