Tag Archives: Massachusetts

Financial Daily Dose 7.15.2020 | Top Story: America’s Biggest Banks Setting Aside Tens of Billions for Anticipated Loan Losses

BY: Michael D. Reif | July 15, 2020

The latest quarterly reporting shows that America’s biggest banks—among them, JPMorgan, Citigroup, and Wells Fargo—are taking self-imposed hits now in anticipation of a “wave of loan losses” later. Those three are collectively stockpiling “$28 billion to cover losses as consumers and businesses start to default on their loans” – WSJ and Bloomberg and NYTimes Automakers … Continue reading

Financial Daily Dose 1.24.2020 | Top Story: OCC Hits Former Wells Fargo Execs With Enforcement Actions Over Sham-account Scandal

BY: Michael D. Reif | January 24, 2020

The OCC announced yesterday that it’s bringing enforcement actions against five former Wells Fargo bank executives as part of their alleged roles in the bank’s sales practices scandal. The agency further revealed that it’s already settled with three additional execs, including former CEO John Stumpf, who will pay $17.5 million and lose access to the … Continue reading