The overhaul calls for massive job cuts but leaves interim CEO Noel Quinn’s permanent role in limbo; the program would throw out most of Trump’s Dodd-Frank rollbacks.
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 Wall Street bank aims to double consumer deposits and triple outstanding consumer loans in five years. A checking account is slated for 2021, and more cobranded credit cards could be coming.
The country’s banks plan to raise overdraft rates to 40%, which has regulator watching; starting this year pay increases won’t be retroactive to Jan. 1.
The move by the European bank regulator is a policy shift as profitability at the region's banks continues to suffer from negative rates; the German bank paid $1.1 million to win business from a senior Saudi royal.
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.
Ally and other direct banks continue to report strong deposit growth even as they slash the rates they pay to depositors. The trend suggests that the online-only approach has more staying power than its detractors believed.
The Massachusetts senator and presidential contender sent a letter to eight of the biggest U.S. banks asking about how they assess climate-related risks to assets and how they plan to mitigate social and economic fallout.
