Organization Root Tag

Goldman is offloading the lending platform less than two years after acquiring it as part of a broader retreat from the mass market.

The Federal Reserve is expected to pause at its September meeting. Jeff Timlin, a managing partner at Sage Advisory, will join us on Sept. 21 to provide analysis of the meeting.

The Consumer Financial Protection Bureau alleged in a lawsuit that the nonbank lender violated a 2019 consent order and submitted incorrect information in 2020.

The biggest laggard among the US banking giants, BofA's investments earn less than its closest rivals, and the stock is the group's worst performer by far.

In spite of rising borrowing costs, the US economy has shown surprising resilience. The labor market added 336,000 jobs in September, according to fresh data published Friday.

"The inflation rate is still too high, the level of inflation remains high, but at least we're seeing progress on it," Mester said Friday during an interview with CNN International.

Mary Callahan Erdoes, CEO of asset and wealth management at the megabank, says recent advancements in remote connectivity will lead to a "much better Wall Street than many of us grew up in." She urges women not to let newfound flexibility go away.

The Detroit-based firm said the job cuts will occur across divisions and aren't isolated to a single line of business.

U.S. Bancorp and Truist picked literal names for their virtual assistants to avoid confusing customers, while Fifth Third and Regions created characters called "Jeanie" and "Reggie" to put clients at ease. Other companies are trying to split the difference.

Citing Silicon Valley Bank as an example of being ill prepared, Federal Reserve Vice Chair for Supervision Michael Barr says the central bank can only serve as lender of last resort if banks are "ready and able" to borrow.

Anthony Viggiano and three classmates once won a competition about which team could best tackle dilemmas they'd face as financial professionals. He's now accused by federal prosecutors of being at the center of an insider trading scheme. 

Making the Consumer Financial Protection Bureau's funding subject to congressional appropriations would bring some much-needed accountability to a runaway regulator.

The U.S. Commodity Futures Trading Commission  ordered Goldman to pay a $30 million penalty for failing to "diligently" supervise its swap dealer activities and for failures relating to swap date reporting and so-called pre-trade mid-market marks. 

The high court will hear oral arguments on Oct. 3 on whether the Consumer Financial Protection Bureau's funding violates the Appropriations clause. A key issue is whether parameters can be placed around Congress' authority over the federal purse strings.

The bank has already axed 5,000 jobs this year, costing $400 million in severance in the second quarter alone. This next phase will be more about eliminating the executive roles that sit two or three layers below the CEO.

With the firm's $75 million settlement this week with the US Virgin Islands, the echoes from the bank's association with the convicted sex offender continue to reverberate.

The former employee is accused of shuffling information to two friends.

Cash remains king, but some credit card customers prefer giving their rewards to nonprofits, so the Minneapolis banking giant has made it a year-round option where it's matching donations dollar for dollar.

The wealth and asset management team, led by Kristine Garrett, saw a 34% year-over-year boost in total revenue for its business line, up to $626.6  million.  

In addition to her work as global head of Citigroup's Citi Private Bank, Liu also co-leads the bank's Asian affinity network.