Organization Root Tag

HSBC Holdings’ streamlining drive has reached its top executives, with the bank promising to shake up a “hierarchical culture.”

In the midst of its merger with CIT Group, First Citizens in North Carolina has hired an in-house chief counsel with experience in corporate integrations.

Morgan Stanley on Thursday disclosed that a data breach at one of its contractors led to the theft of personal information about some customers whose stock accounts had gone dormant.

The Federal Housing Finance Agency recently became the third agency along with the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau without a Senate-confirmed leader. But analysts say the appointment of interim chiefs gives the administration even more control over regulatory initiatives.

Jennifer Eastes is tasked with spearheading and accelerating environmental, social and governance efforts at the Cleveland-based company.

The Minneapolis company has agreed to buy PFM Asset Management. Like many in the industry, it is hunting for additional sources of noninterest income.

Wells CEO Charlie Scharf, a former Jamie Dimon protege, has surrounded himself with JPMorgan Chase alumni. Ling will start in October and join the company’s operating committee.

Wells Fargo said it’s shutting down all existing personal lines of credit and will no longer offer the product to its customers.

Bank of America created a new team dedicated to researching cryptocurrencies, marking Wall Street’s latest push to capitalize on investors’ frenzy for digital assets.

JPMorgan Chase is cutting the annual fee of its top-tier card while American Express is raising the fee of its own premium card. Both banks hope to win consumers' travel dollars by finding the sweet spot between cost and rewards.

The White House's firing of Federal Housing Finance Agency Director Mark Calabria sparked immediate speculation about who will run the agency and help chart the future of the two mortgage giants. Potential nominees include ex-Obama administration officials, congressional staffers and members of the Biden transition team.

The chief operating officer now oversees numerous divisions at the Office of the Comptroller of the Currency. But as part of a reorganization, the COO’s position is being eliminated and several units will come under the direct authority of the comptroller.

Walmart has hired a veteran of American Express to run Walmart+, the membership program it unveiled less than a year ago to counter Amazon.com’s Prime plan.

Credit Suisse Group and JPMorgan Chase’s asset and wealth management business are working together to develop a new investment strategy focused on sustainable nutrition.

The payment company is blending technology from its Swedish subsidiary with other features, such as invoicing, to provide a more robust offering to U.S. merchants.

The Spanish bank’s U.S. holding company said it will pay a premium to purchase the publicly traded shares in Santander Consumer Holdings. The proposal is subject to the approval of the auto lender’s board of directors.

The number of grievances about evictions and federal student loans declined between January 2020 and May 2021. Nonetheless, the Consumer Financial Protection Bureau warned financial firms that poor customer service can undermine government efforts to provide aid.

The company will increase annual base salaries by up to $25,000 in an effort to retain younger staff facing burnout from working long hours during the pandemic.

Tens of millions of consumers diligently pay their rent, utilities and other bills every month yet have no credit history. Supplementing traditional credit scoring with such data will promote equity and upward economic mobility, says the CEO of Experian North America.

The timepieces are meant to appeal to consumers who are comfortable with wearable payments but prefer something simpler than a high-end smartwatch.