The central bank will prolong the life of the Commercial Paper Funding Facility and three other programs while returning congressionally approved funds for five separate facilities that will shut down Dec. 31.
As she prepares to take over in February, Fraser says she is planning to invest in some of the bank's largest businesses, including its sprawling custody network and its burgeoning wealth management effort.
S&P Global has agreed to buy IHS Markit for about $39 billion in stock, a deal that accelerates the wave of consolidation among the finance industry's biggest data providers.
The finance unit wants to accept deposits to support its auto lending business; but the U.K. bank is not considering a full exodus from the U.S., where it wants to grow wealth management.
Some workers have thrived while working remotely but others miss the social interaction of an office, and the recent surge in coronavirus diagnoses means employers will be facing these challenges well into next year.
HSBC's management is looking at a complete withdrawal from its retail operations in the U.S., although a full exit from other businesses in the country is unlikely, according to a person familiar with the matter.
From the industry's extraordinary response to the coronavirus outbreak to Citigroup promoting Jane Fraser to CEO, these are some of the storylines that defined banking in 2020. First in a two-part series.
Community banks that were pushed past key asset limits by the Paycheck Protection Program say they will be unable to shrink their balance sheets back to normal size by the 2022 deadline, especially if there is a new round of rescue aid.
The 5-year-old company, which recently raised $131 million, says its strong growth reflects the timeliness of its mission: helping consumers who live paycheck to paycheck build wealth.
