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<ul class="summary-list"><li>The approval of <keyword id="11898791" type="UNKNOWN" weightage="60" keywordseo="sofi" source="Orion">SoFi</keyword> Technologies to launch a bank will help drive a massive upside for its stock, Morgan Stanley said.</li><li>The bank said it sees a base case price target of $20 for SoFi, reflecting a 43% upside from Wednesday's price.</li><li>SoFi late Tuesday received conditional approval from the <keyword id="12075567" type="UNKNOWN" weightage="60" keywordseo="occ" source="Orion">OCC</keyword> to create a full-service national bank.</li></ul><a href="https://markets.businessinsider.com/stocks/sofi-stock?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">SoFi Technologies</a> this week received the green light from regulators to launch a nationally chartered bank, a move that would help drive a massive upside for its stock, Morgan Stanley said on Wednesday.The investment bank said it sees a base case price target of $20 for the financial technology firm, reflecting a 43% upside from its Wednesday's price of around $13.96. For its bull case, Morgan Stanley strategists Betsy Graseck and Jeffrey Adelson are calling for a $28 price target, a 100% upside from the stock's current level. SoFi Technologies late Tuesday received <a href="https://markets.businessinsider.com/news/stocks/sofi-stock-price-occ-bank-approval-cryptocurrency-digital-assets-2022-1">conditional approval</a> from the Office of the Comptroller of the Currency to create a full-service national bank called SoFi Bank.The good news, however, came with a caveat: SoFi cannot engage in any activity relating to cryptocurrencies unless specifically granted later by the agency. The office said SoFi still needs to move past conditional status and become a full-service national bank.Still, Morgan Stanley said the green light from the OCC will give SoFi three paths to profitability:1) SoFi will be able to offer more competitive deposit products and offer nationwide lending products in the next quarters, the bank said. Once underway, the bank said it can reasonably expect SoFi to deliver roughly $200 million in revenues thanks to a combination of holding loans longer before selling and lowering the cost of funds.2) SoFi will be able to attract new customers and widen the funnel for future cross-buying, the bank said. SoFi is already ahead in competing for market share among Millennials and Gen Z customers, Morgan Stanley added.3) SoFi will be able to expand net interest income as loans will be held longer, the bank said. SoFi, in the near term, will see a sharp recovery in its lending business through student loan volumes, which Morgan Stanley said is up a cumulative 92% in 2023 versus 2020, as public loan freeze expires and consumer excess savings recede.Meanwhile, downside risks for SoFi involve competition slowing growth and pressuring revenues, student loan volumes failing to pick up, <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> activity pulling back, and the disapproval of the bank charter.SoFi <a href="https://www.businessinsider.com/sofi-went-public-ceo-anthony-noto-goals-spac-chamath-palihapitiya-2021-6?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">went public</a> in <a href="https://www.businessinsider.com/sofi-went-public-ceo-anthony-noto-goals-spac-chamath-palihapitiya-2021-6?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">June 2021</a> through a merger with Social Capital, a blank-check firm backed by Chamath Palihapitiya, a former Facebook executive dubbed the <a href="https://www.forbes.com/sites/jonathanponciano/2021/06/07/spac-king-regains-billionaire-status-as-trading-frenzy-boosts-clover-health/?sh=1995b3538282" target="_blank" rel="noopener">SPAC King.</a>

SoFi's launch of a bank could help drive 43% upside in the stock for 3 key reasons, Morgan Stanley says

<ul class="summary-list"><li><keyword id="12989387" type="UNKNOWN" weightage="60" keywordseo="sofi-technologies" source="Orion">SoFi Technologies</keyword> surged after it received conditional approval from the <keyword id="12075567" type="UNKNOWN" weightage="60" keywordseo="occ" source="Orion">OCC</keyword> to create a full-service national <keyword id="11897755" type="UNKNOWN" weightage="60" keywordseo="bank" source="Orion">bank</keyword>.</li><li>The good news, however, came with a caveat: <keyword id="11898791" type="UNKNOWN" weightage="60" keywordseo="sofi" source="Orion">SoFi</keyword> cannot engage in any activity relating to crypto.</li><li>The stock jumped 19% to a session high of $14.39 on Wednesday.</li></ul>Shares of financial technology firm <a href="https://markets.businessinsider.com/stocks/sofi-stock?utm_source=markets&amp;utm_medium=ingest">SoFi Technologies</a> surged on Wednesday, a day after it received conditional approval from the <keyword id="12395939" type="UNKNOWN" weightage="60" keywordseo="office-of-the-comptroller-of-the-currency" source="Orion">Office of the Comptroller of the Currency</keyword> to create a full-service national bank.The good news, however, came with a caveat: SoFi cannot engage in any activity relating to cryptocurrencies unless specifically granted later by the agency, Acting Comptroller of the Currency Michael Hsu said in a <a href="https://www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-4.html">statement</a>.The stock jumped 19% to a session high of $14.39 on Wednesday before paring some gains near the close of trading. News of the regulatory green light also sent SoFi to the <a href="https://markets.businessinsider.com/news/stocks/sofi-gamestop-reddit-wallstreetbets-stock-retail-investors-traders-top-mentioned-2022-1">top of the list of most mentioned stocks</a> on Reddit's Wall Street Bets forum, overtaking the usual favorite, GameStop. The OCC late Tuesday approved applications from SoFi Technologies subsidiary Social Finance to create SoFi Bank. The office said SoFi still needs to move past conditional status and become a full-service national bank.As part of the transaction, SoFi Bank will acquire Golden Pacific Bank, National Association, a national bank insured by the Federal Deposit Insurance Corporation. SoFi Bank will then have $5.3 billion in total assets and $718 million in capital at the end of the first year of operation, the OCC said.SoFi Bank, a fully digital, mobile-first national lending platform, will be headquartered in Cottonwood Heights, Utah.The OCC first gave SoFi preliminary approval for establishing a national bank in October 2021, pending a thorough evaluation."This incredible milestone elevates our ability to help even more people get their money right and realize their ambitions," said Anthony Noto, CEO of SoFi, said in a <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.sofi.com%2Fpress%2Fsofi-receives-regulatory-approval-become-national-bank%2F">statement</a>. Noto was a former Twitter executive, who was said to have joined SoFi when the firm was arguably at <a href="https://www.businessinsider.com/sofi-went-public-ceo-anthony-noto-goals-spac-chamath-palihapitiya-2021-6?utm_source=markets&amp;utm_medium=ingest">its lowest point</a>.SoFi <a href="https://www.businessinsider.com/sofi-went-public-ceo-anthony-noto-goals-spac-chamath-palihapitiya-2021-6?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">went public</a> in <a href="https://www.businessinsider.com/sofi-went-public-ceo-anthony-noto-goals-spac-chamath-palihapitiya-2021-6?utm_source=markets&amp;utm_medium=ingest">June 2021</a> through a merger with Social Capital, a blank-check firm backed by <keyword id="11898790" type="UNKNOWN" weightage="60" keywordseo="chamath-palihapitiya" source="Orion">Chamath Palihapitiya</keyword>, a former Facebook executive dubbed the <a href="https://www.forbes.com/sites/jonathanponciano/2021/06/07/spac-king-regains-billionaire-status-as-trading-frenzy-boosts-clover-health/?sh=1995b3538282" target="_blank" rel="noopener">SPAC King.</a>

SoFi soars after it get approval to become a bank &ndash; but the green light comes with the condition that it can't do any business in crypto

<ul class="summary-list"><li>This story was delivered to <keyword id="9204993" type="UNKNOWN" weightage="60" keywordseo="insider-intelligence">Insider Intelligence</keyword> Fintech Briefing subscribers earlier this morning.</li></ul>The leading US <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly93d3cuc29maS5jb20v/5adde55340f86675182a51c9B0c4ad698" target="_blank" rel="noopener">alt lender</a> has filed an application with the Office of the Comptroller of the Currency (OCC) for a national charter, which would allow it to roll out banking products nationwide without having to rely on banking partners or be subject to individual state regulations, <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zb2ZpLWZpbGVzLWFwcGxpY2F0aW9uLW5hdGlvbmFsLWJhbmstY2hhcnRlci1maW50ZWNoLXdpdGgtb2NjLTIwMjAtNw/5adde55340f86675182a51c9B9271f30d" target="_blank" rel="noopener">per</a> Business Insider.It would also improve SoFi's lending products, as the fintech could accept deposits and lend money on those deposits at competitive rates. SoFi previously applied for an industrial bank license to operate in Utah in 2017 but <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3NvZmktYWJhbmRvbnMtYmFua2luZy1wbGFucy11ay1maW50ZWNoLWZ1bmRpbmctcmVib3VuZHMtYmlnLXRpbWUtaW4tcTMtbWFqb3ItdXMtZmludGVjaHMtam9pbi1jc2JzLWFkdmlzb3J5LXBhbmVsLTIwMTctMTA_Y2lkPXNlYXJjaA/5adde55340f86675182a51c9Bd6d7c7bc" target="_blank" rel="noopener">abandoned</a> the process following an exodus of senior executives. In addition to the OCC, the national bank charter application will need to be approved by the Federal Deposit Insurance Corp (<a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly93d3cuZmRpYy5nb3Yv/5adde55340f86675182a51c9B223ccade" target="_blank" rel="noopener">FDIC</a>).The application is the culmination of SoFi's aggressive product expansion over recent years to meet all consumer financial needs under one roof. Initially focused on student loan refinancing when it launched in 2011, the fintech has since diversified its product suite within and beyond lending through a series of acquisitions, including the purchasing of neobank <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L29ubHktMjEtb2YtZnNpcy10aGluay10aGV5LWNhbi1kZXRlY3QtYS1kYXRhLWJyZWFjaC0tc29maS1nb2VzLWludG8tYmFua2luZy0tZmludGVjaHMtY3J5LWZvdWwtb24tcHNkMi0yMDE3LTI_Y2lkPXNlYXJjaA/5adde55340f86675182a51c9B5636d2b8" target="_blank" rel="noopener">Zenbanx</a> and payment processor <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3NvZmktdG8tcHVyY2hhc2UtZ2FsaWxlby1mb3ItMTJiLWNvdW50aW5ndXAtbGF1bmNoZXMtY29yb25hdmlydXMtZ3JhbnQtY2FsY3VsYXRvci1oZXJvLWxhYnMtdG8tbGF1bmNoLWlvdC1wb3dlcmVkLWluc3VydGVjaC0yMDIwLTQ_Y2lkPXNlYXJjaA/5adde55340f86675182a51c9B2e8a26a1" target="_blank" rel="noopener">Galileo</a>. It has also partnered with <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly93d3cuc29maS5jb20vcHJlc3Mvc29maS1maWxscy1pbnN1cmFuY2Utb2ZmZXJpbmdzLXRvZ2V0aGVyLWxlbW9uYWRlLXJvb3Qv/5adde55340f86675182a51c9B450856e9" target="_blank" rel="noopener">insurtechs</a> and <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3NvZmktZXhwYW5kcy1iYW5raW5nLXByb2R1Y3Qtd2l0aC1tYXN0ZXJjYXJkLWUtdHJhZGUtdG8taGlyZS1tb3JlLWZpbmFuY2lhbC1jb25zdWx0YW50cy1hdXN0cmFsaWFuLWZpbnRlY2hzLXNsYW0taW5jdW1iZW50cy0yMDIwLTE_Y2lkPXNlYXJjaA/5adde55340f86675182a51c9B57277756" target="_blank" rel="noopener">Mastercard</a> to provide additional services.Against this backdrop, acquiring a license to provide banking services nationwide is the logical next step in SoFi's quest to rebundle <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> and remain ahead of other fintech platforms that are also diversifying — Square recently acquired an industrial bank <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2ZkaWMtYXBwcm92ZXMtc3F1YXJlcy1iYW5rLWNoYXJ0ZXItYXBwbGljYXRpb24tbW9iaWxlLWFjY291bnRlZC1mb3ItbmVhcmx5LWhhbGYtb2YtY2hpbmFzLWVsZWN0cm9uaWMtcGF5bWVudHMtaW4tcTQtMjAxOS1maXNlcnYtbWF5LWJlLW9uLWFuLWFjcXVpc2l0aW9uLXNwcmVlLTIwMjAtMz9jaWQ9c2VhcmNo/5adde55340f86675182a51c9B0992f7d7" target="_blank" rel="noopener">charter</a> to set up a bank in Utah, for example.Since SoFi's failed 2017 application, US regulators' perception of the fintech space has become more supportive, which we expect will make its latest endeavor more likely to succeed. The OCC is currently <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly93d3cuam9uZXNkYXkuY29tL2VuL2luc2lnaHRzLzIwMjAvMDEvb2NjLWZpbnRlY2gtY2hhcnRlci1oZWFkZWQtdG8tdGhlLXNlY29uZC1jaXJjdWl0/5adde55340f86675182a51c9B79519455" target="_blank" rel="noopener">appealing</a> a court decision that blocked its Fintech Charter proposal, which would allow fintechs to be licensed as national banks. And last month, Brian Brooks, former chief legal officer of <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly93d3cudGhlYmxvY2tjcnlwdG8uY29tL2xpbmtlZC82Njk5MC9jb2luYmFzZS1pcy10aGUtbGFyZ2VzdC1iaXRjb2luLWhvbGRlci1hbW9uZy1leGNoYW5nZXMtZm9sbG93ZWQtYnktaHVvYmktYW5kLWJpbmFuY2U/5adde55340f86675182a51c9Bed9b5fd8" target="_blank" rel="noopener">crypto</a> exchange Coinbase, became the head of the OCC and announced <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly93d3cudGhlYmxvY2tjcnlwdG8uY29tL3Bvc3QvNjg3NTYvZm9ybWVyLWNvaW5iYXNlLXRvcC1sYXd5ZXItc3VkZGVubHktYS10b3AtYmFua2luZy1yZWd1bGF0b3ItZXhwbGFpbnMtaG93LWZpbnRlY2gtY2FuLWxldmVsLXRoZS1wbGF5aW5nLWZpZWxk/5adde55340f86675182a51c9Bf73d62d4" target="_blank" rel="noopener">plans</a> to level the playing field between banks and fintechs.Meanwhile, the FDIC has released a new <a href="https://e.businessinsider.com/click/20871476.3/aHR0cHM6Ly93d3cucm9sbGNhbGwuY29tLzIwMjAvMDYvMTYvZmludGVjaHMtdHJ5LW9sZC1iYW5rLWNoYXJ0ZXJzLWFzLWV2ZXJ5dGhpbmctb2xkLWlzLW5ldy1hZ2Fpbi8/5adde55340f86675182a51c9B291ee621" target="_blank" rel="noopener">proposal</a> to facilitate fintechs setting up industrial banks — a route that has already been leveraged by Square. These factors suggest a more welcoming regulatory environment for fintechs, removing obstacles in SoFi's path to becoming a licensed bank.Want to read more stories like this one? Here's how you can gain access:<ol><li>Join other Insider Intelligence clients who receive this Briefing, along with other Fintech forecasts, briefings, charts, and research reports to their inboxes each day. &gt;&gt; <a href="https://www.insider-intelligence.com/become-a-client/?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=enterprise_text_link-sofi-reapplies-for-nationwide-banking-license-2020-7nking-license-2020-7">Become a Client</a></li><li>Explore related topics more in depth. &gt;&gt; <a href="https://store.businessinsider.com/collections/fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=store_text_link-sofi-reapplies-for-nationwide-banking-license-2020-7nking-license-2020-7">Browse Our Coverage</a></li></ol>Are you a current Insider Intelligence client? <a href="https://intelligence.businessinsider.com/post/alt-lender-sofi-reignites-plans-for-national-banking-charter-railsbank-expands-to-the-us-insurtech-develops-new-cyber-risk-framework-2020-7">Log in here</a>.

Alt lender SoFi has reignited its plans for a national banking license

Welcome to <keyword id="9075000" type="UNKNOWN" weightage="60" keywordseo="wall-street-insider">Wall Street Insider</keyword>, where we take you behind the scenes of the <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> team's biggest scoops and deep dives from the past week. <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc73475027502">If you aren't yet a subscriber to Wall Street Insider, you can sign up here.</a>With a travel-industry slump looking like it could stretch on for months or even years, lenders are beginning to sell debt tied to distressed hotel properties. It's a big change in posture for these firms, which had been wary to sell loans at discounts earlier on in the pandemic.Dan Geiger mapped out this new trickle of deals, and explained why we could see a surge to billions of dollars in sales in the coming months as more lenders seek to cut ties with bad loans within the lodging sector.Read the full story here: <h2><a href="https://www.businessinsider.com/wells-fargo-barings-other-lenders-are-selling-off-hotel-loans-2020-7">A growing group of lenders are looking to unload hundreds of millions of dollars of souring hotel loans. Teams hired to sell the portfolios say it's just the beginning of a surge in activity.</a></h2>We also had a pair of scoopy trader stories on Friday. Here's a roundup in case you missed it:<ul><li>Dakin Campbell learned that <a href="https://www.businessinsider.com/jpmorgan-treasuries-trading-chief-rob-allen-on-leave-compliance-review-2020-7">JPMorgan has placed its top US Treasuries trader on leave</a> amid a compliance review of electronic messages. Earlier this year, the bank <a href="https://www.businessinsider.com/jpmorgan-rates-traders-on-leave-while-bank-reviews-their-conduct-2020-2">removed a handful of interest-rates traders</a> — at least two in New York and one in London — from the floor and turned off their Bloomberg terminals while it investigated their behavior.</li><li>Alex Morrell reported that Bank of America <a href="https://www.businessinsider.com/bank-of-america-hires-jeff-chang-deutsche-junk-bond-trader-2020-7">has poached a top junk-bond trader from Deutsche Bank</a>, leveling up in one of 2020's red-hot <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword> <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword>.</li></ul>Keep reading for a peek inside <keyword id="73201" type="CITY" weightage="60" keywordseo="Goldman">Goldman</keyword> Sachs' first in-person board meeting since the pandemic began; a look at the executives who are driving Amex's digital strategy as e-commerce booms; and to learn why SoFi CEO Anthony Noto is so excited about the fintech applying for a national banking charter.Have a great weekend, Meredith <h2>SoFi makes another go at starting its own bank</h2>The personal-finance startup SoFi has filed an application for a national bank charter with the Office of the Comptroller of the Currency (OCC), Dan DeFrancesco first reported. Approval would allow the fintech to lend money and accept deposits on its own. Anthony Noto, SoFi's CEO, highlighted three benefits of a national charter when announcing the application to employees in a company-wide email.Read the full story here: <h2><a href="https://www.businessinsider.com/sofi-files-application-national-bank-charter-fintech-with-occ-2020-7">SoFi just filed an application for a national banking charter, and CEO Anthony Noto told employees it's a critical strategic step for the $4.3 billion fintech</a></h2><h2>Wells Fargo shakes up marketing </h2><div type="image" title="wells fargo" height="800" width="1600" msid="76911571" hostid="261"></div>Wells Fargo is shaking up marketing operations and plans to eliminate its centralized CMO role, Rebecca Ungarino reported. The moves <a href="https://www.businessinsider.com/wells-fargo-names-barry-sommers-formerly-of-jpmorgan-head-wealth-2020-6">underline the personnel and organizational changes</a> CEO Charlie Scharf has ushered in at Wells Fargo, which he joined last fall after leading Bank of New York Mellon. Since a sales-practices scandal erupted in late 2016, the bank has gone through two <a href="https://markets.businessinsider.com/news/stocks/wells-fargo-ceo-tim-sloan-is-retiring-2019-3-1028068293">CEOs</a> before Scharf took over last year. In 2017, Wells Fargo unveiled a marketing campaign with the tagline "Building a Better Bank," and a year later released the tagline "Established 1852. Re-established 2018." Read the full story here:<h2><a href="https://www.businessinsider.com/wells-fargo-shaking-up-marketing-seeking-new-consumer-marketing-chief-2020-7">Wells Fargo's longtime CMO will leave her role as part of a bigger marketing shakeup across the bank</a></h2><h2>Goldman Sachs restarts in-person board meetings</h2><div type="image" title="david solomon" height="1000" width="2000" msid="76911574" hostid="261"></div>As Dakin Campbell reports, Goldman Sachs has held its first in-person board meeting since the coronavirus pandemic began. About half of the company's board attended last week's meetings, including Chairman and CEO David Solomon. Other Goldman execs were also in attendance.Several of the attendees chose not to wear masks inside the meeting room, Dakin learned. Others across Wall Street, including <keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword>, Morgan Stanley, Bank of America, and Citigroup, continue to hold meetings virtually.Read the full story here: <h2><a href="https://www.businessinsider.com/goldman-sachs-first-physical-board-meeting-some-dont-wear-masks-2020-7">Inside Goldman Sachs' first in-person board meeting since the pandemic began</a></h2><h2>Power players leading Amex's digital strategy</h2><div type="image" title="2x1" height="600" width="1200" msid="76911577" hostid="261"></div>The adoption of digital payments has taken off amid the coronavirus pandemic, as consumers look to avoid cash. American Express, both a card network and credit issuer, is riding the digital wave with products like contactless cards, partnerships with players like Venmo, and QR codes to pay.From fraud monitoring to credit decisioning to exploring new ways to pay, Shannen Balogh took a look at the power players leading Amex's digital push.Read the full story here: <h2><a href="https://www.businessinsider.com/amex-power-players-digital-payments-strategy-2020-7">Meet the 11 American Express execs tasked with helping the card giant keep pace with the e-commerce boom</a></h2><h2>On the move</h2>Bank of America continues to shake up its dealmaking team that focuses on M&amp;A in the finance sector. <a href="https://www.businessinsider.com/bofa-shakes-up-financials-dealmaking-group-hires-jerry-wiant-2020-7">After less than a year leading banking M&amp;A at Credit Suisse, Jerry Wiant is packing up again to join the team at Bank of America</a>, where he'll run coverage of banks and specialty finance in the Americas. <div type="image" title="bi digital live event 2 2x1" height="1200" width="2400" msid="76911582" hostid="261"></div>One-click checkout startup Fast <a href="https://www.businessinsider.com/fast-pitch-deck-series-a-stripe-raise-20-million-2020-5#-2">raised its $20 million Series A</a> from investors including Index Ventures and fintech Stripe in May as it looks to take on Apple Pay to solve pain-points around password management and online checkout.Join Business Insider reporter Shannen Balogh on Tuesday, July 14 at 1:30 p.m ET when she will speak with Domm Holland, Fast's co-founder and CEO, and Jan Hammer, general partner at Index Venture. They'll discuss how Holland came up with the idea for Fast, how to build a pitch deck, and what it takes to win over investors.<h3><a href="https://us02web.zoom.us/webinar/register/WN_XThO-NQ6ReeHKVtKJrP3ig">If you're a Business Insider subscriber, you can sign up here.</a></h3><h3>PPP loans, revealed </h3><ul><li><a href="https://www.businessinsider.com/highland-capital-affiliates-nexpoint-receive-ppp-loans-2020-7">Multimillionaire and Highland Capital founder James Dondero's investment platform managing billions got approved for as much as $8 million in loans from the PPP</a></li><li><a href="https://www.businessinsider.com/which-white-shoe-law-firms-took-ppp-loans-small-businesses-2020-7">Inside the legal industry's reaction as it deals with the messy optics of white-shoe law firms taking PPP money</a></li></ul><h3>Deals</h3><ul><li><a href="https://www.businessinsider.com/postmates-considered-ipo-spac-before-uber-deal-2020-7">How Postmates went from multiple IPO setbacks to a $2.65 billion takeover by Uber</a></li></ul><h3>Private equity and investing</h3><ul><li><a href="https://www.businessinsider.com/apollo-backed-energy-firms-ceo-may-be-charged-for-pulling-gun-on-couple-2020-7">The CEO of an Apollo-backed energy company may face charges for pulling a gun on a Mexican American couple that took a wrong turn near his Colorado home</a></li><li><a href="https://www.businessinsider.com/cybercrime-wall-street-private-equity-cybersecurity-2020-7">Private-equity firms' cybersecurity defense has lagged. Here's what makes them attractive targets — and what they can do to protect themselves, according to experts.</a></li><li><a href="https://www.businessinsider.com/scaramucci-letter-shows-skybridge-capital-sold-credit-fund-stakes-2020-7">Here's how Anthony Scaramucci's SkyBridge offloaded stakes in 2 funds after credit markets seized up</a></li></ul><h3>Real estate</h3><ul><li><a href="https://www.businessinsider.com/real-estate-recruiting-turns-to-strategic-roles-and-industrial-2020-7">Commercial real-estate hiring is heating back up. 4 recruiters lay out the exec roles they're trying to fill.</a></li><li><a href="https://www.businessinsider.com/real-estate-investors-struggle-raise-financing-to-buy-office-2020-7">Lenders are balking at financing mega commercial real-estate deals </a></li><li><a href="https://www.businessinsider.com/the-wing-owes-270k-bryant-park-location-lawsuit-claims-2020-7">Women-focused coworking startup The Wing is almost $270,000 behind on rent and other charges at its Bryant Park location in New York, according to lawsuit</a></li><li><a href="https://www.businessinsider.com/short-term-rental-startups-add-urban-properties-betting-on-recovery-2020-7">Some short-term rental startups like Sonder and CorpHousing say they're bargain-hunting for new locations to bet on an eventual travel recovery</a></li><li><a href="https://www.businessinsider.com/three-ex-employees-sue-wework-in-separate-discrimination-suits-2020-7">WeWork faces 3 new discrimination and harassment lawsuits, including a complaint that says a manager brought knives and a crossbow to work</a></li><li><a href="https://www.businessinsider.com/shawn-mobley-ceo-of-americas-cushman-wakefield-has-left-firm-2020-7">A top Americas exec at commercial real-estate giant Cushman &amp; Wakefield is out</a></li><li><a href="https://www.businessinsider.com/knotel-is-sued-for-150000-in-unpaid-rent-in-atlanta-2020-7">Knotel is facing claims of $230,000 in unpaid rent and construction bills at one Atlanta location, adding to a growing list of legal woes for the flex-space firm</a></li></ul><h3>Payments and fintech</h3><ul><li><a href="https://www.businessinsider.com/amex-digital-labs-payments-innovation-2020-7">The head of Amex Digital Labs lays out the card giant's innovation strategy, and explains why the future is partnering with tech giants like Apple and Google</a></li><li><a href="https://www.businessinsider.com/personal-finance/alphabet-backed-albert-personal-finance-fintech-explains-model-2020-7">Meet the fintech that nabbed $50 million in funding from Alphabet, where customers text it money questions and choose what they pay</a></li><li><a href="https://www.businessinsider.com/wirecard-scandal-impact-payments-space-regulation-fintech-investors-competition-2020-7">Fintech investors say the Wirecard scandal will put increased regulatory pressure on payments companies and stymie growth for startups</a></li><li><a href="https://www.businessinsider.com/visa-mastercard-amex-discover-credit-cards-partnership-paypal-apple-2020-7">Rivals Visa, Mastercard, Amex, and Discover are partnering up for one-click checkouts to compete with the likes of Apple Pay and PayPal as e-commerce booms</a></li></ul><h3>Pitch decks</h3><ul><li><a href="https://www.businessinsider.com/unest-pitch-deck-series-a-fintech-2020-6">Here's the pitch deck an app helping new families save used to raise a $9 million Series A from NBA all-star Baron Davis and Anthos Capital</a></li><li><a href="https://www.businessinsider.com/pitch-deck-realfriend-real-estate-seed-round-chatbot-ai-2020-7">Here's the pitch deck used to raise a $4.4 million seed round for an AI chatbot looking to transform how people find apartments</a></li></ul>

JPMorgan trader put on leave — lenders unload hotel loans — SoFi applies for bank charter

Welcome to <keyword id="11937554" type="UNKNOWN" weightage="60" keywordseo="10-things" source="Orion">10 Things</keyword> Before the Opening Bell.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go – <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's get into it. 1. Winter sets in for crypto <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>. The long and brutal sell-off that started this month with fears of interest rate hikes pushed the value of the cryptocurrency market below $2 trillion on Wednesday, with <a href="https://markets.businessinsider.com/news/currencies/crypto-market-bitcoin-and-ether-down-as-selloff-continues-2022-1">2% of the total market cap shaved off within 24 hours.</a>Bitcoin and ethereum fell Wednesday, with ethereum threatening to break below the $3,000 threshold. Smaller tokens, including so-called "ethereum killers" cardano and avalanche, also tumbled. Billionaire investor Mike Novogratz expects <a href="https://markets.businessinsider.com/news/currencies/mike-novogratz-crypto-billionaire-investor-bitcoin-ethereum-price-bond-yields-2022-1">surging bond yields to keep crypto prices under pressure</a>, and Skybridge Capital CEO Anthony Scaramucci has said <a href="https://markets.businessinsider.com/news/currencies/anthony-scaramucci-skybridge-investor-bitcoin-price-outlook-dip-volatility-2022-1?utm_medium=ingest&amp;utm_source=markets">he's not buying the dip for bitcoin</a> because he sees "sloppiness" ahead.US Treasury yields hit two-year highs, <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-bond-yields-treasury-oil-tech-stocks-bitcoin-2022-1?utm_medium=ingest&amp;utm_source=markets">stocks have been in the red,</a> and the Fed continues to signal that <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-market-cryptocurrencies-ethereum-binance-cardano-fed-minutes-2022-1?utm_medium=ingest&amp;utm_source=markets">rate hikes are on the way</a>. As investors navigate inflation and brace for the Fed's hawkish pivot, they've flocked to safe haven assets, sparking a bear market for crypto.Some stats to consider as crypto struggles: <ul><li>The crypto market is <a href="https://markets.businessinsider.com/news/currencies/crypto-market-bitcoin-and-ether-down-as-selloff-continues-2022-1">now worth about $1.95 trillion</a>, having peaked at nearly <a href="https://markets.businessinsider.com/news/currencies/bitcoin-bear-market-crypto-value-2-trillion-peak-cryptocurrency-btc-2022-1">$3 trillion in mid-November</a>. </li><li>Bitcoin has tumbled from a November all-time high of $69,000 to around $41,000.</li><li>Overseas, <a href="https://markets.businessinsider.com/news/currencies/singapore-crypto-atms-impulse-buying-mas-bitcoin-operator-digital-asset-2022-1">Singapore is cracking down on crypto ATMs</a> and a top European markets regulator said <a href="https://markets.businessinsider.com/news/currencies/eu-regulator-proof-of-work-crypto-mining-ban-bitcoin-blockchain-2022-1">proof-of-work mining should be banned in the EU</a>.</li></ul>2. Stocks traded down in the midweek session. The Nasdaq fell into correction territory and extended its streak of choppy trading. <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-nasdaq-falls-correction-territory-sp500-bond-yield-2022-1">Here are the latest moves on the market.</a>3. Fans, artists, and brands like Hermes are fighting over the rights to sell NFTs worth millions. Olive Garden and Miramax, for example, have taken legal action against NFT projects that the companies argue violate trademark or contractual rights. <a href="https://www.businessinsider.com/nft-olive-garden-first-turf-battle-dispute-in-metaverse-opensea-2022-1">The outcomes could define who gets to make money in the metaverse.</a>4. On the docket: Netflix, Costco, and Union Pacific, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>5. Stocks are in a dotcom-style bubble with "massive downside risk," said RBAdvisor's Dan Suzuki. He flagged tighter liquidity, slowing profits, and high valuations as his top three market risks — <a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-tech-dotcom-bubble-hit-risk-dan-suzuki-2022-1">and he said the bubble could affect almost 50% of the market.</a>6. SoFi won approval to become a bank — but only under the condition that it doesn't do any business in crypto. <a href="https://markets.businessinsider.com/news/stocks/sofi-stock-price-occ-bank-approval-cryptocurrency-digital-assets-2022-1">The stock jumped in Wednesday trading after the OCC gave the green light.</a>7. JPMorgan said thematic ETFs are expensive and don't beat the market. The allure of investing in next-gen themes like robots and space travel doesn't lead to outperformance for investors, according to the bank — <a href="https://markets.businessinsider.com/news/etf/thematic-etfs-expensive-dont-beat-the-market-ark-invest-jpmorgan-2022-1">here's why.</a>8. Tesla stock could slump 50% while three legacy automakers enter the EV race. David Neuhauser told CNBC that the leading EV maker is facing pressure from Volkswagen, Ford, and GM. He thinks <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-outlook-slump-possible-legacy-automakers-pose-ev-challenge-2022-1">Elon Musk's Tesla is going to have a difficult time increasing its $1 trillion market valuation.</a>9. The manager of a $1.1 billion blockchain ETF that's returned 47% over the past three years shared his stock picks. Mike Venuto's Amplify invests in firms developing blockchain technology. <a href="https://www.businessinsider.com/crypto-stocks-to-buy-blockchain-investing-strategy-etf-bitcoin-ethereum-2022-1">He thinks these 13 under-the-radar stocks could become "the next big thing" in crypto. </a>10. A 21-year veteran trader explained an options trade designed to help investors "sustain risks long enough to see the light of profitability." Dan Kaufman said an options spread can help mitigate risk as market volatility is expected to pick up. <a href="https://www.businessinsider.com/trades-fed-rate-hikes-inflation-volatility-stock-crypto-options-strategies-2022-1">Plus, he shared what's behind bitcoin's growing correlation with high-growth tech stocks.</a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

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You Searched For "sofi occ" and got 6 results

SoFi's launch of a bank could help drive 43% upside in the stock for 3 key reasons, Morgan Stanley says

Isabelle Lee

SoFi soars after it get approval to become a bank &ndash; but the green light comes with the condition that it can't do any business in crypto

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JPMorgan trader put on leave — lenders unload hotel loans — SoFi applies for bank charter

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SoFi soars after it get approval to become a bank – but the green light comes with the condition that it can't do any business in crypto