The industry legend turned around a struggling Minneapolis company and even escaped a kidnapping to build the firm that is now the nation’s fifth-largest bank.
Ellison-Taylor, an expert in technology and finance and former chair of the American Institute of Certified Public Accountants, is the second Black woman and fourth person of color on the Minneapolis bank's board.
The Minneapolis company says the majority of branches earmarked for closing have already been shuttered for months due to the pandemic. Some of the savings will be plowed back into digital expansion.
The flood of liquidity that accompanied the pandemic recession isn’t likely to subside anytime soon. Banks will have to employ a mix of securities buying, hedging and other balance-sheet-management tricks to prop up margins longer than initially imagined.
Banks reported decent loan growth in the spring and early summer as businesses rushed to draw down credit lines and tap the Paycheck Protection Program. But demand has been muted since, and bankers can only guess when it will pick back up.
U.S. Bank and Regions revamped their apps with accessibility in mind; JPMorgan Chase built a branch for customers who are deaf. Such efforts can help banks appeal to more customers in existing markets.
The Minneapolis company, like other banks, moved its program for college students online because of the coronavirus pandemic. Here’s a look at what improved and what was lost.