Workplace

CoinFund, a blockchain-focused investment firm, hired Christopher Perkins from Citigroup as managing partner and president to help bridge the gap to the traditional finance sector.

In the short term, the Biden administration is asking the industry to help previously unbanked households access their funds. Longer term, some banks see a real opportunity in advising their customers on what to do with the large cash influx.

The largest U.S. bank, which often sets policies ultimately adopted by the broader financial industry, announced the change in a memo to staff Friday.

Wells Fargo is pushing its return-to-office plans back a month to early October, citing rising COVID-19 rates across the U.S.

In late July, the Justice Department notified the Houston bank of a potential lawsuit alleging violations between 2013 and 2017, according to a securities filing. Cadence said that its prospective merger partner, BancorpSouth, supports the settlement discussions.

KeyCorp paid out bonuses to investment bankers of as much as $25,000 in June, according to people familiar with the matter, joining other financial firms that have boosted pay to retain talent.

Banks are struggling to hire and retain workers in a tight labor market. To stay competitive, they are making concessions on wages and remote work that likely would have been unnecessary before the pandemic.

Citigroup attracted close to $15 billion in net new money across its Asia Pacific wealth management business in the first six months of 2021, as hundreds of new hires helped the lender mark one of its strongest half years on record for the unit.

Citigroup has gone back to requiring employees — regardless of their vaccination status — to don masks when they’re in the office, according to a person familiar with the matter.

The state's department of financial services is asking firms that it supervises to report information about the composition of their boards and senior leadership. It expects to publish aggregate findings in early 2022.

Okeatta Brown is leaving Wells Fargo to fill a new role that will cover the Japanese company's footprint across the Americas.

JPMorgan Chase is planning to more than double the advisors in its traditional broker business as the Wall Street giant plots an expansion in wealth management amid intensifying competition for rich clients.

The billionaire CEO was awarded 1.5 million in stock options in what the board said is an effort persuade him to lead the biggest U.S. bank for a “significant number of years.”

A bevy of Citigroup bankers and traders are vying to join a new program that would allow them to spend time working at a Black-owned bank.

Year to date through Mar. 31, 2021. Dollars in thousands.

Full-time equivalent, as of Mar. 31, 2021. Dollars in thousands.

Employees often avoid sharing bad news with their bosses, assuming the problem will resolve itself. It rarely does, so senior leaders need to create a culture of constant communication with direct reports — and even lower layers of management — so that issues don’t fester.

The San Francisco company said it will offer workers varying degrees of flexibility based on job type and experience. The bank will also collect data on who has been vaccinated.

The organizations that received charters this year emphasize digital access and remote work, and aim to address the economic disparities highlighted by the pandemic and the nationwide wave of racial justice protests.