Coronavirus

Wall Street executives are taking another crack at bringing staff back to the office. This time, they're hoping it sticks.

American Express is encouraging staffers in New York and the U.K. to start returning to the office next month as COVID-19 cases recede globally.

Deutsche Bank employees returned to the lender's headquarters in New York on Monday after working from home during the recent surge in COVID cases fueled by the omicron variant.

Bank of America employees have returned or are making their way back in the coming weeks based on their region’s COVID-19 data and medical guidelines, according to people with knowledge of the plans.

The number of U.S. bank branches dropped by a record 2,927 last year as lenders both large and small sought ways to cut costs and keep pace with a digital transformation sweeping the finance industry.

In this fireside chat, Ida Liu, the global head of Citi Private Bank, covers a range of topics, including how digital client engagement is evolving.

Citigroup said 99% of its U.S. employees have complied with its vaccine mandate, one of the strictest on Wall Street. 

Citigroup as the first major Wall Street bank to impose a strict COVID-19 vaccine mandate: Get a shot or face termination. With its deadline fast approaching, the company is preparing for action.

Bank of America is donating $100 to local food banks and hunger-relief organizations for employees who register their COVID-19 booster.

The last three months of 2021 were strong for most lenders, which will report results soon. But the outlook for the coming months has been clouded by the spread of the newest coronavirus variant, which has many banks grappling with staffing shortages and branch restrictions.

American Express will give employees two weeks’ notice before it starts bringing a larger number of staffers back to its offices. The credit card giant had previously said it intended to start bringing back employees on Jan. 24.

Wall Street’s push to refill office towers across the country has been derailed again. This time it’s the highly transmissible omicron variant of the COVID-19 virus that’s forced executives to rethink their plans.

Goldman Sachs Group, one of Wall Street’s staunchest advocates of returning employees to offices, will make COVID-19 vaccination booster shots compulsory as the firm stands by its workplace philosophy through surging infection rates in New York.

Average per-loan charges last year were little changed despite the addition of a new temporary fee for refinancing. Those for loan-to-value ratios above 80%, home-purchase financing and adjustable-rate mortgages only rose slightly.

President Biden extended the pause on federal student loan repayments by another three months as the U.S. faces a fresh wave of COVID-19 cases from the omicron variant, removing a near-term threat to millions of Americans’ finances.

Citigroup told staffers in the New York City metropolitan area to work from home again through the holidays if they are able, citing the recent rise in COVID-19 cases in the region.

The decision comes after New York state instituted a mask mandate for businesses that don’t require proof of vaccination.

The new omicron strain is prompting more financial institutions to extend mask mandates in the workplace and remote work schedules.

The home buying process has undergone significant changes. The pandemic has profoundly altered the mortgage lending market. The continuation of remote work, relocation out of key urban areas, a growing preference for online possibilities, and the deployment of artificial intelligence applications are only a few trends that are shaping the industry. Join Heidi Patalano, Editor-in-Chief of National Mortgage News and Beth O'Brien, Founder and CEO of CoreVest Finance as they discuss how lenders can stay competitive and meet the needs of home buyers in the fast evolving mortgage business.

The expectation that people will want social distancing and ever-expanding digital banking options well after the pandemic passes is informing branch architecture at banks and credit unions.