News 

Russia’s top banks plot temporary sanctions workaround: sources

“But Russian banks still fear they could come under sanctions and so have begun to draft a contingency plan” writes Midwest Communications Inc for 95kqds.com. Other Russian banks would then set up or upgrade existing correspondent accounts with that bank to shift currency around.Other options include the central bank providing forex currency to a ‘clean bank’ which in turn would then distribute it to peers via correspondent accounts, sources said.And a spike in currency transactions by the banks which had not been sanctioned and were dealing with the foreign correspondent…

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News Regulators 

Wells Fargo CEO’s pay raise draws rare Fed response

“Wells Fargo gave Chief Executive Tim Sloan a 5 percent pay raise for 2018, prompting the Federal Reserve to release a statement saying that it does not sign off on executive pay” reports nypost.com. We expect boards of directors to hold management accountable,” said a Fed spokesperson in an emailed statement when asked about the bank’s new executive compensation numbers. Source: nypost.com

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News Regulators 

Basel Committee Warns Banks Against “Immature” Digital Assets

“The Basel Committee has issued a fresh warning to the banks against the risks associated with digital assets” writes Arnab Shome for financemagnates.com. Compared to the mainstream financial sector, the size of the digital asset industry is small and banks all over the globe also have a “very limited direct exposures” to the cryptocurrency sector.This is not the first warning issued by the committee as, last year, it criticized the digital assets for their lack of scalability. Source: financemagnates.com

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Crypto News 

Growth of Crypto Industry Could Threaten Banks, Financial Stability: Basel Committee

“International banking authority the Basel Committee on Banking Supervision (BCBS) has issued a warning statement on crypto assets on March 13” writes Helen Partz for cointelegraph.com. According to the committee, any bank that decides to work with crypto-related assets should first ensure it possesses relevant technical expertise to adequately evaluate the risks associated with the field.The BCBS also argued that crypto assets are “unsafe to rely on” as a medium of exchange or store of value, two of the main functions of money, implying that “cryptocurrency” is a misnomer.The bank…

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News Regulators 

Crypto-assets pose risks to global banks, warns Basel Committee

“LONDON (Reuters) – The growth in crypto-assets such as Bitcoin pose a threat to banks and global financial stability, despite relatively low levels of exposure among key players, the Basel Committee has warned” writes Midwest Communications Inc for 95kqds.com. Crypto-assets are not a reliable substitute for money and are unsafe to rely on as a medium of exchange or store of value, the global banking watchdog said in a statement on Wednesday.The Basel Committee said that while banks currently have “very limited” direct exposure to crypto-assets, they should still improve…

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News 

New York attorney probing Trump business deals

“Deutsche Bank has been one of the few major banks willing to regularly lend to Trump, whose past financial troubles scared off large New York banks” reports foxsports.com. Previously, a different New York state agency, which regulates insurance companies, launched an inquiry into Cohen’s allegations that Trump also misled insurance companies about his financial worth.NEW YORK (AP) — New York’s attorney general has opened a civil investigation into President Donald Trump’s business dealings, acting after his former personal lawyer and fixer told Congress that he exaggerated his wealth to obtain…

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News 

Republicans blame Wells Fargo scandals for ‘anti-bank rhetoric’

“Republican lawmakers on Tuesday blamed Wells Fargo for a string of bank scandals that they said have given rise to angry public rhetoric against all U.S. banks” reports washingtonexaminer.com. Sloan took over for Wells Fargo when his predecessor, John Stumpf, was forced out after the bank disclosed that millions of phony customer accounts were created.”Your bank’s misconduct has fueled the kind of unfair hyperbolic and anti-bank rhetoric you will hear today, which threatens access to capital, job creation and economic growth.”.  Source: washingtonexaminer.com

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News 

CEO of troubled Wells Fargo says bank is stronger

“Sloan was grilled by lawmakers about the scandals and about how the San Francisco bank planned to make amends and be a more consumer-friendly bank” reports thebusinessjournal.com. published on March 12, 2019 – 1:08 PM Written by Associated Press (AP) — The CEO of beleaguered Wells Fargo told Congress Tuesday that the bank has cleaned up its act after a series of scandals that affected millions of customers.President and CEO Tim Sloan told the committee the bank is compensating customers who had been harmed, strengthening risk management and internal controls,…

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Crypto News Platforms 

HSBC Seeks Banking Partners in South Korea to Launch Voltron Blockchain Platform

“United Kingdom-based banking giant HSBC is seeking banking partners in South Korea to deploy the blockchain platform Voltron in the country, Korean news outlet The Korea Times reports on Tuesday, March 12” writes Josh Matthews for cointelegraph.com. As reported, Voltron is a platform that enables companies to process and settle their trading invoices via blockchain.In February, HSBC revealed that its proprietary blockchain solution FX Everywhere had cut costs for foreign exchange trade settlement by 25 percent.HSBC wants to establish ties with Korean banks to collaborate on the development of the…

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News 

‘This will end poorly’: JPMorgan execs warn of an imminent reckoning as the market’s biggest investors plow into another credit bubble

“Any credit downturn could exacerbate a financial crisis, he cautioned” writes Meghan Morris for businessinsider.com. Compared to the traditional banking sector, “shadow banks, they do things differently,” Dimon said.Institutional investors, such as pension funds, endowments, and foundations, have stepped up to fund those non-bank groups. Source: businessinsider.com

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