Banking

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).

The extension to Aug. 8 was offered by Sen. Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night.

Bank consolidation has been stagnant since the pandemic hit, and the outlook for the rest of the year is bleak.

In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.