Industry News
The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.
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A series of deals over the summer suggests growing interest by private equity investors in acquiring community banks. Five such deals have been announced this summer alone.
August 22 -
The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.
August 21
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Expansions in the state by giants such as JPMorgan Chase and Bank of America could accelerate credit union consolidation, as evidenced by two recent deals.
August 18 -
Consumers favor credit cards that offer better spending rewards and that card issuers should consider providing services to help their customers manage growing account balances, J.D. Power's annual survey found.
August 17 -
After an aborted attempt to set up its own bank, Edward Jones is joining forces with Citi to provide savings and checking accounts for clients.
August 17 -
Offices impacted are located in Chicago, Cincinnati and Kansas City, a company representative said Wednesday.
August 17 -
The Truist Leadership Institute is part of a growing corporate leadership-training industry that says it's focused on creating more empathetic leaders. But critics decry the institute's blurring of personal and professional boundaries, and question its scientific backing.
August 16 -
The Canadian bank committed Monday to lending and investing over $2 billion in the Garden State's lower- to middle-income communities over the next three years. A $50 billion, multistate agreement was scrapped earlier this year after TD failed to get approval to buy First Horizon.
August 14 -
About two-thirds of respondents in a survey of roughly 300 Bloomberg terminal users said the anti-ESG movement that started in the U.S. last year will force firms to stop using those three letters in conversations with clients.
August 14
