The bank raised its return-on-equity goals, based mostly on cost cuts and its core trading business; the Fed did raise the rate it pays on bank reserves.
The changes will mean a bigger gap between the best and worst borrowers; the bank will require companies they take public to have a ‘diverse’ board member.
Fintechs want access to customers’ financial data, but banks are resisting, on security concerns; Deutsche Bank may cut bonus pool 20% after 14% drop last year.
Bank of America plans to pay its employees special bonuses for a third straight year after reporting record earnings in four of the past five quarters.
During a probe that grew out of the Wells Fargo scandal, the Charlotte-based bank has acknowledged instances of "potentially unauthorized" accounts, but said that the number of examples was "vanishingly small."
The rate on a 30-year fixed-rate mortgage dropped to 3.6%, a three-year low; Mary C. Erdoes, a top bank executive, allegedly pushed back against compliance department suggestions to jettison the controversial client.
Deutsche Bank employees in the U.S. received the lion's share of bonuses as the lender sought to retain top performers following cuts to the investment bank there.
The unit is under investigation by federal agencies for misrepresenting pricing; investment bankers are looking at a possible 15-20% drop in bonus money.
