Kevin Wack is American Banker's national editor, and is based in southern California. He was formerly the publication's consumer finance reporter and its Capitol Hill correspondent. Earlier, he worked on financial policy in Washington. He has also reported for the Associated Press and worked as the investigative reporter for the Portland Press Herald in Maine.
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Wells Fargo's Charlie Scharf and Morgan Stanley's James Gorman recorded the biggest gains among the CEOs whose compensation has been disclosed so far.
By Kevin WackFebruary 13 -
In a surprise move this week, banking veteran Sandro DiNello was appointed executive chairman of the embattled Long Island-based company, whose stock plummeted in the face of questions about its financial health.
By Kevin WackFebruary 9 -
First National Bank of Pennsylvania, a unit of FNB Corp., ran into trouble in connection with North Carolina operations it acquired from Yadkin Financial in 2017.
By Kevin WackFebruary 5 -
Banks need to reckon with the explosive rise of legal online wagering and the addicts left in its wake.
By Kevin WackJanuary 29 -
Workers are eligible for the one-time cash grants if they earned a salary of less than $75,000 last year, and their total cash compensation was less than $85,000. The payments come amid a unionization push at the San Francisco-based megabank.
By Kevin WackJanuary 26 -
Plaintiffs' lawyers are targeting various companies in connection with a California law that ensures customers can air grievances publicly without the threat of retribution. BofA and U.S. Bank say the suits against them are meritless.
By Kevin WackJanuary 22 -
The custody bank is managing expectations about its 2024 performance while assuring investors that profits will improve significantly in the medium term. AI is one path it's pursuing.
By Kevin WackJanuary 12 -
When big banks kick off earnings season on Friday, industry observers will be paying close attention to loan growth, deposit growth, expense growth, credit quality and capital ratios. All five areas will offer clues about the industry's trajectory in 2024.
January 11 -
Royal Bank of Canada hopes to save money by moving positions from high-cost California to Vancouver. The Toronto-based company is looking to cut costs as it seeks to bolster the earnings of its Los Angeles-based City National Bank subsidiary.
By Kevin WackJanuary 10 -
The Justice Department and the Consumer Financial Protection Bureau are suing a real estate developer over an alleged bait-and-switch land-sale scheme near Houston. The developer used TikTok and other social media sites to lure Hispanic immigrants into predatory loans, the government alleges.
By Kevin WackDecember 20