Wells Fargo names new head of mortgage

– Wells Fargo & Co said on Thursday it has hired Flagstar Bank’s Kristy Fercho to run its mortgage division following the retirement of 23-year veteran Michael DeVito from the company. Fercho will oversee home lending operations of the largest mortgage lender in the United States during a time of uncertainty in the industry. She had run Flagstar’s mortgage business for the past three years. Wells Fargo has pared back some mortgage offerings and raised…

"Wells Fargo names new head of mortgage"

Wells Fargo pledges $400 million in support of small business after PPP payout

– Wells Fargo & Co will donate over $400 million toward helping small businesses recover from the coronavirus pandemic, giving away all proceeds from its participation in the Payroll Protection Program. At least $28 million is earmarked for non-profit community lenders catering to Black entrepreneurs, the bank said. “The hardest hit business in this are minority owned,” president of consumer banking Mary Mack said in an interview. “If we look at the communities we serve…

"Wells Fargo pledges $400 million in support of small business after PPP payout"

HSBC and Nokia drag European stocks lower amid virus worries

– HSBC and Nokia dragged European shares lower on Wednesday as a surge in coronavirus cases appeared to threaten a recovery in the global economy, while Britain’s plan to head off an unemployment crisis cushioned a fall in London’s domestically focused stocks. The pan-European STOXX 600 fell 0.7% with banks .SX7P, travel & leisure .SXTP and auto stocks .SXEP dragging. Limiting losses were gains in basic material stocks .SXPP and utilities .SX6P. The UK mid-caps…

"HSBC and Nokia drag European stocks lower amid virus worries"

Commerzbank board meets amid leadership void after top resignations

FRANKFURT – Commerzbank’s supervisory board is meeting on Wednesday primarily to discuss a leadership vacuum after the sudden dual resignation of the German lender’s chief executive and chairman, people with direct knowledge of the matter said. Germany’s No. 2 lender was thrust into turmoil on Friday when chief executive Martin Zielke and supervisory board chairman Stefan Schmittmann said they would step down to give the bank a fresh start. That followed a public campaign for…

"Commerzbank board meets amid leadership void after top resignations"

Deutsche Bank to pay $150 million penalty over Jeffrey Epstein, other compliance failures

NEW YORK – Deutsche Bank AG has agreed to pay $150 million in penalties to settle charges by a New York state regulator that the bank had “significant” compliance failures in its relationships with the late financier Jeffrey Epstein, Danske Bank Estonia and FBME Bank. The New York State Department of Financial Services said on Tuesday that the agreement marks the first regulatory enforcement action against a financial institution for dealings with Epstein, the registered…

"Deutsche Bank to pay $150 million penalty over Jeffrey Epstein, other compliance failures"

HSBC to cut 38% of global banking and markets jobs in France

PARIS – HSBC France seeks to cut 255 of 678 jobs in its French global banking and markets unit by end-2021 as part of a broader plan to reduce costs, a union said on its website. The bank last month resumed plans to cut around 35,000 jobs globally which were put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits. An HSBC spokeswoman in Paris…

"HSBC to cut 38% of global banking and markets jobs in France"

Deutsche Bank still evaluating Wirecard Bank support: CEO

FRANKFURT – Deutsche Bank’s chief executive said on Tuesday it was premature to say how the lender might aid the banking unit of collapsed payments service provider Wirecard. Germany’s largest bank said last week that it was working with financial watchdog BaFin and Wirecard’s insolvency administrator on possible support for Wirecard Bank. On Tuesday, Deutsche Bank CEO Christian Sewing said it was “too early to judge” how the bank may step in. “We all now…

"Deutsche Bank still evaluating Wirecard Bank support: CEO"

Deutsche Bank and Google agree multi-year, strategic partnership

FRANKFURT – Deutsche Bank said on Tuesday it has agreed a strategic, multi-year partnership with Google to give the German lender access to cloud services and drive innovation in technology-based financial products for clients. Earlier this year, Deutsche invited bids from Google, Microsoft , and Amazon to overhaul the bank’s outdated and fragmented technology networks. The deal is part of a 13 billion euro ($14.70 billion)technology investment Deutsche has planned up to 2022 as it…

"Deutsche Bank and Google agree multi-year, strategic partnership"

RBC commits C$150 million to diversity push, aims for more minority executives

TORONTO – Royal Bank of Canada is committing C$150 million ($111 million) to racial diversity initiatives and aims to increase the proportion of non-white executives to 30% from 20%, Canada’s biggest lender said on Monday. RBC joins Bank of America , which announced $1 billion to address racial inequality, and others including Alphabet Inc’s Google and Amazon.com Inc in committing funds for racial justice causes following the death of George Floyd, a Black man killed…

"RBC commits C$150 million to diversity push, aims for more minority executives"

Lloyds Bank CEO António Horta-Osório to step down in 2021

– Lloyds Banking Group Chief Executive António Horta-Osório will step down next year after spending a decade at the helm, the lender said on Monday as it appointed industry veteran Robin Budenberg as its new chairman. Horta-Osório said he would step down from Britain’s biggest domestic bank by June of next year and was leaving with “mixed emotions”. After joining in 2011, Horta-Osório led the turnaround at the bank in the aftermath of its government…

"Lloyds Bank CEO António Horta-Osório to step down in 2021"