As the company prepares to slash headcount, CEO Solomon speaks up about his "caricature" portraits in the media

Employees across the financial services industry are organizing in the hopes of obtaining better wages and other workplace improvements.

With a slew of older executives nearing retirement, the credit union sector will have a big management void to fill. But finding and developing new talent will be easier said than done.

Kevin Meyersburg, who is white, says in a lawsuit that the Wall Street investment bank terminated his employment and replaced him with a Black woman who is less qualified for the position. Morgan Stanley declined to comment.

Here are some highlights about the largest credit unions that made the 2023 ranking of the Best Credit Unions to Work For.

Southwest Financial Credit Union, which led American Banker's Best Credit Unions to Work For, says employees are taking up to 400 hours more off than before its unlimited PTO policy took effect — but they are happier, and so are the members of the branchless credit union.

UBS is trying to retain many of Credit Suisse's most senior wealth bankers, but the decision to bring Babak Dastmaltschi on board, who catered to tycoons emerging from the collapse of the Soviet Union, may raise eyebrows.

The institutions in the second grouping of American Banker's top Credit Unions to Work For demonstrated the importance of a fun work environment, transparent leadership and competitive benefits.

The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.

The Wall Street firm is enlisting several hundred new staffers to help address concerns from authorities including the Federal Reserve, according to people with knowledge of the matter.

There has been a recent surge in organizing efforts among credit union employees. To discourage this, leaders should pay workers well, provide good benefits and be accessible.

Unionizing a workplace is an arduous process, meaning that employees who organize are dedicated to change. Executives must seize on these moments to address workers' concerns instead of reacting defensively.

Many institutions are building internal development programs to lower the barriers of entry to more senior roles as aging leaders retire.

Offices impacted are located in Chicago, Cincinnati and Kansas City, a company representative said Wednesday.

The Truist Leadership Institute is part of a growing corporate leadership-training industry that says it's focused on creating more empathetic leaders. But critics decry the institute's blurring of personal and professional boundaries, and question its scientific backing.

Dan Sheehan, former CEO at Professional Bank in Coral Gables, said he's "putting the band back together" to spearhead his new, Texas-based employer's expansion plans in the Sunshine State.

OnPath Federal Credit Union in Louisiana recently launched a Spanish-language microsite to provide native speakers access to digital products that are simpler to navigate and content that's easier to understand.

The Canadian bank committed Monday to lending and investing over $2 billion in the Garden State's lower- to middle-income communities over the next three years. A $50 billion, multistate agreement was scrapped earlier this year after TD failed to get approval to buy First Horizon.

Right now it's every bank for themselves when it comes to translating financial disclosures into languages other than Spanish. The process comes with a number of challenges, such as ensuring all customers can understand the information despite nuances in the different Chinese dialects.

A regional director of the National Labor Relations Board has determined that the bank illegally imposed a rule prohibiting employees from distributing pro-union literature unless management first approved it, according to agency spokesperson.