JPMorgan's PPP problems — Real-estate billionaires abandon Trump — Capital One's tech overhaul

Happy hump day.

It appears a reckoning is coming for those who abused the federal government's Paycheck Protection Program.

Bloomberg reported on Tuesday that JPMorgan issued a company-wide note that acknowledged some customers misused their PPP loans and that "some employees have fallen short, too."

The memo, which was also seen be Business Insider, also said the bank was cooperating "with law enforcement where appropriate."

In many ways, the memo could be a sign of bigger things to come. Back in May, Reuters reported the US Justice Department subpoenaed the big banks regarding potential misuse of PPP loans.

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.

Real estate is rethinking Trump

Election Day is around the corner and some of President Donald Trump's biggest supporters in 2016 from the real-estate industry have been notoriously quiet.

Daniel Geiger and Alex Nicoll have all the details on how major real-estate executives who supported President Trump last election have looked to distance themselves this time around.

Click here to read the full story.

Capital One explains how it's spent almost a decade modernizing its IT with Amazon's cloud and the agile developer methodology to move faster and stay competitive

Rosalie Chan has all the details on how Capital One looked to Amazon Web Services to overhaul its technology. Click here to read what exactly went into the massive tech transformation at the bank.

US fintech Melio has raised $80 million and says its payments volume surged 700% during the pandemic

We've talked before about how much focus has been given to startups helping companies pay their bills and manage their finances. Amy Borrett wrote about Melio, a payments company that helps SMBs manage paying suppliers and handling cash flow. Read about the startup's $80 million Series C here.

Odd lots:

Meet the AI-recruiting company that's looking to transform how legal firms hire out of law school by making the process less dependent on test scores and resumes (BI)

Wall Street is ditching automakers like Ford and GM in favor of untested electric car startups (BI)

Wirecard and me: Dan McCrum on exposing a criminal enterprise (FT)

SL Green's $3 Billion One Vanderbilt in New York City Faces Big Challenges (WSJ)

JPMorgan Doubles Investment Banker Presence in Offices (Bloomberg)