Edition:
United States

Imani Moise

MOVES-Citigroup promotes Stephen Randall to global head of liquidity management

Jul 30 2020

July 30 Citigroup Inc said on Thursday it promoted Stephen Randall to lead liquidity management services globally, putting the 24-year company veteran in charge of managing more than half of the mega-bank's deposit base.

Predominately black congressional districts got fewer PPP loans: study

Jul 30 2020

Congressional districts with the highest black populations received up to $13 billion dollars less in Paycheck Protection Program (PPP) funding than districts with the lowest percent of black residents, a new study shows.

Wells Fargo appoints CFO as part of leadership shakeup

Jul 21 2020

Wells Fargo & Co said on Tuesday Mike Santomassimo would replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm.

As big U.S. banks let customers delay payments, loan losses remain unclear

Jul 17 2020

NEW YORK Major U.S. bank executives this week said they extended forbearance programs to millions of credit card, auto loan and mortgage customers who were financially hard hit by the coronavirus pandemic.

Bored bank customers flock to day-trading platforms during pandemic

Jul 17 2020

Retail investing is having a moment. Major U.S. brokerages that reported quarterly results this week cheered the self-directed day trading happening on their platforms as individuals with a bit of extra money and time on their hands during the coronavirus pandemic have been engaging more in markets.

Bank of America profit slumps as heavy loan losses loom

Jul 16 2020

Bank of America Corp saw its profit more than halve in the second quarter as it set aside $5 billion to cover potential loan losses, while warning that it would struggle as long as interest rates stayed low.

In New York's Harlem, small businesses reel from coronavirus toll on Black communities

Jul 14 2020

NEW YORK Sylvia's, a soul food restaurant on Malcolm X Boulevard in Harlem, New York, saw a welcome bump in donations and revenue from new customers in early June following calls to "buy Black" after the death of George Floyd. | Video

Wells Fargo will cut costs further after first loss since 2008

Jul 14 2020

Wells Fargo & Co will launch a broad cost-cutting initiative this year, executives said on Tuesday, as the bank braces for massive loan losses caused by the coronavirus pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

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