Magazine article American Banker

Morning Scan: Thieves Steal Wells Fargo's Gold; Citi to Ease Screening Criteria

Magazine article American Banker

Morning Scan: Thieves Steal Wells Fargo's Gold; Citi to Ease Screening Criteria

Article excerpt

Byline: Sarah Todd

Receiving Wide Coverage ...

Gold Rush: Three armed robbers stole historic gold nuggets from Wells Fargo's corporate museum in San Francisco on Tuesday. The masked suspects crashed their sports-utility vehicle into the entrance of the museum and broke into the display case while holding a security guard at gunpoint, according to reports. At an estimated value of $10,000, the nuggets are hardly a staggering haul, but the New York Times notes they have sentimental value: "the nuggets date to the early days of Wells Fargo, which was founded during the gold rush of the 19th century." The Times also reports the cost of repairing the damage to the museum entrance is likely to be about $200,000, far outweighing the loss of the gold. The Wall Street Journal's account is fairly brief and to the point, though the story attracted a lively bunch of commenters.

Wall Street Journal

As Janet Yellen wraps up her first year as Federal Reserve chair, the paper takes a look at the challenges she is likely to face in 2015. The big one, of course, is deciding whether and when to raise short-term interest rates. That question will be made more difficult by a muddled economic picture, the paper reports: "While the U.S. job market has improved more quickly than policy makers expected, inflation continues to undershoot the Fed's 2% target and is likely to fall further due to plunging oil prices." Yellen's judgment calls will help shape her legacy.

Citibank will relax its screening requirements for checking and savings accounts under an agreement with New York Attorney General Eric Schneiderman, the paper reports. The bank, which uses data from the consumer-reporting agency ChexSystems, "will modify its screening criteria and only decline applicants if they have two or more reported incidents of account abuse in recent years, the total combined loss from those incidents exceeds $500 and the losses remain unpaid. …

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