financial services Archive

Bank of America CEO Brian Moynihan cannot wait for the Fed to hike rates

Bank of America CEO Brian Moynihan is looking forward to December. He’s not necessarily expecting an extravagant gift. But, if Federal Reserve Board of Governors Chairwoman Janet Yellen is making a list, what he wants is a rate hike. In an interview with Bloomberg Television’s David Westin on Tuesday November 10, Moynihan was asked what [&hellip

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China says no tough rules for foreign bank card firms

Source photo China will not impose tough licensing restrictions on overseas bank card providers seeking to enter the country’s $7 trillion card payment market, a senior central bank official said on Tuesday. Industry sources told Reuters in October that they were concerned the Chinese government would limit the number of licenses issued to foreign card [&hellip

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Financial aid gatekeepers may be getting new gates of their own

Source photo Earlier this summer, a video about college accreditors went viral — or at least as viral as a video on an obscure higher education policy topic can go. In the video, Sen. Elizabeth Warren (D-Mass.) grills Albert Gray, the president of the Accrediting Council for Independent Colleges and Schools, which allowed the for-profit [&hellip

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Wary investors eye China’s back-door entry into MSCI indexes

Source photo MSCI will begin to add overseas-listed Chinese shares to its emerging market indexes this month, drawing billions of dollars into such stocks, which could eventually lead to mainland-listed companies finding their way into global equity portfolios. The index provider’s decision in June not to include domestically listed China stocks, known as A-shares, in [&hellip

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One of the world’s biggest banks still doesn’t know where it should be based

When a bank the size of HSBC, which has a $2.6 trillion (£1.7 trillion) balance sheet, looks at moving its headquarters, it creates waves. The bank said on Monday that its review into where its headquarters should be based is taking longer than it thought, and probably won’t make a decision this year. Here’s what [&hellip

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Making 401(k) enrollment and escalation automatic

Given the large gap between retirement needs and retirement resources, our retirement programs need to work as well as possible. In the private sector, 401(k) plans, the main vehicle for retirement saving, are not working as well as they could. This problem could be remedied with more extensive use of automatic provisions – automatic enrollment [&hellip

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No one seems to want to be New York’s top banking regulator

The regime change at the New York Department of Financial Services is far from over. Acting DFS superintendent Anthony Albanese is quitting, according to a report from The Wall Street Journal. His departure comes as New York Governor Andrew Cuomo’s search to replace Benjamin Lawsky drags on. Lawsky quit earlier this year, relinquishing his role [&hellip

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JPMorgan joins proxy access trend, adopts clawback disclosure

Source photo JPMorgan Chase & Co said on Monday its board will consider a bylaw amendment to make it easier for small groups of investors to run candidates for the New York bank’s board of directors. That move came just hours before fast-food leader McDonald’s Corp announced that its board amended company bylaws to provide [&hellip

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U.S. credit manager Fifth Street seeking to buy European rival -CEO

Source photo U.S.-based fund manager Fifth Street Asset Management is looking to buy a European credit or direct lending firm with between $500 million and $1 billion in assets, its chief executive said. Fifth Street is looking to take advantage of an expected wave of loan sales from banks looking to free up cash to [&hellip

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Americans are afraid of having their identities stolen but don’t do much about it

If constant headlines about data breaches have made you fear your identity might be stolen, you’re not alone. About 77% of Americans are frightened by the prospect of having their identities stolen, according to a survey released Monday by Bankrate.com, at a time when cyber threats are growing. And 46% of people said they’ve already [&hellip

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