Savings institutions are aggressively cutting staff and shortening hours to be more competitive. As a result they have become more efficient than commercial banks.
More than half of U.S. counties lost access to bank branches between 2012 and 2017, with rural counties that have less educated and minority residents especially hurt, the central bank said.
The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July.
The bank is open to adding branches in cities where it has a high population of cardholders and where its largest co-brand card partners are based, Anand Selva, head of the lender's U.S. consumer unit, said.
The Los Angeles bank is taking its wealth management and entertainment financing businesses to Miami and Long Island as part of its effort to expand nationally.
