Banking

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.

Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.

The firm's new suite of eight low-cost ETFs include two funds that are no-fee.

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

Bankers spent Monday cleaning up damaged branches, wondering if their small-business clients will need more emergency aid and contemplating how the racial and economic inequalities highlighted by days of violent protests nationwide can be corrected.

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

The changes follow new leadership of the bank’s recently unified wealth management operations.

“The world has become more digital, less global and more local,” says Amy Lo, co-head of the firm’s Asia Pacific wealth division.

The digital advice firm is hoping its 500,000 customers will want to consolidate more of their finances under one roof.

Both men started their careers as financial advisors before moving into leadership.

About 5,500 large customers of the commercial banking business applied for funding. Nearly all of them got loans.

Asset managers are targeting massive amounts of capital to benefit from credit market stress as the coronavirus leaves many companies in need of support.

The firm expects a second wave of opportunities, particularly in commercial mortgage-backed securities and collateralized loan obligations.

The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.

BofA joins rival banks in setting aside billions for loan losses

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.