JPMorgan is reportedly overhauling branches acquired in the collapse of First Republic Bank. The country’s largest bank is planning to open several new branches, Reuters reported Monday (Dec. 11), going against a nationwide trend as consumers shift to digital banking. “Branches have been a winning strategy...
Mexico’s central bank has found that the country’s financial system remains resilient and stable despite the challenges posed by the complex global economic landscape. In a recent financial stability report, the Bank of Mexico (Banxico) highlighted the robust position of the country’s banking system, emphasizing its...
Wells Fargo will reportedly incur greater-than-expected expenses from severances tied to recent job cuts. The price tag for those layoffs could come to between $750 million and just shy of $1 billion for the banking giant’s fourth quarter, CEO Charlie Scharf said Tuesday (Dec. 5) at the Goldman Sachs U.S....
Toronto-Dominion Bank, Canada’s second-largest lender, has reportedly undertaken a restructuring plan that includes a 3% reduction in its workforce. The job cuts will be implemented through attrition as well as targeted reductions, with over 3,000 positions expected to be affected, Bloomberg reported Thursday (Nov. 30)....
The aggregate net income for the 4,614 Federal Deposit Insurance Corporation (FDIC)-insured institutions during the third quarter was $68.4 billion, representing a 3.4% decrease from the previous quarter. The decline in net income can be attributed to lower noninterest income and higher realized losses on...
In addition to interest rates and terms, many consumers value the speed with which money becomes available after they apply for a credit product. Reducing the time between application submission, approval and availability of funds when accessing credit products contributes to attracting new customers and...
J.P. Morgan says it is expanding its presence in the United Arab Emirates (UAE). The banking giant announced Monday (Nov. 27) that it will begin offering deposit-taking and payment processing to wholesale banking clients from the Abu Dhabi Global Market (ADGM). According to a news...
Lloyds’ digital refocusing has reportedly placed more than 2,500 jobs at risk. The British banking giant is planning to review thousands of middle management roles, the Financial Times (FT) reported Sunday (Nov. 26), citing a source familiar with the matter. The report also noted that Lloyds —...
Citigroup has begun the next phase of its previously announced organizational changes. “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model,” the...
