Industry News
Banking
Top stories summarized by our editors
7/23/2021

JPMorgan Chase has given its financial advisors the go-ahead to take orders from any of its wealth management clients to buy and sell a range of five cryptocurrency products. All clients of the group's various units now have access to the products, although it has reminded advisors they can only buy and sell on an "unsolicited" basis, with specific investment recommendations prohibited.

7/23/2021

The latest fund manager to file with the Securities and Exchange Commission seeking permission to offer a bitcoin exchange-traded fund to the public is Global X. The company wants to list Global X Bitcoin Trust on the Cboe BZX Exchange.

7/23/2021

The Society for Worldwide Interbank Financial Telecommunication has announced plans to improve its cross-border payment facilities, as it seeks to preserve its unique role in global finance against the increasing challenge from faster, more efficient blockchain technology. The development could be sign that a serious battle over the future of payments and currencies is coming, writes Gillian Tett.

7/23/2021

A Schroder Investment Management survey of 750 global investors finds 80% feel sustainable investing is challenging, with a large number citing greenwashing as a major hindrance to their acceptance of it. While 47% said they are interested in funds specifically aligned to environmental themes, the survey shows major concerns over transparency and the difficulty of assessing and managing risk.

7/23/2021

Fifth Third Bank plans to consolidate 42 branches in the Midwest next year as part of a cost-cutting plan that will shift more money to its digital banking expansion. The bank is also expanding its presence in the Southeast with the addition of five new branches and plans to open 25 more this year.

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American Banker
7/23/2021

Former Consumer Financial Protection Bureau Director Kathy Kraninger has been named vice president of regulatory affairs at cryptocurrency firm Solidus Labs. Regulators are scrutinizing cryptocurrency more and Kraninger is "the right person to lead our strategy in response to demand from regulators, enforcement agencies and legislators for crypto-native risk monitoring solutions," said Solidus Labs CEO Asaf Meir.

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HousingWire
7/23/2021

Discover Financial Services spent $46 million on a digital marketing campaign during the second quarter in an effort to boost lending, CEO Roger Hochschild said during the company's Q2 earnings call. Hochschild hopes to see increased consumer spending and travel boosting revenues in the remainder of 2021.

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American Banker
7/23/2021

PNC Financial Services Group's recent filings with the Office of the Comptroller of the Currency show plans to close 21 more branches. PNC had announced that 120 branches would close this year and the latest plans put it about 75% of the way toward that goal.

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WPXI-TV (Pittsburgh)
7/23/2021

Carla Hassan will reportedly join JPMorgan Chase as its chief marketing officer in October, according to a company memo. Hassan currently serves as Citigroup's global chief marketing officer.

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Reuters
7/22/2021

The Small Business Lending Fairness Act would ban lenders from adding "confessions of judgement" clauses in loan contracts, which give lenders the ability to take borrowing companies' assets to settle the debt, writes Senate banking committee chair Sherrod Brown, D-Ohio, who is sponsoring the bill with Sen. Marco Rubio, R-Fla. The Federal Trade Commission banned such clauses in consumer loan contracts in 1985, and the bill would add small businesses to the ban.

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The Hill