Banking and Lending
Webster Bank Hires New CIO
Webster Bank has hired a new chief information officer.
Goldman Shareholders Can Again Pursue Class Action Over CDOs
A federal judge on Tuesday said Goldman Sachs Group Inc. shareholders may again pursue class-action claims that the bank concealed conflicts of interest when creating risky subprime securities before the 2008 financial crisis.
Citigroup Shakes up Consumer Bank and Card Chief Leaves
Citigroup Inc. restructured its consumer bank on Monday, elevating one executive and triggering the departure of another, as the third-biggest U.S. bank moved to improve results.
The Next Step in Online Banking: Virtual Financial Wellness Couching
With artificial intelligence (AI) trending toward the mainstream, financial institutions have an opportunity to reinvent how they deliver personal finance management (PFM) tools and create an interactive experience that will help consumers take control of their overall financial health.
U.S. Household Debt Hits New Highs in Q2
Total household debt hit new highs in the second quarter of the year and has now increased for 16 consecutive quarters.
Berkshire Boosts Goldman, Teva stakes; Buys More Apple
Warren Buffett’s Berkshire Hathaway Inc. boosted its investments in Goldman Sachs Group Inc. and Israel’s Teva Pharmaceutical Industries Ltd. during the second quarter and confirmed it has expanded its already huge bet on iPhone maker Apple Inc.
Musk Says Silver Lake, Goldman Advising on Taking Tesla Private
Tesla Inc. CEO Elon Musk tweeted on Monday that he was working with buyout firm Silver Lake and investment bank Goldman Sachs Group Inc. as financial advisers on his plan to take the U.S. electric car maker private.
Eagle Point: 2Q Earnings Snapshot
Eagle Point Credit Co. on Tuesday reported second-quarter earnings of $9.5 million, with earnings at 34 cents per share adjusted for investment gains.
Group Comes Out in Opposition to People’s United/Farmington Deal
A nongovernmental organization focused on fairness in the financial services industry has come out against People’s United Bank’s proposed acquisition of the parent company of Farmington Bank.
Hamden Resident Sentenced for Tax Evasion
A Hamden resident was sentenced last week in New Haven to six months in prison, followed by three years of supervised release, for tax evasion.
Connecticut’s Sales Tax-Free Week Fast Approaching
Connecticut’s 18th annual sales tax-free week is fast approaching. Consumers will not have to pay the state’s 6.35 percent sales tax on retail purchases of most clothing and footwear items that are priced under $100.
Goldman Sachs Sued by Ex-Managing Director Who Said He Was Whistleblower
Goldman Sachs Group Inc. was sued last Thursday by a former managing director who said the Wall Street bank retaliated against him and fired him after he complained about its dealings with an unidentified “notorious European businessman.”
Savings Institute Bank & Trust Promotes Damien
Savings Institute Bank & Trust of Willimantic has promoted Kimberly Damien to branch manager at the Pawcatuck location.
Booking Holdings: 2Q Earnings Snapshot
Booking Holdings Inc. on Thursday reported second-quarter net income of $977.4 million.
Connecticut Water Service: 2Q Earnings Snapshot
Connecticut Water Service Inc. on Thursday reported second-quarter earnings of $4.7 million.
Liberty Bank CEO to Retire at End of the Year
The CEO of the fourth largest state-chartered bank in Connecticut will retire at the end of the year.
Travelers CFO to Step Down; Successor Named
The Travelers Cos. Inc. announced earlier this week that Jay S. Benet will step down from his role as CFO, effective Sept. 1. Benet, who has held the position since 2002, will remain on the senior leadership team as vice chairman.
New Real Estate Brokerage Firm Vows to Give Back
Connecticut Real Estate Brokerage LLC, a new firm in Thomaston, is opening with the intent to donate a portion of its revenues back to the community.
Enforcement Actions Week of Aug. 3: CT Department of Banking
The Connecticut Department of Banking has issued the following enforcement actions for the week of Aug. 3.
Cybersecurity and Compliance
Al Alper has been working in the cybersecurity space for close to three decades. In 1991, he founded Wilton-based Absolute Logic, an information technology and security firm that provides cybersecurity, compliance, technology support and consulting to businesses of all sizes.
