Retail & Commercial

CEO Charlie Scharf has added another former JPMorgan Chase colleague to his leadership team as his shake-up of Wells Fargo continues. The hire of veteran investment banker Doug Braunstein comes as Scharf makes progress on his efforts to grow Wells' investment bank.

The Toronto-based company wrung out $800 million USD in cost savings in connection with last year's acquisition of Bank of the West, a bright spot in an otherwise tough quarter across most business segments.

Many banks could benefit greatly from overhauling their internal culture when it comes to meetings. Both performance and morale stand to benefit.

The Salt Lake City company has promoted Paul Burdiss, its chief financial officer, to succeed A. Scott Anderson as president and CEO of its banking unit. It also named a new CFO and a new general counsel.

The Fort Lee, New Jersey, company has hired a pair of veteran investment bankers to lead an effort serving fintechs' capital market needs. It described the move as "doubling down" on its commitment to the sector.

The hiring of Viswas Raghavan as Citi's head of banking is the latest move by the global bank to attract talent from rivals. His departure set off more leadership tweaks at JPMorgan Chase.

The Consumer Financial Protection Bureau said it was invoking a special authority to supervise entities that pose risks to consumers in taking on World Acceptance Corp.

Surprise overdraft fees and charges incurred by consumers who cash bad checks likely violate the law, state Attorney General Rob Bonta said. His message was especially notable because it was aimed at smaller institutions that have gotten less scrutiny from Washington.

The Department of Justice appoints Jonathan Mayer as its first chief AI officer, HTLF's CEO Bruce Lee plans to retire, Wilmington Trust's Doris Meister will step down in May, and more in the weekly banking news roundup.

The USDA forecasted farm profits will plunge 26% this year, potentially creating credit quality challenges for lenders.