Banking & Finance News on Business Daily

JPMorgan Chase has announced a partnership with the Academy Museum of Motion Pictures. As a result of the partnership, the financial institution, headquartered in New York City, will sponsor select temporary exhibitions, the museum's regular feature, and community related events.

Wells Fargo & Company recently announced an expansion to its Autograph rewards cards with the introduction of the Wells Fargo Autograph Journey Visa card. This new addition is designed for frequent travelers, offering accelerated rewards in popular travel categories.

Bank of America has reported that over 450 corporate and commercial clients have enrolled in its Employee Banking & Investing (EBI) program. These clients, which span a range of industries across the country, are extending the benefits of this Bank of America initiative to their employees.

CME Group has unveiled plans to launch E-mini S&P 500 Equal Weight futures. This is a departure from the S&P 500 Index, which assigns weights based on market capitalization; the S&P 500 Equal Weight Index instead distributes equal weight to all constituents in the index.

The Zebra, an online platform for comparing insurance policies, has found that drivers with low credit scores may end up paying more than double the amount paid by those with high credit scores for car insurance.

Citi has recently revealed that LuminArx Capital is introducing Cinergy, a strategic financing vehicle designed to cater to the burgeoning private lending market. The initiative will offer private credit solutions to companies, extending its services to include Citi's global client base.

Bank of America has launched CashPro Insights, a new addition to the CashPro Data Intelligence product suite. This digital tool is designed to analyze data within the CashPro platform, enhancing the capabilities of both CashPro Forecasting and CashPro Search. It provides users with advanced insights into the information processed through the platform.

H.I.G. Capital has announced that BECO Holding Company (BHC) has completed the acquisitions of Electronic Supply Company ("ESC") and Grease Lock. The acquisitions will support the growth initiatives of both companies and leverage commercial synergies.

H.I.G. Capital has announced that its affiliates have completed the acquisition of Mainline Information Systems. The process saw H.I.G. receive advisory services from Guggenheim Securities LLC, UBS, and Latham & Watkins LLP, while Mainline Information Systems sought advice from Highlander Advisors and King & Spalding.

Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), has expressed his belief that most digital assets should be classified as commodities rather than securities. His comments were made during an appearance on CNBC's "Squawk Box" on Dec. 12.

Wells Fargo has recently announced the appointment of Darlene Goins as the head of Philanthropy and Community Impact, and president of the Wells Fargo Foundation. In her previous role, Goins served as the head of Diverse Customer Segments within Wells Fargo’s Consumer, Small & Business Banking division, where she focused on addressing the needs of diverse customers through customer feedback, analytics, and insights.

Citi has revealed that its Treasury and Trade Solutions (TTS) division has invested in Icon Solutions, a leading fintech provider known for its expertise in payments technology and consultancy services. This investment signifies Citi's plan to further incorporate the Icon Payments Framework (IPF) into its micro-services orchestration architecture.

Wells Fargo & Company has announced the appointment of Clay Hale as the new co-head of Equity Capital Markets (ECM) within the Banking division of its Corporate & Investment Bank. The company made this appointment following Hale's recent role as the global head of Consumer & Retail (C&R) Banking, Capital Markets, and Advisory at Citigroup.

JPMorgan Chase announced philanthropic commitments amounting to $3.5 million for the expansion and advancement of apprenticeship programs across the country. This contribution is an integral component of the firm's five-year, $30 billion commitment to enhancing economic opportunities for underserved communities and fostering a more inclusive economy. The funds will be invested in various initiatives aimed at creating job opportunities and promoting career development in fields such as technology and cybersecurity.

Goldman Sachs announced its Goldman Sachs ETF Accelerator has introduced GMO's inaugural ETF. Known as the U.S. Quality ETF, it draws on GMO's investment expertise to focus on U.S. high-quality stocks, providing efficiency, transparency, and liquidity inherent in the ETF structure. This latest development occurred as part of Goldman Sachs' ongoing commitment to innovating within the financial sector.

JPMorgan Chase announced the completion of the framing for its global headquarters at 270 Park Avenue with the raising of the final steel beam, a 1,388-foot structure. JPMorgan Chase Chairman & CEO Jamie Dimon, New York Governor Kathy Hochul, New York City Mayor Eric Adams, and local officials were present at the event. The headquarters will house approximately 14,000 employees upon completion.

Bank of America announced a doubling of its two-year commitment to support the Veteran Loan Fund in its second round. The Veteran Loan Fund, a national collaboration involving various Community Development Financial Institutions (CDFIs) and specialized veteran service organizations, offers responsible capital and technical assistance to underserved veteran entrepreneurs, according to a press release by Bank of America.

Goldman Sachs announced its 10,000 Small Businesses is extending its $100 million Investment in Rural Communities initiative, launching in Arkansas. Additionally, it is committing $20 million to the community development financial institution (CDFI) Hope Enterprise Corporation, according to a press release by Goldman Sachs.

Wells Fargo & Company has teamed up with Allspring Global Investments to introduce a Tribal Inclusion share class for the Allspring Government Money Market Fund. According to Wells Fargo, this share class will be exclusively available to its corporate clients.

Lightspeed Venture Partners has announced the addition of Aaron Frank as a Venture Partner. Frank, a former fintech operator and angel investor, brings his deep operational expertise to the prominent venture capital firm. With a focus on sustainable growth, AI-powered consumer fintech solutions, and the impending transfer of generational wealth, Frank's experience will be invaluable in identifying the next unicorns in the fintech industry.