Even more so than activist investors, customers and a new generation of employees are driving banks to back environmental, social and governance reforms, executives said during a Women in Banking roundtable hosted by American Banker.
Morgan Stanley’s $7 billion purchase of Eaton Vance marks the latest wager that finding a big partner is critical to survival in the asset management industry.
Digital money will have to coexist with cash and other forms of tender, according to a report by the Bank of International Settlements, the Federal Reserve and other institutions.
Banks need to be inclusive at the highest levels, and men in the C-suite need to play an active role in that transformation, says Operation HOPE’s John Hope Bryant.
Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.
The industry can gain lifelong members in this demographic by validating their financial concerns as the economy struggles and offering guidance without judgment.
Goldman Sachs Group is starting a group focused on investment opportunities in clean energy, waste and other sustainability industries, joining several major banks in making climate commitments in recent weeks.
The $7 billion deal follows just days after the Wall Street bank closed on its acquisition of E*Trade; the bonus rate on deposits is tied to how much customers spend on their debit cards.
