The Boston-based custody bank will place deposits at Carver State Bank, Citizens Trust Bank and Ponce Bank as part of its broader effort to help reduce the wealth gap. State Street plans to place a total of $100 million of deposits at minority depository institutions this year.

In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.

Fifty-seven percent of financial services firms now operate on a hybrid basis, according to new research from American Banker. Some banks are finding ways to maximize the positive aspects and minimize the negative ones.

The compensation committees at PNC, BOK Financial and a few other banks decided that their top leaders performed well amid industry challenges, and rewarded them for it.

Total direct compensation for the CEOs of large and midsize banks declined by 6.6% in 2023, and annual bonus payouts tumbled by 30%. The decreases came as banks grappled with the fallout from last spring's banking crisis.

In this month's roundup of top banking news: a Supreme Court ruling on CFPB funding, TD Bank's money laundering woes, an FDIC workplace probe reveals a culture of misconduct and more.

Gone are the days when Wall Street executives dressed in conspicuously expensive clothing. Now the industry has adopted a more relaxed and casual dress code.

The outgoing CEO, now executive chairman of the Wall Street firm, told a conference at the Federal Reserve Bank of New York this week that cultural values are a critical element in any prospective merger or acquisition deal.

Investors are facing recent pressure after Republic First's collapse, allegations of criminal activity by an executive at Old National and a pending CFPB rule affecting credit card fees.

The fintech topped American Banker's annual list this year. CEO Dave Buerger attributed the company's hands-off management style as one reason that draws in and keeps workers around.