Highlighting its commitment to hiring and promoting more minorities, the company has promoted Greg Cunningham to senior vice president and appointed him to CEO Andy Cecere’s leadership team.
As part of its commitment, the Minneapolis company said it will provide $100 million in capital to African American owned and operated businesses and organizations.
Large institutions say their strong capital positions allow them to reward investors, and the Fed agrees. But critics say this is the time to be preparing for a sharp downturn and continue helping those hurt by the coronavirus pandemic.
EO Andy Cecere acknowledges that other banks have tried to broaden customer relationships and selectively expand into new markets before and struggled. But the sophistication of today’s online and mobile services could make all the difference this time, he says.
The nation’s fifth-largest bank now has the financial flexibility to consolidate more branches in existing markets and open new, smaller ones in cities where it has no retail presence, CEO Andy Cecere said.
The Minneapolis bank is betting that it has the heft — and the brand recognition — to compete for deposits in states where its biggest rivals already dominate.
The Minneapolis company plans to expand to new retail markets through a digital platform, but it’s facing questions about how it will distinguish itself from peers.
