Sen. Elizabeth Warren, D-Mass., said at a Senate banking committee hearing on cryptoassets that digital currencies pose a threat to the financial system and are no more decentralized than big banks. Warren has also sent a letter to Treasury Secretary Janet Yellen urging tougher rules and "a coordinated and cohesive regulatory strategy to mitigate the growing risks that cryptocurrencies pose to the financial system."
Deutsche Bank said its revenue for 2022 will top the target it announced at its investor day last year. The lender raised its revenue estimate upward because fixed-income trading in this year's second quarter fell less than it expected and less than Wall Street banks experienced.
Wells Fargo Asset Management is rebranding as Allspring Global Investments and is hiring former Legg Mason chief Joseph Sullivan as CEO. Wells Fargo Asset Management plans to invest heavily in technology to gain ground against rivals.
Conductor, a Brazilian payments startup whose investors include Visa, is planning an initial public offering in the US that could come to the market as early as this year, sources said. Bank of America, Credit Suisse, Goldman Sachs and JPMorgan will reportedly manage the flotation.
The Federal Reserve said the US economy "has made progress" toward its objectives of low unemployment and stable inflation. Fed Chair Jerome Powell said interest rate increases are "not something that is on our radar screen right now."
Clubhouse has been all the rage among consumers and marketers, but interest has been waning as Facebook, Spotify's Greenroom and Twitter Spaces ramp up their social audio platforms and creator programs to gain "top dog" status, writes Phoebe Bain. Aubrey Strobel, Lolli's head of communications, predicts platforms will differentiate themselves by focusing on different types of content and urges marketers to "enjoy that flexibility to experiment and find the most successful platform for their brand."
Hernan Tagliani offers ways for brands to move forward as lockdowns ease, including knowing current and prospective customers. "Most marketers will acknowledge that future growth for their brands is dependent on winning with Hispanics," Tagliani writes, noting many incorrectly think "general market efforts are adequate enough to engage with Hispanic audiences."