The deal, which could be announced Monday, would push the TurboTax maker into consumer finance; the bank would follow U.S. rival Goldman Sachs into the British market.
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's announcement that it will slash about 35,000 staff and take $7.3 billion of charges prompted its stock to tumble and renewed questions about the bank's direction and lack of a permanent CEO.
Black-owned OneUnited is getting grief for its depiction of the abolitionist on a debit card; the bank plans $4.5 billion in cost cuts, with 35,000 jobs cut.
The bank’s top shareholders want the chairman to quit if he won’t support the CEO; HSBC expected to go forward with job cuts while searching for permanent boss.
With mobile banking on the rise, New York City is joining a trend that's already sweeping the rest of the country. Fewer bank branches. Smaller bank branches.
The central bank gave the seven banks passing grades on their stress tests but said that they will need to start holding more high-quality capital to guard against a potential economic downturn.
