Allissa Kline

The megabank rolled out new and expanded employee diversity targets that it aims to meet by 2025. The goals include placing more Hispanics in leadership roles and boosting the number of LGBTQ+ members the company hires from colleges and universities.

In a quarter filled with economic and geopolitical uncertainty, the New York investment firm’s digital consumer bank achieved record-high revenues. Executives have said they plan to drive up revenues in that segment to $4 billion by 2024.

JPMorgan Chase, Bank of America, Goldman Sachs and Wells Fargo joined Citigroup in pledging to expand benefits to cover travel for out-of-state abortions. Smaller banks in blue states were more vocal, with one female CEO saying: “I stand in disbelief.”

David Miree will become global head of diversity, equity and inclusion for the New York megabank. He will succeed Brian Lamb, who will move into a new role in the firm’s commercial banking business.

Across the country, banks of all sizes are investing in the wealth business as a way to deepen customer relationships, capture recurring revenues and tap into a massive transfer of wealth from baby boomers to Generation X and millennials. A lot of money is up for grabs, but maybe not enough to go around.

Deland Kamanga, the company's head of global markets, has been tapped to lead a unit with operations in both Canada and the U.S.

The four largest U.S. banks face investor pressure to deliver the returns of smaller rivals, but they complain that the federal deposit cap and capital rules make that difficult. So they're pouring money into wealth management, payments and digital banking to seize more market share in existing businesses and fend off nonbank challengers.

The efforts to bolster risk controls and simplify global operations will ultimately lead to better shareholder returns, Jane Fraser said, while urging investors to show patience.

The London-based banking giant announced a plan this week to exit the mass-market U.S. retail business and focus on managing the wealth of affluent globe-trotters. But other international banks will provide stiff competition.

In a pandemic-scarred year, boards and compensation committees at 60 large and regional banks relied less on the normal performance metrics and more on qualitative criteria to determine bonus payments.

Joe Skarda, who was previously managing director of JPMorgan Chase’s U.S. wealth management central division, will oversee a unit that houses Key’s private bank, family wealth and mass affluent business segments.

The largest banks have cut compensation or held it steady for their top executives. Many regionals, though not all, are expected to make similar decisions as boards balance the desire to reward strong leadership during the pandemic with lackluster financial performance and public relations concerns.

The CEO of Chase Consumer Banking and a member of JPMorgan’s leadership team, Thasunda Brown Duckett has been tapped to replace Roger Ferguson as CEO of the retirement services provider.

Scott Ford is the new president of the 1,400-employeee wealth management unit that caters to affluent clientele of the Minneapolis company.

With COVID-19 cases soaring, a growing number of banks, including JPMorgan Chase, U.S. Bancorp and Capital One, have pushed back target dates for bringing employees back to offices. Some are even allowing them to work from home indefinitely.

The company has been experimenting with ways to recruit more women and minorities, including a program to hire professionals who had left banking.

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies to better gauge which changes in consumer behavior will stick.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

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?