Banking

May 8, 2014

Bank Watch roundup: Wells Fargo unveils new credit cards

They're aimed at people who already have an account with the bank and are either big spenders or frequent airplane travelers.

WELLS FARGO UNVEILS TWO NEW CREDIT CARDS: They're aimed at people who already have an account with the bank and are either big spenders or frequent airplane travelers, Reuters reports. The offerings are in tandem with American Express and come as banks look to recapture credit card business as the market grows.

WELLS FARGO'S STAN KELLY TO RETIRE: The old Wachovia alum will end a three-decade career with the bank this summer.

WELLS NAMES NEW HEAD OF CORPORATE TRUST SERVICES: He'll be based in Charlotte.

FINES COMING AT PRIVATE EQUITY FIRMS: The Securities and Exchange Commission says it has found evidence of illegal fees and lack of compliance at a large number of firms, Bloomberg reports.

BANK OF AMERICA WORKING TO MOVE FORWARD FROM CAPITAL ERROR: CEO Brian Moynihan took heat from analyst Mike Mayo about the mistake that led the bank to scrap its dividend increase plan. The meeting also featured a shouting match between two shareholders and a profession of love for the chief executive.

MORE QUOTES FROM THE ANNUAL MEETING: Including "You are a credit to the Irish! You are the finest CEO in America!"

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