Bank of America (BofA) is parting company with its chief financial officer (CFO) and a vice chairman who is retiring, but the executive shuffles will happen after the bank files its 2015 Comprehensive Capital and Review (CCAR) stress test submission to the Federal Reserve, officials say. BofA CEO Brian Moynihan announced the changes to the… Read More >>
Bank of America Vet Joins Holley Holland
Bank of America (BofA) veteran Marty Rose has joined Holley Holland, the self-described “business transformation experts” to build the change management consultancy’s U.S. business, including opportunities in Charlotte, North Carolina, and throughout the region, officials say. Rose, who will be based in Charlotte, has left her post as chief operating office (COO) of the EST… Read More >>
The Fed Hits Six Banks with Record Fines
The Federal Reserve has imposed $1.8 billion in fines, “among the largest ever assessed,” against UBS, Barclays Bank, Citigroup, JPMorgan Chase & Co., the Royal Bank of Scotland (RBS) and Bank of America Corp. (BofA) for what Fed officials call “their unsafe and unsound practices in the foreign exchange (FX) markets.” The dollar amounts for… Read More >>
BofA Names Co-Heads for Global Investment Banking
Bank of America (BofA) has named Karim Assef and Diego De Giorgi as co-heads of its Global Investment Banking group in an effort by the bank “to strengthen our ability to serve our most important clients,” BofA officials say in an internal memo. Assef and De Giorgi will report to Christian Meissner, who is head… Read More >>
Billion-Dollar Settlements Sting A-List Banks and Investors
The best known aphorism attributed to the late U.S. Senator Everett Dirksen, the honey-voiced Republican Minority Leader in the LBJ era, is “a billion here, a billion there, and pretty soon you’re talking real money.” One wonders what Dirksen would make of the multi-billion-dollar settlements that Goldman Sachs, Bank of America and other giant banks… Read More >>
Prime Brokerages Share Their Pain with Hedge Funds
For hedge funds, change is in the air as prime brokers contemplate pulling back on financing options and raising fees, leaving some funds to consider parking excess cash and long securities at custodian banks. Prime brokerage units of A-List firms are beginning to feel the squeeze as big banks face stiff pressure from regulators to… Read More >>
FDIC, SEC Slam BofA with $1B in Settlements
The Federal Deposit Insurance Corp. (FDIC) and the SEC have announced more than $1 billion in settlements against Bank of America Corp. (BofA) and its entities in efforts to resolve claims against BofA related to residential mortgage-backed securities (RMBS) and securities fraud charges, FDIC and SEC officials say. The SEC settlement of $245 million is… Read More >>
FinTech Incubators Bring Back Innovation
Regulatory compliance doesn’t usually make for scintillating dinner party conversation, but that’s how Adam Sodowick, founder and CEO of gamification training and data analytics vendor True Office, got his big break. He’d just started his company about a year and a half ago and was trying to figure out his next move when Sodowick bumped… Read More >>
Misys Picks a President as BofA ML Promotes for a GTS Sales Head
Misys Hires from Oracle for New President Misys has appointed a former senior vice president and general manager of Oracle Financial Services, Frank Brienzi, to be president and chief sales officer — a new position for the vendor of banking, treasury, trading and risk management solutions. His priority will be to build upon the 31%… Read More >>
