Workplace

Robinhood Markets cut almost a quarter of its workforce in a broad reorganization after a punishing first year as a public company.

Citigroup is planning a 500-person hiring spree over the next three years for a new wealth division catering to junior employees at private equity offices, consultancies and accounting firms, betting those clients will someday join the ranks of the ultrawealthy. 

As the industry manages high turnover, more companies are expressing dissatisfaction. Among firms that switch to a new bank, the previous bank's lack of knowledge about their business is an increasingly common reason, according to a recent survey.

Within two years, the credit-card company expects to employ more than 1,000 people from a historically disadvantaged part of the city.

The San Francisco megabank plans to reinstate guidance that drew scrutiny following revelations that women and nonwhite candidates were interviewed for jobs that had been reserved for someone else.

Previously, many credit union CEOs were hired because they worked for the institution’s sponsor. Today the industry has become far more complex, and boards find they have to pay up to recruit candidates who can meet these demands.

Monetary policy has a more significant impact on spending of U.S. households headed by white women than on those led by white men or Black men and women, the Federal Reserve Bank of San Francisco said.

It is essential to place the central focus on race, to bring nondepository mortgage lenders under the Community Reinvestment Act umbrella and to address bias in home appraisals.

Three Black-owned U.S. banks have bought a piece of a $1.23 billion syndicated corporate loan, a rare move in a market typically dominated by bigger Wall Street and regional lenders.  

European banks are starting to count the cost of their employees’ messaging habits, which have caught the attention of U.S. regulators in a sweeping global investigation.

Visa said it will hand out annual raises for more-junior employees earlier as it seeks to help staffers battling once-in-a-generation levels of inflation.

First introduced in 2020, the Fair Access to Financial Services Act would require banks to serve all customers in a manner similar to existing requirements for hotels and restaurants under the Civil Rights Act of 1964.

UBS signaled that it’s part of a broad probe by U.S. regulators into messaging by bank employees that’s likely to saddle lenders with fines of about $1 billion.

Credit Suisse Group, the Swiss bank that lost dozens of key dealmakers last year, is once again offering lucrative retention payments to prevent senior talent from leaving. 

HSBC Holdings' U.K. unit is planning to stop collecting data on the gender of its customers across some products as the bank pursues more inclusive services for nonbinary and trans people.

Bank of America is keeping to its original hiring plans despite challenging economic conditions that have prompted others to pull back, Chief Executive Brian Moynihan said.

JPMorgan Chase must face a trial over claims by a former vice president in its anti-corruption unit that she was marginalized, mistreated and fired from the bank for complaining about compliance failures.

Alloy, Marqeta and other technology firms drafted policies to assist employees in states that restrict abortion access, even before they had all the answers.

Goldman Sachs Group, Morgan Stanley, JPMorgan Chase and Citigroup each reported a substantially larger workforce in the second quarter compared with a year earlier. Across the six biggest U.S. banks, the average gain in employment was 5.5% compared with mid-2021.

Goldman Sachs Group plans to slow hiring and reinstate annual performance reviews as the Wall Street bank looks to rein in expenses.