Industry News
The Phoenix bank is forming an executive leadership team that it said will ensure continuity within its senior ranks. The moves come five months after CEO Kenneth Vecchione received a contract extension through at least 2024.
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The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.
September 6 -
The switch to in-person internship options, more competition in the field and differences in skills and values led to changes in 2022 industry internships.
September 6
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Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.
September 5 -
Banks have shuttered their branches in droves, with Bank of America and Wells Fargo leading the pack over the past year. However, increased regulatory focus on banking services in lower-income areas makes downsizing more difficult now.
August 31 -
The state Supreme Court heard oral arguments in a lawsuit involving one of the nation's largest debt buyers. At issue is how much detail the industry must disclose about what consumers allegedly owe.
August 31 -
The acquisition of Central Financial, expected to close in the first quarter of 2023, would create a bank with more than $10 billion of assets.
August 31 -
BofA has launched two programs, one focused on increasing homeownership for Black and Hispanic Americans, and the other on small businesses owned by women and minorities that buy commercial real estate in federal opportunity zones.
August 30 -
The banking and payment services company hopes to attract young talent.
August 30 -
The bottom 50% of U.S. households, generally those with a net worth of $166,000 or less before the pandemic, are in the strongest relative financial position in a generation, according to the Realtime Inequality tracker.
August 29
