Regional and midsize banks, which continue to trail the biggest banks in digital engagement, could attract younger consumers by reaching out with more advice about financial basics, according to J.D. Power.
Submissions total about $17.8 billion in requested funding for the second round of the Paycheck Protection Program, with an average loan size of $81,000.
As the coronavirus outbreak starts to ebb in New York and pressure rises on the U.K. government to end London’s lockdown, the largest banks are grappling with how to adhere to social distancing rules.
The bank told customers that it wasn't accepting new applications for the rescue loans because it was trying to work through a backlog of requests already in its pipeline.
Inside Citigroup's headquarters in Manhattan, executives are trying to solve a problem bedeviling much of Wall Street: How to get employees up elevators.
New York City pensions are pushing to remove Lee Raymond, JPMorgan Chase's longest-serving director, from the bank's board because of his track record on climate change.
The bill, which includes $310 billion in new funding, is expected to pass the House on Thursday; Chase has no timeline for returning but plans to bring back employees to offices in stages.
Bank of America and U.S. Bancorp were also named in a lawsuit filed in Sunday in which the banks are accused of prioritizing large loans distributed through the Paycheck Protection Program in order to maximize fees.
Consumers and businesses put more money in the bank as the pandemic worsened. How long the funds remain will depend on how quickly the economy recovers.
