James H. Cleve will become president and chief executive officer of Marine Midland Banks Inc., New York, on Jan. 1.
The company is a subsidiary of HSBC Holdings PLC, whose other units include Hongkong and Shanghai Banking Corp. and Midland Bank PLC.
Mr. Cleve, now executive director of Marine Midland Banks, will succeed John R. H. Bond, who is moving to London to become group chief executive of HSBC. Mr. Bond will also be reappointed a director of Hongkong and Shanghai Banking.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
