Banking

Banking

One thing both parties want: Break up the banks

In an extremely odd political dovetail, both the Democratic and the Republican platforms include planks that call for the restoration of the landmark 1933 law. Glass-Steagall aimed to protect the common folk who deposited money in their banks for safekeeping, and ordered that those banks decouple themselves from the business of placing the type of speculative stock market bets that caused the great crash of 1929.

Banking

Wells Fargo said to pay $397 M for new London office

Wells Fargo & Co. will pay about 300 million pounds ($397 million) to acquire a new London headquarters enabling the U.S. bank to increase its presence in the U.K. capital, according to two people familiar with the matter who asked not to be named because the details are private.