Workplace

Revenue challenges are driving the Utah bank's plan to reduce expenses, according to CEO Harris Simmons. "I talk to our peers, and everybody's looking for ways to cut costs," he said.

Frontline staffers are asking for better pay, internal talent development programs and more flexible work environments.

At least four of CEO Jane Fraser's senior deputies got new roles in the shakeup, which will result in a number of job cuts.

Hybrid working made it easier for some women to pursue a career while balancing family demands but a renewed return-to-office push may reverse some of those gains, a report predicted.

Women are still underrepresented in senior management positions in 62 European banks, according to a new report that highlighted how nine banks employed no women at all in their top executive group.

Bessant has served in a variety of leadership positions at the bank, including leading its technology initiatives and European strategy.

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.