In a long and storied career, Barbara Desoer has helped shape two of the largest banks in the country, Bank of America and Citibank. The most striking detail? Her biggest role came after she 'retired.'
Charlie Scharf’s most immediate priorities will be mending fences with regulators and getting the bank out from under a Fed-imposed asset cap. But he also must come up with strategies for spurring revenue growth and reining in expenses.
Citigroup has set measurable goals for increasing representation of women and U.S. minorities in senior, higher-paying roles and CEO Michael Corbat is urging other financial firms to follow suit.
Asset Recovery Associates told borrowers that it could sue them, garnish their wages and place liens against their homes, according to a consent order by the consumer bureau.
Analysts and big investors say they cannot advocate buying more shares until the bank installs a leader with the authority to lay out a plan for the future. However, speculation about potential candidates has quieted.
A senior official at the European Central Bank warned that banks embracing external data storage and other digital technology need to face the reality that those systems are inviting targets for hackers.
With women and minorities holding less than 25% of top positions at the eight largest U.S. banks, House Financial Services Committee Chairwoman Maxine Waters and other Democrats called on banks to improve their recruiting efforts and invest in programs aimed at building pipelines of diverse talent.
Other executives are being considered, too, but the list is dwindling as JPMorgan’s Gordon Smith and other big names are said to be out of the running. Meanwhile, senior Wells executives have pushed to keep interim CEO Allen Parker.
