Workplace

Citigroup plans to hire more than 4,000 tech staff to help move its institutional clients online in the wake of the pandemic.

Total direct compensation for the chief executives at large and midsize banks rose by 21.5%, up from a 5% increase in 2020, according to a new analysis. Strong earnings growth and a hot stock market were key factors.

CEO Bill Demchak said Thursday that the banking industry has become a "political football," and that lawmakers lack the "backbone" to make broader decisions on climate change and various social issues.

There is a gaping hole in the financial system in North Minneapolis, where people are preyed upon by payday lenders and fringe bankers, according to Debra Hurston, executive director of the Association for Black Economic Power. Hurston is creating a credit union for this community to help break residents out of a cycle of exploitation and debt. But the issue is far bigger than one city, and the opportunity is one that any bank or credit union can seize.

Goldman Sachs Group and its former female employees who sued the company in one of Wall Street’s biggest gender discrimination lawsuits are sparring over whether names of two senior executives mentioned in internal complaints should be exposed.

JPMorgan Chase CEO Jamie Dimon chastised institutional investors who follow the recommendations of proxy advisory services without doing their own homework. The comments came after the bank’s shareholders voted down pay packages for Dimon and other top executives.

The chief executive of Klarna Bank has polarized opinion on social media after posting a contact list of former employees recently dismissed by the Swedish company as part of a drive to curb costs.

The 50 companies that made American Banker’s annual list are being recognized for establishing strong workplace cultures, offering robust benefits packages and giving employees the room to do their jobs well.

Companies on the Best Places to Work in Fintech list offer sabbaticals or generous vacation time, which helps attract young talent and lets veteran employees re-energize.

Breaking barriers to education unites the team at Mpower Financing, an international student loan company with employees from more than a dozen countries that is ranked No. 1 on this year's Best Places to Work in Fintech.

Through the development of data-driven DEI benchmarks and increased dialogue with both multicultural staffers and customers, these executives are helping to cultivate more representative talent.

PayPal Holdings began laying off staffers who worked in risk management and operations this week as the firm seeks to shore up profits after growth in spending on its platform stagnated in recent quarters.

Wells Fargo, Citigroup and JPMorgan Chase were among the large banks that last year experienced net losses of high-level bankers in their corporate and commercial units, according to a new report. Bankers are leaving largely for jobs at private equity and debt funds, according to the authors.

The payments startup Bolt Financial is cutting staff, its CEO said in a message to employees on Wednesday. 

We’re all entitled to our own opinion at work, but what if it starts impacting improvements and growth? 

Bank of America is boosting pay for tens of thousands of U.S. employees who earn less than $100,000 a year and adding reimbursements for a portion of electric-vehicle purchases. 

Bank of America is moving three months early on its most recent plan to raise its hourly base pay. “Until the labor market eases, the weight of wage growth is going to be strong,” CEO Brian Moynihan said during a CNBC interview.

HSBC Holdings has suspended executive Stuart Kirk days after he criticized the finance industry for worrying too much about climate change, according to a person familiar with the matter.

The Congressional Black Caucus is requesting a meeting with President Biden to press the case that canceling student-loan debt is a racial equality issue.

Agility Bank, which opens its doors Monday, says it is the first minority depository institution to be women-owned and women-led by design. It plans to serve small-business owners in a digital-first manner.