Kristin Broughton

Applicants for credit cards, auto loans and mortgages are more frequently being told "No," and the reason appears to be more about lenders' new marketing efforts than stricter underwriting or weaker credit profiles.

Two consumer advocacy groups in California have accused CIT Group's OneWest Bank of failing to provide mortgages and other financial services in minority neighborhoods.

Northern Trust on Tuesday promoted Michael O'Grady to president. O'Grady currently serves as head of corporate and institutional services at the Chicago-based custody bank, overseeing businesses such as asset servicing and investment management.

Aaron Vermut has resigned as chief executive of Prosper Marketplace, according to a report in The Wall Street Journal. Vermut stepped down last week but will remain a director at the San Francisco-based online lender, according to the report, which cites unnamed sources.

The Trump transition team is said to have recommended that Steven Mnuchin be nominated Treasury secretary. A Goldman Sachs alum, he is known as a successful change agent for his roles in the transformation of the failed IndyMac into OneWest and the revamping of CIT, but some community reinvestment advocates remain critical of him.

In a message to employees Wednesday morning, JPMorgan Chase Chief Executive Jamie Dimon said the election of Donald Trump as president reflects a "deep desire for change.”

Santander Consumer Holdings USA in Dallas on Wednesday reported lower quarterly profits due to ongoing issues associated with its discontinued personal loan business.

Deposits at big banks have swelled as corporations shifted funds around in anticipation of new money market rules. But industry experts describe the influx as a temporary blip that will serve mainly to provide yet another drag on margins in the fourth quarter.

Wells Fargo chief Tim Sloan on Thursday downplayed the financial damage from the bank's phony-accounts scandal and insisted there is still a role for cross-selling if conducted properly.

In her first major presentation as Wells Fargo's head of retail banking, Mary Mack took on the doubters, making the case for why she is the best fit to lead the embattled retail unit. She laid out plans to revamp compensation and internal culture.