Michael Corbat won praise for turning the page on the financial crisis and for advancing gender equity in the workplace. But after eight years at the helm, he has failed to deliver the returns that investors have come to expect of Wall Street banks.
Robotic process automation is normally the province of large banks, but Extraco Banks in Texas and Carter Bank in Virginia are training bots to perform repetitive, mind-numbing tasks.
The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items.
A trio of small credit unions designated as minority depository institutions have been matched with larger institutions to improve outreach to low-income and underserved consumers.
Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.
At a time when some Americans are being tempted to pour their savings into risky investments, the son of a Wall Street veteran is encouraging them to set aside more money.
A report from the derivatives agency says climate change poses “profound risks to the financial system;” the bank dismissed several people for improperly applying for Economic Injury Disaster Loans.
