JPMorgan Chase President and CEO Jamie Dimon was in Boston as the bank prepared for today's opening of its first branch in the area. JPMorgan plans to open 60 branches in New England in the next five years, 50 of which will be in and around Boston.
Average employee contributions to 401(k) plans grew to 7.1% in 2017, while average employer contributions hit a record 5.1%, according to a Plan Sponsor Council of America survey. The group said features such as auto-enrollment and auto-escalation helped boost the contribution numbers.
AriseBank, a cryptocurrency startup, will pay the Securities and Exchange Commission $2.3 million to settle fraud charges growing out of its initial coin offering. The SEC said AriseBank founders Jared Rice and Stanley Ford will be prohibited from participating in digital securities offerings or serving as officers of public companies, and they are required to pay $184,767 each in civil penalties.
The Hill has recognized CBA President and CEO Richard Hunt as one of the nation's top lobbyists. Hunt and the others are called "the players at the top of their game, known for their ability to successfully navigate the byzantine and competitive world of federal policymaking."
Charles McCrary has been named chairman of the board at Regions Financial and Regions Bank, effective Jan. 1, and Zhanna Golodryga has been appointed to the Regions Financial board. McCrary, former president and CEO of Alabama Power, has been Regions' lead independent director for the past four years.
Sustainable finance has expanded to include bonds, loans and even receivables finance as the financial sector is increasingly asked to play a role in addressing climate change and other issues. Central banks are starting to devise ways to steer banks toward giving more weight to climate concerns when making investment decisions.
Collecting payment remains a pain point for freelancers even as the gig economy and freelance work become increasingly common. Unlike employees on payroll, freelancers typically invoice for work periodically, adding a separate set of processes for payers.
US bank stocks are being valued by the market as if a recession is imminent, Morgan Stanley analyst Ken Zerbe says, writing, "The carefree days of rising rates and pristine credit quality could be coming to an end." Morgan Stanley has lowered its price targets and 2020 estimates for earnings per share.
Newly sworn-in Consumer Financial Protection Bureau Director Kathy Kraninger said in a news conference that her focus would be on consumers, but when asked about specific bureau policies, she said she was waiting to be briefed by staff. Kraninger did indicate she would review a proposed name change for the bureau, adding that she cared more about what the bureau does than what it's called.