A number of top Wells executives privately expect it won’t be able to escape the limit on assets until late next year at the earliest, while key Fed officials see the process dragging into 2022 or beyond, according to people familiar with their thinking.
Some lenders are poring over commercial portfolios more frequently than normal — perhaps as often as once a month — to uncover problems hidden by payment deferrals and government stimulus before it's too late.
Montecito Bank in California began streamlining originations after a natural disaster decimated its community in 2018. The move paid off when the COVID-19 crisis hit and the bank had to quickly step up efforts to help clients.
Brooklyn-based federal prosecutors will staff a new task force to investigate and charge corporations and individuals who use the U.S. banking system to launder money, setting up a bigger role in white-collar cases that have historically been dominated by their Manhattan counterparts.
Citigroup appointed Elissar Farah Antonios as the first woman to run its Middle East and North Africa operations, among the U.S. bank’s fastest-growing businesses in emerging markets.
Brian Hamilton, CEO of the challenger bank One, says some have as their spending has slowed during months of economic lockdown. And the rest can be coached to make smarter choices, he argues.
The bank is considering moving part of its asset management unit to Florida in a cost-cutting move; the company says “buy now, pay later” installment loans are too risky for consumers.
