JPMorgan sets up ‘Trump War Room,’ top banker tells Davos
Wall Street giant JPMorgan has set up a “war room” for Donald Trump, one of its executives has revealed, as the 47th president returns to the White House and announces a flurry of new policies. The bank's head of wealth and wealth management, Mary Erdoes, said at the World Economic Forum in Davos, Switzerland, an […]
Pulaski Savings Bank fails, Millennium Bank assumes deposits – American Banker
Pulaski Savings Bank, a Chicago-based community bank with $49.5 million in assets, was shut down Friday by the Illinois Department of Financial and Professional Regulation. The Federal Deposit Insurance Corporation was appointed receiver, and all of the bank's $42.7 million in deposits were transferred to nearby Des Plaines Millennium Bank in Illinois. “Millennium Bank has […]
Truist's COO, who oversaw strategy revamp, to retire – American Banker
Trust Financial said Monday that its chief operating officer is stepping down and the bank will not be looking for a replacement. This is the latest step in a long-standing strategy review to simplify operations. Hugh S. “Bo” Cummins III, a longtime Trust executive who assumed the newly created role of chief operating officer in […]
Georgia banker Brandie Falice claims she was denied a promotion from PNC for being a black, single mom: lawsuit
An Atlanta-area woman has filed a lawsuit against PNC Bank, claiming she was denied a promotion because she is black and a single mother. According to the discrimination lawsuit filed by the employee, Brandi Farris, the regional manager who interviewed her offered a series of discrimination complaints about why she was not suitable for the […]
Goldman Sachs banker fired after having second child wins UK unfair dismissal case
A London employment tribunal has ruled that a Goldman Sachs banker who was fired by the Wall Street giant while on maternity leave was unfairly dismissed. John Reeves, Goldman's former vice president of compliance who is suing for $5 million in damages, said he was the victim of gender discrimination after being fired from the […]
Trump names billionaire banker Warren Stephens as envoy to Britain
President-elect Donald Trump has appointed billionaire investment banker Warren Stevens as special envoy to the United Kingdom. It's a prestigious post for Republican donors, whose contributions this year to a Trump-backed super PAC included $2 million. President Trump announced Monday evening in a post on his Truth social site that he would select Stevens to […]
Trump taps investment banker Warren Stephens for UK ambassador
President-elect Trump announced on Monday that investment banker Warren Stevens will become U.S. ambassador to the United Kingdom. “Warren has always dreamed of serving the United States full-time, and is thrilled to have the opportunity to serve as our top diplomat representing the United States to one of our most important and beloved allies.” ” […]
Citigroup slashes banker promotions in cost-cutting drive: report
Citigroup CEO Jane Fraser plans to cut the number of bankers receiving year-end promotions as the Scottish-born executive looks to cut costs, according to reports. The Financial Times reported on Tuesday that just 2,000 Citi employees could expect an early Christmas gift of a pay rise or senior title, down from 8,000 a year earlier. […]
How Amex's CEO is addressing borrower stress – American Banker
Susana Gonzalez/Bloomberg News update: This article includes commentary from Amex management and analysts. Signs of weakness in American Express' consumer base on Friday tempered an otherwise strong earnings report. “Organic spending hasn't been very strong,” Chief Executive Officer Steve Squery said on the credit card lender's earnings call. “If cardholders lose confidence, they will pull […]
Billionaire Banker Grows Singapore Lender Across Southeast Asia And Spruces Up Its Image – Forbes
UOB, one of the city-state's oldest lenders, has gained support among young people across the region by acquiring Citibank's consumer banking business and partnering with global superstar Taylor Swift. by Jonathan BurgosForbes staff aWee Yi Chong, an avid bonsai collector, has nine ornamental trees planted around his headquarters. United Overseas Bank (UOB) overlooks Singapore's Raffles […]