BankThink

Wells Fargo's Scharf apologizes for 'insensitive' comments on Black talent

09/23/20

Under fire for saying that the potential pool of talent is "limited," CEO Charlie Scharf issued a memo to employees Wednesday acknowledging that his words reflected his own "unconscious bias" and vowing to improve diversity in the bank's leadership.

[more]

JPMorgan to move $230 billion of assets to Germany under Brexit

09/23/20

JPMorgan Chase is moving about 200 billion euros ($230 billion) from the U.K. to Frankfurt as a result of Britain’s exit from the European Union, a shift that will make it one of the largest banks in Germany.

[more]

Sterling in N.Y. sheds nonperforming mortgage loans

09/23/20

The company also found a buyer for its portfolio of equipment finance loans as it tries to clean up credit and refocus on middle-market lending.

[more]

Citigroup vows to become ‘antiracist,’ review internal policies

09/23/20

Citigroup will spend $1 billion over the next three years on efforts to help close the racial wealth gap as it seeks to become an “antiracist institution.”

[more]

Social distancing pushes credit unions to get creative with communication

09/23/20

With staff scattered between working at home and in the office, management at many institutions has taken steps to revamp intranets and launch employee-only Facebook groups to keep their workforce connected.

[more]

People's United agrees to sell insurance unit

09/23/20

The Connecticut company will receive $120 million in cash from AssuredPartners for People's United Insurance Agency.

[more]

Wells Fargo CEO draws fire for 'limited' Black talent comment

09/23/20

Wells Fargo's top executive created a firestorm on social media over comments that the bank has had trouble meeting its diversity goals because there isn't enough minority talent.

[more]

Mnuchin, Powell report on loan programs; Scharf criticized on diversity goals

09/23/20

The two officials told a House panel that businesses need grants, not more loans; some Black employees take issue with Wells Fargo CEO’s assertion that minority talent pool isn’t deep enough.

[more]

The Best Credit Unions to Work For with assets from $200M - $500M

09/22/20

More than a dozen institutions made the ranking this year in this asset category range.

[more]

Banks criticized for requiring balloon payments on loans in forbearance

09/22/20

Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected customers.

[more]