Banking 2025, more Wells Fargo woe, compliance turnover: Top stories of the week

January 10, 2020 2:49 PM

Former Wells Fargo execs may face criminal charges in coming weeks

A Wells Fargo bank branch at night in New York.

Several former high-level Wells Fargo executives are under criminal investigation in connection with the bank's fake-accounts scandal and could be indicted as soon as this month.

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Banking 2025: The rise of the invisible bank

Digital banking will become less visible because it will be embedded in other daily activities with the help of AI, voice interfaces and other emerging technologies.

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Citi names Chubak head of U.S. retail banking

In his new role, David Chubak will oversee all of Citigroup's retail channels, product management and client segments.

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GSEs might operate under consent decree, Calabria says

Mark Calabria, U.S. Federal Housing Finance Agency Director, testifies during a House Financial Services Committee hearing on the the Trump Administration's plans to change housing finance in America on Capitol Hill in Washington, D.C., U.S., on October 22, 2019. Photographer: Zach Gibson/Bloomberg

Zach Gibson/Bloomberg

Federal Housing Finance Agency Director Mark Calabria discussed the possibility of having Fannie Mae and Freddie Mac operate under a consent order to allow the government-sponsored enterprises to be able to raise capital.

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In bank compliance, a changing of the guard

Turnover of chief compliance officers among banks, asset management firms, and insurance companies

Banks had the highest turnover of chief compliance officers among the 100 largest financial services firms in the world, according to a recent study. Recruiters say that's a function of changing job demands, high pressure and poaching by fintechs — plus old-fashioned demographics.

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Should banks expect cyberattacks from Iran?

Mourners carry images of Iranian General Qassem Soleimani during the funeral ceremony in Tehran, Iran, on Monday, Jan. 6, 2020.

Crowds have gathered in Tehran to mourn Major Gen. Qasem Soleimani and otherskilled in a US drone strike at Baghdad airport.

Ali Mohammadi/Bloomberg

Iranian hackers have a history of targeting U.S. banks. Security experts discussed how bankers can prepare themselves if such attacks are renewed as part of a response to the killing of Qassem Soleimani.

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Truist innovation lab will put customers at center of product development

BB&T Chairman and Chief Executive Kelly King

Kelly King, chairman and chief executive officer of BB&T Corp., right, speaks during a Financial Stability Oversight Council (FSOC) meeting with Cyrus Amir-Mokri, assistant secretary of financial institutions with the U.S. Treasury, at the U.S. Treasury in Washington, D.C., U.S., on Monday, Dec. 9, 2013. The FSOC discussed cybersecurity and received a presentation from the Office of Financial Research on financial market developments. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Kelly King; Cyrus Amir-Mokri

Andrew Harrer/Bloomberg

Clients will have an active role in testing new products and services at the regional giant formed by the merger of BB&T and SunTrust, says Chairman and CEO Kelly King.

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