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.