Mortgage Blog
Big banks to get reprieve from Volcker rule
Federal bank regulators on Wednesday unveiled a sweeping plan to soften the Volcker Rule, opening the door for banks to resume some trading activities restricted as part of the 2010 Dodd-Frank law. The changes would give the largest banks significant freedom to engage in more complicated — and possibly riskier — activities by allowing Wall Street firms to determine which trading they view as permissible under the rule.
T. Rowe Price plans Tampa office shutdown, 400 jobs affected
T. Rowe Price Group Inc. plans to close its Tampa operations center in June 2019, in a move that reflects consumer shifts away from using the telephone to going online for customer service.
About 400 employees currently work in the Tampa office, a leased location at 4211 W. Boy Scout Blvd. at Tampa's International Plaza.
The company said about 30 of them with assigned client relationships will remain in the area and work remotely. Another 220 positions will be transferred to other T. Rowe Price…
This former Schwab exec’s startup helps consumers invest in small businesses
Before founding CNote in 2016, Catherine Berman was the managing director at Charles Schwab and senior vice president at Astia, a venture capital firm. CNote savings allows people to take the money idling in their traditional savings accounts and put it into Community Development Financial Institutions (CDFIs), which support low-income communities and small businesses.
Former New York investment adviser charged with 99 counts of fraud
A former broker in New York City has been charged with orchestrating massive fraud.
Since 2011, Dean Mustaphalli caused 58 New York investors to invest a total of more than $11 million in his hedge fund. About $10 million of that money was lost when Mustaphalli engaged in a highly risky trading strategy that was not consistent with his clients’ investment profiles and objectives, according to a criminal indictment unsealed on Wednesday.
In 2017, then-Attorney General Eric Schneiderman sought…
Banking Roundup: Deutsche Bank to cut 7,000 jobs… Gun-control advocates target BofA on Remington deal
The nation’s largest banks — such as JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC), Wells Fargo & Co. (NYSE: WFC), Citigroup Inc. (NYSE: C), GoldmanSachs Group Inc. (NYSE: GS) and Morgan Stanley (NYSE: MS) — have operations around the country. Here are other recent stories reported by The Business Journals.
Deutsche Bank shares slid on Thursday after it announced plans to cut more than 7,000 jobs and warned investors of a difficult second quarter. Germany’s largest…
Why Crockett National Bank’s commercial lending jumped significantly
San Antonio-based Crockett National Bank had the largest percentage increase in commercial and industrial loan volume during the first quarter among local banks, according to data from the Federal Deposit Insurance Corp. Though booming growth in the real estate industry has had an impact, Crockett CEO Todd Huckabee told the Business Journal the increase has a lot to do with personnel.
“It’s somewhat related to real estate related companies. But it also has to do with hiring,” Huckabee said.
Since…
Jim Weddle of Edward Jones tells the story of his classic car
Don’t miss this: Jim Weddle, managing partner of Edward Jones, and one of his classic cars, a 1937 Cord 812 Phaeton, are the subject of a fun story and photos in Wednesday’s Wall Street Journal.
“Forty-two years ago, my wife Stacey and I moved to Connersville, Indiana, to open a branch office of the investment company Edward Jones,” Weddle told the paper. “I had been an intern at the St. Louis headquarters while getting my MBA, and this was my first ‘real’ job.”
With that move,…
Edward Jones sets aggressive growth plan in Kansas City
Edward Jones grew the number of teams it has in the Kansas City area from 189 in 2015 to 230 today. The company thinks it has room for 320 teams in the area, so it's looking to add another 90 teams within the next five years.
Warren Buffett charity lunch auction benefitting S.F.’s Glide already exceeds last year’s tab
The eBay annual auction for lunch with Warren Buffett to help the San Francisco-based Glide Foundation is turning heads this week as the bidding already exceeds what last year’s winner paid.
In years past, the week-long bidding usually got off to a strong start, but often remained muted as those seeking to win the auction waited till the final minutes to place what they hoped would be the winning bid.
“This is a record for us in terms of the bidding being this high at this point in the auction,”…
Cincinnati banks get new name
Eleven banking offices in Greater Cincinnati got a new name over Memorial Day weekend.
The conversion of MainSource Bank branches to First Financial Bank offices was completed over the weekend with those MainSource branches changing names to First Financial Bank.
Cincinnati also has seven fewer bank branches as a result of the conversion. First Financial closed local branches in Aurora, Anderson Township, Bridgetown, Dent, Forest Park, Sharonville and West Harrison over the weekend. Those were…