CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors.
January 15
3 Min Read
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The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.January 15
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Weeks away from succeeding Michael Corbat, Jane Fraser said she’d consider streamlining some units or divesting others as part of her effort to kick-start return on equity.January 15
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Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.January 15
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Issued in the final days of the Trump administration, the regulation has united banks, gun-control advocates and environmentalists in opposition. It could be blocked by Congress or a comptroller chosen by the new president.January 14
Podcast
Just like the industries that they cover, the lack of Black representation among news outlets acts as a barrier against understanding and eliminating systemic racism.
Podcast
The flow of assets and capital in manager selection, municipal bonds and business and mortgage capital reveals forms of systemic racism that often get overlooked.
Twenty of this year’s honorees were among our 25 Most Powerful Women in Banking in 2019, while four — Citizens Bank of Edmond’s Jill Castilla, City National Bank’s Kelly Coffey and JPMorgan Chase’s Lori Beer and Jennifer Piepszak — are former Most Powerful Women to Watch making their debuts here.
Many of the women in this year's list are familiar to American Banker readers, including J.P. Morgan's Mary Callahan Erdoes, Fidelity Investmemts' Abigail Johnson and Synchrony Financial's Margaret Keane. Seven honorees are newcomers, including two, Maria Hackley and Ida Liu, from Citigroup.
In a party-line vote, the agency issued a proposal that would redefine a "complex" credit union.
A Democratic majority in Washington may help advance a number of key legislative issues for the industry, such as passage of a national data security standard. However, it could also lead to a renewed focus on consumer protection laws.
Industry groups say the coronavirus has highlighted additional risks faced by institutions without a diverse member base.
Leaders at the 85 institutions that made the eighth annual ranking have found ways to navigate crises (there have been plenty this year) while also bolstering employee morale.
They're making some headway in building workforces that better reflect the communities they serve, but progress has been slow. Here's why.
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The success of some fintechs in getting bank charters this year only underscores how onerous the process remains for many others. That’s unlikely to change unless policymakers reconsider what it means to be a bank.November 18
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A Federal Reserve-issued digital dollar could speed up payments, expand financial access and reduce financial crime. But it also brings trade-offs that policymakers are only just beginning to consider.November 4
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Venture capitalists will shift their focus to fintechs that support financial inclusion, according to Emmalyn Shaw, managing partner of the VC firm Flourish. Meanwhile, challenger banks will continue to grow, she says.December 21
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Brian Hamilton, CEO of the challenger bank One, says some have as their spending has slowed during months of economic lockdown. And the rest can be coached to make smarter choices, he argues.December 8
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The California Democrat known for sharp questioning of executives was turned down for a waiver to serve on the Financial Services Committee by Speaker Nancy Pelosi, D-Calif., The Hill reported Thursday.January 15
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Sigal Zarmi, who took on broader duties this fall, is modernizing the company's technological infrastructure and using reverse mentoring to combat bias in the workplace.January 15
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The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear whether the incoming Biden administration will keep the mortgage giants on the same reform path.January 14
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The National Credit Union Administration and the Consumer Financial Protection Bureau will hold strategy sessions and share information tied to consumer protections at institutions with more than $10 billion of assets.January 14
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A sponsorship deal between the regional bank and the league will emphasize economic empowerment and financial education. It's a good example of how corporations increasingly seek to associate their brands with a cause or purpose, experts say.January 14