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A couple who founded an Arizona-based financial technology firm in the early days of the pandemic raked in an estimated $120 million in processing fees from handing out billions in Paycheck Protection Program loans even though their company did little to police fraud, according to a congressional report released Thursday. The report from the Select Subcommittee on the Coronavirus Crisis says the “fintech” firm Blueacorn transferred $300 million in profit to its owners but spent less than 1 percent of the fees it collected on fraud prevention, hiring only “one direct employee who assisted with processing PPP loan applications” for the 1.7 million loans it reviewed. At the same time, even though the program was meant to help small businesses survive the pandemic, the report says smaller loan applicants were disdained by Blueacorn, with staff writing, “delete them,” “Who f------ cares” and, “we’re not the first bank to decline borrowers who deserve to be funded. … they go elsewhere.” In a...

In this article JPM BCS C Follow your favorite stocks CREATE FREE ACCOUNT A trader, center, wears a Citigroup jacket while working on the floor of the New York Stock Exchange (NYSE) in New York. Michael Nagle | Bloomberg | Getty Images Global investment banks Citigroup and Barclays cut advisory and trading personnel this week as Wall Street grapples with sharp declines in revenue and dimming prospects for next year. New York-based Citigroup let go of roughly 50 trading personnel this week, according to people with knowledge of the moves who declined to be identified speaking about layoffs . The firm also cut dozens of banking roles amid a slump deal-making activity, Bloomberg reported Tuesday. London-based Barclays cut about 200 positions across its banking and trading desks this week, according to a person with knowledge of the decision. The moves show the industry has returned to an annual ritual that's been part of what has defined life on Wall Street: Cutting workers who are...