DAILY DOSE: January 8, 2021

Posted on 01/08/2021

1. Online banker Simple is closing down. The company is based in Portland, Oregon. Simple informed clients that they will transfer their accounts to Spanish bank BBVA. In November 2020, BBVA announced it would sell its U.S. business to PNC Financial Services Group. BBVA bought Simple in 2014 for US$ 117 million.

2. Credit Suisse Group AG is expecting to book a net loss for its fourth quarter after increasing its provisions for a long-running dispute in the United States over U.S. residential mortgage-backed securities by US$ 850 million.

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