Amid claims of “a historic breach of fiduciary duty,” by some of Wall Street’s top firms, state treasurers issued a letter last week to 20 of America’s largest asset managers, demanding an accounting of how they have voted the state employees’ corporate shares that they control. In a May 15 Wall Street Journal op-ed, the…
State Treasurers Demand Answers on How Asset Managers Vote Their Pension Shares
May 23, 2023
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JPMorgan Expects $3 Billion Income Boost From First Republic Deal
NEW YORK—JPMorgan Chase & Co.’s net interest income would rise by $3 billion this year due to its purchase of failed First Republic Bank, according to a presentation published ahead of its investor day on Monday. The largest U.S. lender agreed to take into its books $173 billion of the failed bank’s loans, $30 billion…
Financial Institutions AMP and MLC Fined Millions for Breaching Customers’ Trust
May 21, 2023
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Australia’s Federal Court has issued AMP Group with a $24 million (US$16 million) fine for charging over 2000 deceased customers life insurance premiums and advice fees for nearly a decade. Additionally, the court has also fined MLC $10 million (US$6.6 million) for failing to pay benefits to nearly 120 injured or disabled customers it had promised…
China on Brink of ‘Confidence Trap,’ Warn Citigroup Analysts
May 20, 2023
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The Chinese economy is on the brink of being caught in a “confidence trap” as its post-pandemic recovery begins to slow. Low confidence combined with a slowdown makes it difficult for the Chinese Communist Party (CCP) to stimulate the economy using standard methods, such as interest rate cuts and infrastructure spending, warned Citigroup economists. China…
Climate Protesters Disrupt Democrats, Financiers, Big Tech at Energy Summit
May 19, 2023
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The Politico Energy Summit on May 18 revealed a growing fissure between the Biden administration and the left wing of its base, as the president seeks to position himself as a centrist ahead of the 2024 election. As Citi’s Val Smith spoke during a panel discussion, a protester piped up to demand that Smith’s bank…
Senators Accuse Financial Regulators of Lack of Accountability, Competence
Sens. Tim Scott (R-S.C.) and Jon Tester (D-Mont.) grilled a panel of financial regulators on Thursday morning, with Scott going so far as to demand immediate dismissals at the Federal Reserve in response to the central bank’s failure to effectively regulate Silicon Valley Bank in view of its collapse. During the Senate Banking Committee hearing,…
JPMorgan Chase Defeats Shareholder Proposal to Investigate Allegations of Political, Religious Discrimination
May 18, 2023
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In the spring of 2022, Sam Brownback, a former U.S. senator, governor of Kansas, and U.S. ambassador, co-founded the National Committee for Religious Freedom (NCRF) to, in his words, “protect the right to the free exercise of faith for all Americans.” NCRF’s board members decided to set up the non-profit’s bank accounts at JPMorgan Chase….
IN-DEPTH: JPMorgan Chase Faces Backlash Over Alleged Discrimination Against Religious and Conservative Groups
May 18, 2023
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In the spring of 2022, Sam Brownback, a former U.S. senator, governor of Kansas, and U.S. ambassador, co-founded the National Committee for Religious Freedom (NCRF) to, in his words, “protect the right to the free exercise of faith for all Americans.” NCRF’s board members decided to set up the non-profit’s bank accounts at JPMorgan Chase….
UBS Says Its Rescue of Credit Suisse Was a Rushed Deal With Unclear Risks
Switzerland’s biggest bank UBS said that it was unable to carry out a comprehensive assessment of the assets and liabilities of Credit Suisse as it was pushed by regulators to take over its beleaguered rival in a rushed rescue to stem financial contagion and prevent a systemic meltdown. UBS said in May 16 regulatory filings with…
Ex-First Republic CEO Blames Failure on Collapse of Other Regional Banks, Says Regulators Did Not Raise Warnings
Former First Republic CEO, Michael Roffler, testified before House lawmakers on Wednesday, revealing that his bank fell victim to the widespread panic that ensued following the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond their control, he said. “No one…
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