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Startup Founder Sentenced for Defrauding JPMorgan Chase

Charlie Javice gets more than 7 years

(Newser) - Charlie Javice, founder of a startup that promised to revolutionize how students apply for financial aid, was sentenced Monday to more than seven years in prison for cheating JPMorgan Chase out of $175 million. Javice, 33, was convicted in March of duping the banking giant when it bought her company,...

Fed's Stress Test Shows Big Banks Can Take Recession
Biggest Banks Pass Stress Test
Jun 27, 2025 5:00 PM CDT

Biggest Banks Pass Stress Test

This year's was less rigorous, Fed concedes

(Newser) - The Federal Reserve's most recent stress test shows that the nation's largest banks could survive a major severe recession, though the test was significantly less rigorous than it has been. The regulatory exam was given to 22 banks with assets of more than $100 billion, Yahoo Finance reports,...

Capital One Goes Down, Users' Deposits Go AWOL

Bank suffers some sort of outage 2 days after CFPB sued it for stiffing customers

(Newser) - Capital One isn't having such a hot couple of days : As USA Today reports, the banking behemoth was besieged Thursday morning by customers complaining that their deposits weren't showing up. Downdetector showed a bit north of 2,000 customers clocking outages around 8am, and the @AskCapitalOne handle on...

Suit: Capital One Scammed Customers Out of $2B

CFPB alleges bank deceived consumers on savings accounts with different interest rates

(Newser) - The Consumer Financial Protection Bureau has just taken on one of America's biggest banks. On Tuesday, the agency announced it has filed a lawsuit against Capital One, accusing the financial institution of deceiving customers about two of its savings accounts and swindling millions of consumers out of more than...

Bank Sorry for Worker Allegedly Trying to Kill Clients

Kentaro Okuda, CEO of Japan's Nomura, to take 30% pay cut for 3 months in response

(Newser) - The head of Japan's largest investment bank has apologized and agreed to a temporary pay cut after an ex-employee was charged with trying to kill clients. The Nomura employee, who gave asset management advice to individuals and corporations, allegedly robbed the clients before setting fire to their home during...

We Still Write a Lot of Checks, and Fraudsters Love It
One Type of Bank Fraud
Is Surging
Nov 23, 2024 5:10 PM CST

One Type of Bank Fraud Is Surging

Check fraud is up 400%, and the Wall Street Journal explores why

(Newser) - Paper checks might eventually disappear altogether, but the Wall Street Journal reports that fraudsters are busy capitalizing on them in the meantime. Its exploration of the issue is illustrated in two stats:
  • Americans write an average of 30 checks per year, by far the most of any nation. No. 2
...

Biggest Bank Suggests US Has Achieved a 'Soft Landing'

JPMorgan exec uses the phrase while discussing better-than-expected quarterly results

(Newser) - The Federal Reserve has been adjusting rates and watching inflation as it attempts to pull off an elusive "soft landing" for the economy. On Friday, an exec at the nation's biggest bank said the central bank appears to have pulled it off and avoided a recession. After JPMorgan...

Major Banks Try to Ease Junior Bankers' Exhaustion

JPMorgan, Bank of America take steps to prevent overwork amid criticism

(Newser) - Two leading investment banks are taking steps to prevent junior bankers from working more than 100 hours a week following complaints of overwork. JPMorgan is instituting an 80-hour weekly cap for junior bankers in a first-of-its-kind move for the bank, while Bank of America, which already flags work beyond a...

Bank of America Inches Closer to Its $25-an-Hour Goal

Minimum wage at bank will now be $24 an hour, starting in October

(Newser) - Bank of America has pledged it would raise its minimum wage to $25 by 2025, and it just got one step closer to reaching that goal. On Tuesday, the finance giant announced it would up its lowest pay rung to $24 an hour, starting in October, for both full-time and...

Capital One-Discover Deal Faces 'Gale-Force Headwinds'
Capital One-Discover Deal
Seen as 'Dangerous'
THE RUNDOWN
Feb 21, 2024 9:03 AM CST

Capital One-Discover Deal Seen as 'Dangerous'

Sen. Elizabeth Warren leads charge against $35B merger, saying it will hurt 'working people'

(Newser) - Capital One announced on Monday that it was buying Discover Financial Services, in a $35 billion deal to combine two of the nation's largest credit-card firms. But experts say it will take at least a year for the merger to be completed, and there's already pushback from advocacy...

Big Banks Warn Customers of Deposit Delays

'Manual error' said to cause 'processing issue' at Chase, Bank of America, Wells Fargo, others

(Newser) - Deposits at major banks across the nation were delayed Friday, due to what the Federal Reserve is calling a "processing issue" caused by human error. CNN Business reports that customers at Bank of America, Chase, Wells Fargo, US Bank, and Truist started complaining about the problem Friday morning, with...

JPMorgan Settles Epstein Case With $75M Payment

Virgin Islands accused the bank of turning a blind eye to his sex trafficking of girls

(Newser) - JPMorgan Chase will pay $75 million to close an ugly chapter in the banking giant's history. The payment settles a lawsuit brought by the US Virgin Islands that accused the bank of turning a blind eye to the sex trafficking of girls by Jeffrey Epstein, reports the New York ...

He Lost Life Savings to Scam. The Bank Stepped Up

Australia's ANZ recognized 78-year-old Alex Shaw, who has dementia, had been taken for $300K

(Newser) - An elderly man from Down Under who was scammed out of his life savings has received a reprieve, in a tale described by the Good News Network as "a story of corporate responsibility in the face of personal tragedy." ABC Australia notes that although scam victims in the...

Feds Order Bank of America to Pay $250M in New Scandal

CFPB says bank charged junk fees, withheld bonuses, opened fake accounts

(Newser) - Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses, and opening accounts without customer consent, reports the AP . Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the Office of...

Half of Americans Fear for Their Bank Holdings

Experts say there's no reason to fret thanks to FDIC insurance

(Newser) - Americans appear as worried about their money in banks now as they were during the 2008 financial crisis. Some 48% of US adults are "very" or "moderately" concerned about money held in bank accounts, according to a Gallup poll that was conducted after two banks failed , but before...

In Silicon Valley Bank Fail, the Fed's 'Mea Culpa' (Sort Of)

US central banking system blames lax oversight, weakened regulations for bank's collapse

(Newser) - The Federal Reserve blamed last month's collapse of Silicon Valley Bank on poor management, watered-down regulations, and lax oversight by its own staffers, adding that the industry needs stricter policing on multiple fronts to prevent future bank failures. The Fed was highly critical of its own role in the...

UBS Buys Credit Suisse in Deal Driven by Regulators

Swiss government says merger will protect global financial system

(Newser) - Switzerland's two biggest banks are merging, after regulators intervened to prevent the smaller one's problems from affecting the global banking system. The deal between UBS and Credit Suisse was announced Sunday night by Swiss President Alain Berset. The country's finance minister said that had Credit Suisse filed...

Sharon Stone Makes Shocking Financial Admission

At cancer awareness event in Beverly Hills, actor says she lost half her fortune to 'this banking thing'

(Newser) - Even the rich and famous aren't necessarily immune to major fails in the banking industry. Sharon Stone put herself forward as an example of that on Thursday, when she spoke at a star-studded California cancer awareness event and made a shocking claim about her finances. Per Yahoo Entertainment , the...

Credit Suisse Rebounds After Central Bank Announces Aid
Hemorrhaging Bank
Gets a Lifeline
Mar 16, 2023 6:07 AM CDT

Hemorrhaging Bank Gets a Lifeline

Credit Suisse can borrow up to $53.7B from Swiss central bank

(Newser) - Credit Suisse's shares soared more than 30% on Thursday after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the US to Europe. It was a...

Credit Suisse Just Lost a Quarter of Its Value
Another Bank Just
Took a Huge Hit
Mar 15, 2023 10:40 AM CDT

Another Bank Just Took a Huge Hit

Credit Suisse shares lost a quarter of their value after biggest shareholder said no more money

(Newser) - Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low after its biggest shareholder—the Saudi National Bank—said it would not inject more money into the Swiss bank beset by problems long before the failure of two US lenders. The turmoil prompted...

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