U.S. Bancorp

Diversity chiefs gain prominence as banks confront racial inequality


Institutions large and small are either creating new positions or elevating existing diversity heads to C-suite roles. Will the moves help banks improve equality within their ranks and better serve their communities?


U.S. Bancorp elevates role of chief diversity officer


Highlighting its commitment to hiring and promoting more minorities, the company has promoted Greg Cunningham to senior vice president and appointed him to CEO Andy Cecere’s leadership team.


Wells takes back chunk of bad loans, CFPB probes Quicken unit, Truist’s cost-cutting: Top stories of the week


Wells Fargo buys $14B of delinquent mortgages tied to pandemic; CFPB launches investigation of Quicken Loans real estate affiliate Rocket Homes Real Estate; Truist accelerates cost-cutting plans; and more from this week’s most-read stories.


U.S. Bancorp mulls more branch closings as customers flock to digital channels


The Minneapolis company said 75% transactions have been handled online since the pandemic hit.


Outsourcing PPP, stress-test fallout, SCOTUS’ CFPB ruling: Top stories of the week


As PPP enters forgiveness phase, some banks see outsourcing as best move; after the Fed’s stress tests, Wells Fargo to cut dividend while other big banks boost capital buffer; Supreme Court strikes down CFPB leadership structure; and more from this week’s most-read stories.


U.S. Bancorp reshuffles corporate and commercial leadership


The company announced a slate of changes on Monday that includes the creation of a new position overseeing strategy for corporate and commercial banking.


PNC pledges $1 billion to fight racism


The Pittsburgh-based company said the funds will be used to support community development, minority-owned businesses and charitable organizations that work to promote social justice.


Big banks cling to branch expansion plans despite coronavirus shock


Executives argue the rollouts will largely focus on new markets and work in tandem with digital banking efforts.


How long will banks have to keep padding loan-loss reserves?


Lenders are cautioning not only that second-quarter provisions might exceed the spike seen earlier this year, but also that credit costs could be elevated into 2021 if the economic slowdown drags on or fears of a second coronavirus wave are borne out.


U.S. Bancorp pledges $116 million to address racial inequality


As part of its commitment, the Minneapolis company said it will provide $100 million in capital to African American owned and operated businesses and organizations.