Webster Financial Corp. (WBS) said that its internal controls had detected and halted an elaborate embezzlement scheme at a subcontractor that provides bulk cash processing on behalf of a major vendor of Webster.
The company said that the subcontractor had made partial restitution. In addition, the subcontractor maintains an insurance policy in an amount in excess of the maximum potential exposure of $11 million with Webster identified as a loss payee. No customer accounts were affected by the scheme.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.