Receiving Wide Coverage ...
More cuts: Wells Fargo said it plans to cut an additional $2 billion in expenses by the end of 2019, on top of the $2 billion of cuts it announced in January. The bank said it plans to close about 450 branches this year and next, focusing on those with lower deposit growth and income. It also plans to consolidate "similar operational activities" and automate more of its processes. See how the bank discussed
Moving up: Barclays, one day after its annual investor meeting, announced executive promotions and an expansion in its investment banking business. The bank said Tim Throsby, the head of its corporate and investment banking unit, will take interim control of the bank's markets business. Joe Corcoran, who currently heads the markets business, was named to the newly created position of vice chairman of markets. Joe McGrath, chief executive of the Americas division, also assumed the role of global head of banking.
Separately, New York Times financial columnist James B. Stewart examines the questions surrounding the
Meet the new boss: American International Group plans to name Brian Duperreault, chairman and CEO of Hamilton Insurance Group, as its new CEO. Duperreault, who worked at AIG for 16 years, ending in 1994, is also the former CEO of ACE, where he "gained a reputation in the industry as a prudent underwriter who priced plans and set reserve levels conservatively," the Wall Street Journal said.
"Mr. Duperreault should have the credibility to reassure investors and rating agencies like A.M. Best, which is considering an AIG downgrade," the Journal added. "Importantly, he also has the stature and track record necessary to
Why him?: Seven Democrats on the Senate Banking Committee are questioning the Trump administration's "unusual move" to name Keith Noreika, a banking lawyer, as acting Comptroller of the Currency, a top banking regulator. "We see no reason to disrupt the agency's operations by replacing a strong, independent leader like Comptroller [Thomas] Curry with an untested outsider who has not been confirmed by the Senate," the senators said in a letter to Treasury Secretary Steven Mnuchin. According to the Journal, the role of acting comptroller has typically been filled by an senior official already at the agency. Meanwhile, American Banker delves into the question of whether the OCC can unilaterally change the Volcker Rule.
Financial Times
Canadians iced: Moody's downgraded the long-term credit ratings of six of Canada's largest banks, citing
Big bet: A lot is riding on Goldman Sachs'
New York Times
Shaky foundation: Many struggling retail chains are being propped up by the
"Those profits on plastic are helping obscure the true extent of the industry's pain, a major pressure point for a piece of the economy that employs one in 10 Americans," the paper says. "But the businesses may be in worse shape than they appear, since store cards are a shaky foundation. If more consumers fall behind on their payments, the profits could dry up, intensifying retailers' troubles."
Elsewhere
The New Yorker: Compliance officers
Quotable ...
"I want to make it very clear that operating at this level is not acceptable; we're
