Workplace

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.

Nearly half of all small-business owners — and higher percentages of minority entrepreneurs — said in a new survey that they aren’t sure they could come up with the funds to cover an emergency $5,000 business expense. But the results also suggest that the Paycheck Protection Program may have led to more trust in the Small Business Administration.

Agility Bank, formed to serve local businesses operated by women, plans to launch in late May.

Mastercard said it would help pay for workers to travel to access abortions if pregnancy terminations aren’t available in their home state.

Goldman Sachs Group is losing its most powerful Black women, according to new data the firm released in a report on its website. 

Segpay's employees returned to their Florida desks nearly two years ago. Oregon-based Umpqua Bank has permanently adopted a hybrid approach. Both strategies are succeeding, executives at the companies say.

The U.S. is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp.

Only about 31% of the bank’s shareholders voted Tuesday in favor of a nonbinding “say on pay” resolution. The harsh verdict followed a one-time award of $52.6 million in stock options to keep Chairman and CEO Jamie Dimon on the job for five more years.

Deutsche Bank has been asked by one of its key supervisors to clarify how its staff use private messages for business purposes as regulators worldwide seek to curb the practice.

Goldman Sachs Group will allow senior staff to take an unlimited number of vacation days, the latest move by a Wall Street bank to retain talent in a heated job market.

Precious Quire-McCloud will oversee the implementation and growth of the institution’s initiatives for diversity, equity and inclusion.

The Cincinnati bank was targeted for the second time since 2018 when an armed man took hostages at a branch in suburban Chicago this week. Security experts say traditional robbery training may have to be expanded as active-shooter situations become more common.