JPMorgan trader put on leave — lenders unload hotel loans — SoFi applies for bank charter

 

Welcome to Wall Street Insider, where we take you behind the scenes of the finance team’s biggest scoops and deep dives from the past week. 

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With a historic travel-industry slump looking like it could stretch on for months or even years, lenders are beginning to sell debt tied to distressed hotel properties.

It’s a big change in posture for these firms, which had been wary to sell loans at discounts earlier on in the pandemic. Dan Geiger mapped out this new trickle of deals, and explained why it could surge to billions of dollars in sales in the coming months as more lenders seek to cut ties with bad loans within the lodging sector.

Read the full story here: 

We also had a pair of scoopy trader stories on Friday. Here’s a roundup in case you missed it:

Keep reading to learn why SoFi CEO Anthony Noto is so excited about the fintech applying for a national banking charter; a peek inside Goldman Sachs’s first in-person board meeting since the pandemic began; and a look at the executives who are driving Amex’s digital strategy as ecommerce booms. 

Have a great weekend, 

Meredith 


SoFi makes another go at starting its own bank

Anthony Noto



Getty Images/ Brian Ach

The personal-finance startup SoFi has filed an application for a national bank charter with the Office of the Comptroller of the Currency (OCC), Dan DeFrancesco first reported. Approval would allow the fintech to lend money and accept deposits on its own. 

Anthony Noto, SoFi’s CEO, highlighted three benefits of a national charter when announcing the application to employees in a company-wide email.

Read the full story here: 


Wells Fargo shakes up marketing 

wells fargo



Ryan Welsh/Flickr

Wells Fargo is shaking up marketing operations and plans to eliminate its centralized CMO role, Rebecca Ungarino reported. The moves underline the personnel and organizational changes CEO Charlie Scharf has ushered into Wells Fargo, which he joined last fall after leading Bank of New York Mellon. 

Since a sales-practices scandal erupted in late 2016, the bank has gone through two CEOs before Scharf took over last year. In 2017, Wells Fargo unveiled a marketing campaign with the tagline “Building a Better Bank,” and a year later released the tagline “Established 1852. Re-established 2018.” 

Read the full story here:


Goldman Sachs restarts in-person board meetings

david solomon



Reuters / Shannon Stapleton

As Dakin Campbell reports, Goldman Sachs has held its first in-person board meeting since the coronavirus pandemic began. About half of the company’s board attended last week’s meetings, including Chairman and CEO David Solomon. Other Goldman execs were also in attendance.

Several of the attendees chose not to wear masks inside the meeting room, Dakin learned. Others across Wall Street, including JPMorgan, Morgan Stanley, Bank of America, and Citigroup, continue to hold meetings virtually.

Read the full story here: 


Power players leading Amex’s digital strategy

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American Express; Yuqing Liu/Business Insider

The adoption of digital payments has taken off amid the coronavirus pandemic, as consumers look to avoid cash. American Express, both a card network and credit issuer, is riding the digital wave with products like contactless cards, partnerships with players like Venmo, and QR codes to pay.

From fraud monitoring to credit decisioning to exploring new ways to pay, Shannen Balogh took a look at the power players leading Amex’s digital push.

Read the full story here: 


On the move

Bank of America continues to shake up its dealmaking team that focuses on M&A in the finance sector. After less than a year leading banking M&A at Credit Suisse, Jerry Wiant is packing up again to join the team at Bank of America, where he’ll run coverage of banks and specialty finance in the Americas. He’ll report to Americas financials coheads Will Addas and Gary Howe, who was Wiant’s boss back when they worked together at Lazard. 


PPP loans, revealed 

Deals

Private equity and investing

Real estate

Payments and fintech

Pitch decks

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