The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July.
Chief Executive Officer Charlie Scharf plans to name Bill Daley, the former White House chief of staff, to a senior post to improve relations with authorities in Washington, according to people with knowledge of the plan.
Top officials at Bank of America and Wells Fargo said that commercial loan demand is weak, even as U.S. consumers show strength. Their comments echo recent findings by the Federal Reserve.
CEO tells employees he wants them to be 'impatient' in fixing the bank’s woes; the new independent body would police banks’ compliance with AML regulations.
The new CEO is the first outsider to head the scandal-ridden bank in decades; Facebook CEO faces the House Financial Services Committee on Wednesday to discuss Libra.
The legislation, sponsored by Rep. Cindy Axne of Iowa, aims to hold public companies accountable for moving jobs overseas. It won unanimous support from House Democrats but attracted only two votes from Republicans.
While demand is strong and loan performance generally remains solid, the prevalence of longer loan terms has sparked concern that losses will eventually spike.
They’ve long used their marketing muscle to wrest deposit share from smaller competitors. Now, amid growing concerns that the economy is weakening, they could be benefiting from consumers’ flight to safety.
