The New York bank has also joined a steering committee helping to develop a global accounting standard that financial institutions can use to measure their impact on global warming.

Wells Fargo buys $14B of delinquent mortgages tied to pandemic; CFPB launches investigation of Quicken Loans real estate affiliate Rocket Homes Real Estate; Truist accelerates cost-cutting plans; and more from this week’s most-read stories.

Some 3,400 additional staffers in the treasury management group will be required to get pre-clearance before making trades. The policy change was driven in part by increased regulatory scrutiny, the bank said.

Fintechs like Greenlight and gohenry have drawn millions of teens with features like savings goal tracking and customizable debit cards.

Bank of America was the latest large bank to report a second-quarter drop in the key earnings metric after a March surge in credit line utilizations gave way to rapid payoffs in May and June.

The energy sector, retail and hospitality are among the industries that are faring poorly during the pandemic. The bank expects loan losses to remain elevated well into 2021.

Net charge-offs fell at Citigroup and Wells Fargo, thanks to forbearance and federal stimulus. Leaders of those banks are warning that delinquencies could rise once the benefits of those programs wear off.

Megabanks like JPMorgan Chase boosted loan-loss provisions to record levels in the second quarter in preparation for what could be a wave of loan defaults.

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.

The amount far surpassed that of any other servicer required to purchase Ginnie Mae-backed loans that were 90 days past due.

New president of Promontory Interfinancial Network says recession will cause "hundreds" of nonbank disruptors to fail; lenders face dilemma over offering Main Street loans to noncustomers; PNC Financial expands, diversifies executive leadership team; and more from this week’s most-read stories.

However, those who aren't current bank customers need to have $1 million in a qualifying account.

The bank is expected to report a small net profit for the second quarter next week; shareholders are challenging the government's 2012 decision to appropriate nearly all of the agencies' profits.

Fercho will join Wells Fargo in August and report to Mike Weinbach, the bank's CEO of consumer lending.

The new Center for Climate-Aligned Finance will help financial institutions navigate the various challenges involved in the shift to renewable energy — as lenders, power consumers and corporate citizens. Its backers include JPMorgan and Bank of America.

The company has established a fund that will provide capital, technical assistance and long-term recovery support to small businesses, especially minority-owned companies. The other megabanks are expected to donate their fees, also.

The Wall Street firm is jumping into a market dominated by a handful of big U.S. banks, betting that superior technology can lure companies with complex cash-management needs.

Wells Fargo is pulling back from student lending as the surge in coronavirus cases threatens to further disrupt higher education and the broader U.S. economy.

Supreme Court says the president has the power to remove the director at will; the bank is the only one of the six largest U.S. banks to say it will cut its dividend next quarter.

Wells Fargo customers targeted with phishing attacks using calendar invites; Fed freezes stock buybacks, caps dividends after stress test results; Citigroup names Titi Cole its head of global operations and fraud prevention.