U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.
The U.S. Federal Reserve has corrected stress test results for five of the country’s largest banks after discovering an error in projected trading losses, decreasing the capital requirements for Goldman Sachs and Morgan Stanley as a result.
Democrats in the House and Senate banking committees unveiled legislation on Wednesday that would make unprecedented changes to the mission of the U.S. Federal Reserve, creating a mandate to reduce racial disparity across the economy.
HSBC said it is planning to double the number of Black employees in senior roles by the end of 2025, marking the latest financial firm to set hiring targets for the under-represented demographic group amid rising global concern over racial injustices.
Barclays is launching a digital adviser that will manage funds for customers who invest as little as GBP 5,000 ($6,280), a move the bank said Tuesday gives less-affluent clients access to services that were previously only available to the wealthy.
HSBC has introduced the ability for some clients to contact their customer service in a fashion akin to texting as the continued impact of the COVID-19 pandemic leads banks to embrace new ways of communicating with their clients with many retail branches closed and phone lines tied up.