Dhara Singh

JPMorgan Chase is taking new steps to curb payments made to scammers on peer-to-peer payments platform Zelle.  JPM will begin asking for additional information on payments it believes originated through social media platforms. The bank may decline or block such payments.  "Zelle is designed for sending money to others you know and trust, not for buying things on social media," a JPMorgan Chase spokesperson told American Banker in an email, adding the bank wants to help its customers protect themselves from scams that originate on social media platforms.  #jpm #banks #bankingsector https://lnkd.in/gaD2UXCb

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New: Why JPMorgan is hitting fintechs with stunning new fees for data access: https://lnkd.in/gM5BxNrM. The bank’s aggressive move is a big escalation in the ongoing battle between financial services incumbents and challenger fintechs. 

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FINRA is probing broker-dealers involved in taking small foreign companies public, the latest effort by a regulator to crack down on pump-and-dump schemes. Context: Tiny companies listed in the US with primary operations overseas are more prone to extreme price spikes and collapses, sometimes fueled by touts on social media. 💥 Broker-dealers serving as underwriters are key gatekeepers to US public markets. Their role in taking a company public is essentially them vouching for the viability of a company. 💥 Finra, through a market-wide examination letter, wants to know about how broker-dealers performed due diligence and other information. 💥 The U.S. Securities and Exchange Commission, even during the shutdown, is on alert about "hanky panky," as SEC Chair Paul Atkins said on TV yesterday. 💥 The regulator has suspended trading in *nine* tiny companies in the past month, citing unusual trading patterns and ties to social media. One of them -- suspended before the shutdown -- surged almost 1,000% at one point. 💥 To put the suspensions in perspective, the SEC suspended a total of two companies in 2024.

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Clearlake Capital Group is in talks with both banks and private credit funds to replace short-term financing for its buyout of Dun & Bradstreet and potentially contribute more equity into the deal. w/ Ellen Rose Schneider

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JPMorgan Chase Co-CEO of commercial and investment bank Doug Petno said that investment banking revenue will grow in low double digits for the third quarter of this year. Petno also told an investor conference on Tuesday that markets revenue would grow in the high teens percentage rate for the third quarter. Latest for Reuters https://lnkd.in/efebb7hS

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Custodian bank State Street said on Friday it would expand its accounting, administration and custody services for asset manager Columbia Threadneedle Investments' funds, covering about $431 billion of assets. As part of the deal, more than 100 Columbia Threadneedle employees, who handle accounting and administration for U.S. pooled funds, are expected to move to similar roles at State Street. Story for Reuters https://lnkd.in/gaA6XASk

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