Economy

Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.

More than 160 institutions will use the money to help members weather the coronavirus by offering new products and providing help with loan payments.

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.

JPMorgan Chase added a half dozen executives, including Thasunda Brown Duckett, to its operating committee in the biggest expansion of its top leadership group in years.

“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.

JPMorgan Chase's CEO says he fears productivity is slipping and that workers, particularly younger ones, are feeling alienated.

The reductions will affect less than 1% of Citi's global workforce, and with recent hiring the overall headcount probably won’t decline, the company said.

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment.

The bureau will detail how it will implement a Dodd-Frank Act provision requiring the agency to collect information on small-business lending in order to identify discrimination.

The performance of about $3 billion in hotel and other loans flagged by the Dallas company as high-risk has been a "a pleasant surprise," its chief credit officer said at an industry conference.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

Justice Department officials have embarked on a rewrite of antitrust policy that could waive certain requirements for community bank mergers and provide fewer advantages to large, out-of-town buyers and banks in urban areas.

First Mutual Holding has agreed to buy Martinsville First Savings Bank, which will retain its charter, brand and management team.

The four-year plan submitted as part of its acquisition of E-Trade includes grants to community development organizations and support for uniform vendor diversity standards.

When Jane Fraser takes the reins of Citigroup in February, she will have to tackle the company’s cards slump, lagging performance metrics and challenges presented by employees’ return to the office.

When Jane Fraser takes the reins of Citigroup in February, she will have to tackle the company’s cards slump, lagging performance metrics and challenges presented by employees’ return to the office.

The stock market has reached record highs despite rampant unemployment, recession and a global pandemic. What gives?

Citigroup named Hassan to the new role as part of a move to combine its marketing and branding divisions.

The bank's innovation group has developed a software tool for law firms. It hopes the project will help it speed products to market and attract top technology talent.

Only one of the 118 loans bought by the Federal Reserve through Aug. 31 was close to the $250,000 minimum in the rescue program, aimed small to midsize businesses hurt by the pandemic.