Banking

Mary Mack is expected to say that other employees were scared of Carrie Tolstedt, according to the bank’s regulators. Tolstedt, one of five former Wells executives facing civil charges in connection with the bank’s phony-accounts scandal, could be fined as much as $25 million.

With employees working remotely, firms may need to adapt their procedures to deal with heightened fraud risks outside of company systems.

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

Great leaders emerge from failure in the world of financial services and fintech is no exception. Moven founder Brett King shares his take on persistence and how it’s worked for him.

The cuts are among the first under new CEO Kentaro Okuda, who since taking the reins has said an existing $1.3 billion restructuring plan is no longer enough.

Fixed-income trading revenue almost tripled, driving a 73% jump in total trading that surged past expectations.

The Democrats’ presumptive presidential nominee called for a public credit reporting agency and for the Postal Service to offer financial services, among other proposals issued through a unity task force with Bernie Sanders. But analysts suggest the recommendations are more about electoral politics than pushing for real reforms.

Jane Gladstone, new president of Promontory Interfinancial Network, says the recession will accelerate the shakeout among the nonbank disruptors and that small banks have an opportunity to forge new bonds with the survivors.

The central bank is now the third largest holder of the $54 billion iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD).