About 70% of Bank of America's customers are now “digitally active” and 17 million people use Erica, its virtual assistant. David Tyrie, who was recently promoted to head of digital, would like to get that rate up to 100%.
Wells Fargo cut its chief executive's compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008.
Stephen Steinour, the head of Huntington Bancshares, approached TCF Financial about a merger three days after the latter's CEO abruptly retired. An agreement was sealed in about six weeks.
MoneyLion, a mobile banking, lending and investment platform, is in talks to go public through a merger with Fusion Acquisition, a blank-check company, according to people with knowledge of the matter.
Catherine Galicia formerly led the Consumer Financial Protection Bureau's legislative affairs division, and has extensive experience in banking and on Capitol Hill.
Laws like the Home Mortgage Disclosure Act require banks to report detailed demographics of borrowers to ensure fair lending practices. If banks are serious about promoting diversity, then they should commit to revealing similar details about their own employees.
