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Friday Express: Citigroup names president; Kabbage Payments launches
Author Aakriti Gera
Theme Real EstateBankingFintechInsurance
* Citigroup appointed Latin America CEO Jane Fraser as the company's president and global consumer banking CEO. Fraser's promotion to the company's second-highest position has made her a potential candidate to eventually succeed CEO Michael Corbat, which would make her the first woman to head a major U.S. bank, Bloomberg News reports.
* Financial services and payments company Square has launched both stock and fractional-share trading on its peer-to-peer mobile app. The move puts the company in direct competition with Robinhood Markets and online brokers E*TRADE Financial, Charles Schwab and TD Ameritrade Holding, which now all offer certain free trading services.
* Goldman Sachs Group has decided to pull $234 million from Fisher Investments after leader Ken Fisher made offensive remarks, Bloomberg News reports, citing a person familiar with the matter. The source also told the news outlet that the investment bank may decide to withdraw more funds from Fisher Investments.
* During Capital One Financial's third-quarter conference call, Chairman and CEO Richard Fairbank said the company is pushing forward with its plan to move more of its operations into the cloud, even in the wake of a massive data breach that compromised millions of customers' information. The same day Fairbank issued his support for the company's cloud plans, Democratic Sens. Ron Wyden of Oregon and Elizabeth Warren of Massachusetts sent a letter to the Federal Trade Commission to open an investigation to assess whether "Amazon's failure to secure the servers it rented to Capital One may have violated federal law."
* SVB Financial executives, during the company's third-quarter earnings call, said they do not anticipate any broader weakness in the tech IPO market. The management added that it has seen little impact on its portfolio from the companies struggling to conduct an IPO. The bank's CEO, Gregory Becker, further said he was unconcerned about the developments and did not see any broader weakness in the startups that his bank finances.
* U.S. District Judge Colleen McMahon ruled on Oct. 24 that two former Deutsche Bank traders, Matthew Connolly and Gavin Black, will not serve time in prison for their role in the Libor manipulation scheme, Reuters reports. In the ruling, McMahon said the prosecutors were trying to hold the duo responsible for a behavior prevalent throughout the financial industry.
* The Financial Industry Regulatory Authority has fined BNP Paribas Securities and BNP Paribas Prime Brokerage $15 million for anti-money laundering program and supervisory failures involving penny stock deposits and resales, and wire transfers, that spanned four years.
* Digital lender Kabbage has rolled out Kabbage Payments, a new payment processing solution for small businesses. The company is expected to launch more products in the coming months to enable small businesses to manage their cash efficiently.
* Franklin Resources is expected to report its financial results for the latest fiscal quarter today.
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Aakriti Gera
Real EstateBankingFintechInsurance