bank

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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...

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...

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...

Government Freezes Credit Suisse Bonuses

Switzerland won't block payments to employees 'who did not cause the crisis'

(Newser) - Switzerland's government said Tuesday that it's ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS. The Swiss Department of Finance says federal law allows the government to set "remuneration-related measures"...

Man Holds Bank Hostage, Demands His Own Money

Bassam al-Sheikh Hussein is now being hailed a hero in Lebanon

(Newser) - A man with a gun held a Lebanese bank hostage for more than six hours on Thursday—firing warning shots and threatening to set himself on fire—then emerged to be hailed a hero. Banks in Lebanon imposed strict rules on withdrawals in 2019 amid a devastating economic crisis that...

This Ex-Bank CEO's Expense Report Was Eyebrow-Raising

Former Raiffeisen chief Pierin Vincenz gets nearly 4 years in prison after $214K in strip club bills

(Newser) - A former "banker of the year" in Switzerland used his company credit card to pay for a Tinder date, a trip to Australia, and $214,000 in bills from strip clubs, according to testimony heard in a Zurich court before Pierin Vincenz was sentenced Wednesday to nearly four years...

Exodus From Russia Now Includes Wall Street Banks

Goldman Sachs is first to make the move

(Newser) - Another financial shot to Russia: Goldman Sachs on Thursday became the first major Wall Street bank to pull out of the nation since the invasion of Ukraine, reports NPR . It's a sign of the increasing economic isolation being imposed on Moscow by the West, though CNBC describes US banking...

Whistleblower Reveals 18K Secret Swiss Bank Accounts

Credit Suisse did business with some nefarious characters

(Newser) - The idea of not-so-upright characters stashing money in a Swiss bank account is a staple of Hollywood—and a large leak of account holders with the giant Credit Suisse suggests it's right on the money:
  • The leak: A whistleblower gave the German newspaper Sueddeutsche Zeitung data on more than
...

Scammers Clone Exec's Voice, Steal $35M From Bank

Dubai investigators say deepfake technology fooled bank manager

(Newser) - The crimes of the future are here today, according to a court document connected to a $35 million bank heist in the United Arab Emirates. Per the document, investigators in Dubai say a bank manager "received a phone call that claimed to be from the company headquarters. The caller...

'Grandparent Scam' Victim Sues Her Bank

Florida widow lost more than $700K, says bank was negligent

(Newser) - The "grandparent scam" has been around for a while, but the Tampa Bay Times reports on one with a particularly large payday and an unusual legal twist. An attorney for 82-year-old Anna Nunn of Florida says his widowed client was bilked of more than $700,000—and she's...

Bank Gives $50B, Takes It Back
$50B Deposit
Baffles Customer
Jul 3, 2021 4:20 PM CDT

$50B Deposit Baffles Customer

Mistaken deposit lasted until the bank noticed it

(Newser) - There was a moment when Darren James thought the $50 billion that showed up in his bank account might really be his. "I was excited for sure," James said, "really surprised how it got there and wondered if I had a rich uncle that gave it to...

Bank Error Put $1.2M in Her Account, Ends in Her Arrest

Louisiana woman Kelyn Spadoni was fired, too

(Newser) - A Louisiana woman was fired and arrested after allegedly treating a $1.2 million bank error like it was a lottery win. Police say 33-year-old Kelyn Spadoni refused to return $1,205,619.56 after Charles Schwab bank accidentally transferred it to her brokerage account, the New Orleans Times-Picayune reports....

ATM Customer Makes Startling Discovery at Bank

Nature's masked 'bandits' had broken in to a California Chase and were wreaking havoc

(Newser) - Some faces were made for radio; others were made for breaking into banks. CBS San Francisco and KPIX report that a customer was using an ATM outside a Chase bank in Redwood City, Calif., around 7:30am Tuesday morning when he saw what he thought was a stuffed animal on...

Someone Tries Laundering Money—Literally

South Korean loses 'considerable' sum after washing-machine debacle

(Newser) - Money laundering is not a good idea, as a South Korean found out when he or she put banknotes in a washing machine to remove possible traces of the coronavirus, the AP reports. Officials say the loss was considerable. The person living in Ansan city, near Seoul, placed an unspecified...

Trump's Press Secretary Reveals a Little Too Much

Kayleigh McEnany put some private information on display

(Newser) - President Trump's press secretary revealed a little more than she bargained for Friday while displaying a check written by her boss, NBC News reports. Kayleigh McEnany was announcing which government agency will be the lucky recipient of Trump's $100,000 quarterly salary: "Here is the check,"...

Bank Worker's Christmas Eve Kindness Gets Her Canned

Emily James fired from US Bank after giving broke customer $20

(Newser) - One of US Bank's core tenets is "We put people first," but when one of its own senior bankers tried to do just that, she was fired. Emily James tells the Oregonian that on Dec. 23, she was working at the bank's call center in Gresham,...

Bank Customer Walks In With a Highly Unusual Bill

But tellers at Pinnacle Bank in Lincoln, Nebraska, weren't fooled

(Newser) - At least he tried? A guy walked into a Nebraska bank Monday and tried opening a checking account with a fake $1 million bill, the Lincoln Journal Star reports. He swore it was real, but tellers at Pinnacle Bank in Lincoln disagreed and he walked out. Now police are trying...

'Sinkhole' Turns Out to Be Secret Tunnel to Bank
They Thought
It Was a Sinkhole. 
Then They Saw
the Orange Cord
in case you missed it
Feb 3, 2019 12:40 PM CST

They Thought It Was a Sinkhole. Then They Saw the Orange Cord

FBI investigating after public works employees find secret tunnel leading to Florida bank

(Newser) - It started out as public works employees checking out a potential sinkhole or pothole; it ended up with the FBI trying to solve what the Sun Sentinel is now calling a "bank caper." What the workers spotted in the hole in Pembroke Pines, Fla., on Tuesday that raised...

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