BNY Mellon's tech spending will accelerate in 2020, interim CEO says
Signage is displayed on the exterior of a Bank of New York Mellon Corp. office building in New York, U.S., on Thursday, July 12, 2018. The Bank of New York Mellon Corp. is scheduled to release earnings figures on July 19. Photographer: Bess Adler/Bloomberg
Bess Adler/Bloomberg News
Todd Gibbons, who succeeded Charlie Scharf in September, said tech investments give the custody bank a competitive edge and make it more efficient.
To ignore Gen Z is ‘to flirt with irrelevance’: Wells Fargo exec
Businesses need to shift focus away from millennials and toward the next age group, which is expected to be so demanding that business processes will have to be overhauled, says Julia Carreon, the bank's managing director of digital and fiduciary operations.
Truist rising: With megamerger done, pressure on to deliver
Cost cutting and systems integrations are short-term priorities, but over time CEO Kelly King and his heir apparent, Bill Rogers, will have to exploit the combined BB&T-SunTrust's revenue potential and prove the biggest post-crisis merger was a good idea.
CRA cheat sheet: New regime would look very different
Comptroller of the Currency Joseph Otting speaks to attendees of a bus tour organized to highlight Community Reinvestment Act supported projects in the Jamaica, Queens neighborhood of Queens, NY, U.S., on Wednesday August 21, 2019. The tour highlighted challenges in low to moderate income neighborhoods for bankers, activists, and non profit workers. Photograph: Victor J. Blue
Victor J. Blue/Bloomberg
The long-awaited proposal by the OCC and FDIC to modernize the Community Reinvestment Act would seek to make grading simpler and more transparent while allowing banks to spread loans and investments across a broader geographic area.
Why most banks are holding on to their holding companies
Several banks abandoned their BHCs two years ago to cut costs and reduce regulatory burden. But the strategy never really took hold as most bankers determined there were more benefits to having holding companies than eliminating them.
OCC flags risks from banks' tech overhaul, Libor transition
The seal of the Office of the Comptroller of the Currency (OCC) is displayed outside the organization's headquarters in Washington, D.C., U.S., on Wednesday, March 20, 2019. The OCC this week fined Citibank $25 million for failing to offer some existing customers lower interest rates on mortgages or closing cost discounts that they were entitled to under a program for borrowers with a relationship with the bank. Photographer: Andrew Harrer/Bloomberg
The agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate.
The Cincinnati company, one of just a handful of lenders to reduce its cushion against bad credits in the third quarter, was grilled by analysts who suggested it was being too optimistic about the long-term effects of the pandemic recession.