Burgess, chairman of FirstCapital Bank of Texas, succeeds Dorothy Savarese, of Cape Cod Five Cents Savings Bank in Massachusetts, as chairman of the American Bankers Association.
The embattled company has begun offering cash bonuses to certain customers who open accounts, but at least for now pricey deposit rates would not ensure that customers stick around, executives said Friday.
Wells Fargo took a surprise $1 billion charge in the quarter for previously disclosed pre-crisis, mortgage-related regulatory investigations. It contributed to a 19% fall in profits.
Total revenue rose less than 1% to $21.8 billion, but expenses declined 2.5% to $13.1 billion. That computed to the highest profit at Bank of America in six years.
Men really should take more paternity leave. B of A's Cathy Bessant talks about lessons learned, from Equifax and from career setbacks. And Wells Fargo's Diane Schumaker-Krieg reminds us all that one tenet of effective management is rest.
Rising losses and chargeoffs at JPMorgan Chase and Citigroup could be an indication of future trouble at other banks. Still, executives are bullish on cards and argue that the loss rates are logical consequences of rate hikes and attempts to expand card business.
Banks such as Citigroup, Regions and TD have decided they need to offer mobile customers truly customized experiences. They are experimenting with different ways of doing so that come across as helpful without being intrusive.
Consumers are looking for high-tech services, not just higher deposit rates, in deciding where to park their cash, a top JPMorgan executive said in discussing the company's explosive deposit growth in the third quarter — and whether it will continue.
