A Banker Is Now Convicted For Stealing Money From Customers

A banker is now convicted for stealing money from customers while working at Bank of America over a 10-year period.

The personal banker was arrested after her years-long scam, resulting in nearly $300,000 being stolen, came to light.

Police in Seneca, South Carolina said they received a report in 2013 about missing money from an account with Bank of America.

The victim, who also reported the incident to the Customer Service department, told police he was missing around $30,000.

Investigators worked with Bank of America for several weeks after the crime was reported and learned that an employee who had been stealing money from several people in Oconee County.

The police said the victims would use the Bank of America location in Seneca as their primary bank and Bobbi Cortese was their personal banker.

Seneca Police investigators and the US Secret Service spent nearly a decade doing more interviews.

Meanwhile, Bank of America was given time to complete an internal investigation.

It was revealed that Cortese had stolen nearly $300,000 from four people while working at the bank.

Some of the money was in the victims’ bank accounts for life insurance payouts related to the deaths of their spouses.

Others had a lifetime of earnings that was supposed to be used for their retirement, said police.

Cortese would open accounts under the victims’ names without their knowledge or consent and would perform a “shell game.”

This is when a scammer uses the money from one victim to replace what she stole from another victim.

After investigating further, police said Cortese forged several documents and issued them to the victims to hide the theft.

She committed these acts for about four years while working at the Bank of America, said police.

Cortese was arrested in May 2023 and charged with four counts of breach of trust and two counts of forgery.

She was later fired by the bank, reports The-Sun.

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Market News Today - A Banker Is Now Convicted For Stealing Money From Customers.
Market News Today – A Banker Is Now Convicted For Stealing Money From Customers.

A massive bank is now planning fresh layoffs as it seeks to trim its headcount at several of its departments, according to sources.

UBS said it aims to save around $6 billion in staff costs in the future.

UBS is gearing up for another wave of job cuts as the Swiss banking giant continues to streamline its workforce after acquiring Credit Suisse, Bloomberg reported Wednesday.

The upcoming job cuts are expected to impact more than a hundred positions across the firm’s global investment banking division, people familiar with the matter told the publication, asking for anonymity due to the sensitive nature of the information.

This reduction in force, which goes beyond routine, performance-based terminations, is slated for the coming weeks.

Additionally, job losses are anticipated in the wealth management and markets units, another source told the wire service.

However, decisions related to the timing of these cuts are not final and can change, Bloomberg reported.

A UBS spokesperson declined to comment to Bloomberg.

The emergency takeover of Credit Suisse last March substantially increased UBS’s global workforce by around 45,000, bringing its total headcount to approximately 120,000 employees.

Last June, the lender announced it planned to cut roughly 30% of its workforce, or around 35,000 employees, by October, which could include more than half its former rival’s headcount.

Employees were told to watch for three rounds of layoffs last year.

Credit Suisse’s investment bank, back office and retail bank were to face the most reductions, a person familiar with the matter told Reuters.

In January, UBS axed a group of senior investment bankers and let go of staff across its private wealth and investment banking units in Asia, according to Bloomberg.

The Zurich-based bank has said it aims to save approximately $6 billion in staff costs in the coming years.

UBS decided to absorb Credit Suisse’s Swiss unit into its own rather than spinning it off and embarked on a complex integration and restructuring process.

UBS Chairman Colm Kelleher cautioned in November that the bank is bracing for a challenging 2024 as it navigates the complexities of the post-merger integration process.

He said the bank has already made significant progress in the “easy part” of reducing headcount as part of the integration efforts.

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Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Banker Is Now Convicted For Stealing Money From Customers.
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