Wells Fargo names Kristy Fercho as new Home Lending head

Wells Fargo, the largest home lender by volume in the U.S., said Thursday that it has named financial services veteran Kristy Fercho as the new head of its home lending division, where she will succeed the retiring Michael DeVito.

Banks’ declining interest revenue, asset quality will accelerate digitization: S&P Global

The global banking sector may see structural shifts that last beyond the COVID-19 pandemic, as declining revenues and asset quality push banks toward consolidation and digitization, according to S&P Global in a mid-year report released Thursday.

JPMorgan, Bank of America, Wells Fargo and Goldman Sachs join climate initiative

Four major U.S. banks partnered with a clean energy nonprofit for an initiative that would put the financial industry on track to lower carbon emissions to net-zero by 2050.

Wells Fargo launches $400M fund aimed at minority small-business owners with PPP fees

Wells Fargo said Thursday that it has launched a new $400 million fund that will be fed through the donation of its Paycheck Protection Program fees in order to help small businesses that have taken the brunt of the economic damage caused by the continuing COVID-19 pandemic.

Big banks absent from Fed’s Main Street lenders list

The Federal Reserve Bank of Boston on Wednesday released a state-by-state list of lenders that have registered for the Main Street Lending Program, revealing a selection of the banks that have chosen to participate in the mid-size business loan program.

US bank earnings could drop 69% in the second quarter, Goldman Sachs says

Earnings for the top seven U.S. banks are likely to plunge almost 70% year-over-year in the second quarter, with near-zero interest rates cutting deep into income, analysts from Goldman Sachs projected.

Wells Fargo abruptly stops taking on new student loan customers amid higher ed uncertainty

Wells Fargo will no longer take on new student loan customers, instead issuing loans only to people who currently have an outstanding balance on a previously issued student loan with the bank or who submitted an application before July 1.

PPP set for extension after House sends bill to Trump

Small businesses will have another five weeks to apply for emergency government-backed loans to help them stay afloat during a COVID-19 resurgence under a bill passed by the House of Representatives late Wednesday that will now go to President Donald Trump for his signature.

COVID-19 pandemic liquidity crunch for derivatives had roots in 2008 reform measures, ISDA says

A disruption in derivative market liquidity in March, showing a stark pullback in the risk appetite of banks as the pandemic set in, may have been exacerbated by reform measures implemented following the financial crisis in 2008, according to a new report from an industry group.

FINRA appoints former Bridgewater co-CEO Eileen Murray as chair

Former Bridgewater Associates co-CEO Eileen Murray will be the new chairwoman of the Financial Industry Regulatory Authority, putting one of the hedge fund industry’s top female executives in charge of a key Wall Street regulator, the group said Tuesday.

Wells Fargo alone among big banks to shrink dividend following stress test results

Wells Fargo confirmed Monday that it will be the only Big Four U.S. bank to reduce its planned third-quarter dividend, after the Federal Reserve released the results of its annual stress test and capped payouts to ensure institutional resilience amidst the economic downturn in a move that fell short of other central banks’ restrictions, leaving the door open for most planned shareholder returns — for now.

Netflix to move up to $100M to Black-owned banks

In an effort to help economically bolster Black communities, Netflix has pledged to allocate up to 2% of its cash holdings, or $100 million, to Black-owned financial institutions in the U.S., the video streaming giant said Tuesday.

Credit Suisse joins ICE ETF Hub as authorized participant

Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, said Monday that Credit Suisse is the latest financial firm to join its platform to support primary market activities for exchange traded funds.

Wells Fargo signs solar energy deal with Shell as part of climate pledge

Wells Fargo said Wednesday that it plans to buy 150,000 megawatt-hours of solar energy annually from Shell Energy as the U.S. bank makes progress toward self-imposed renewable energy goals.

Wells Fargo joins NYSE parent’s ETF platform

Intercontinental Exchange, the New York Stock Exchange’s parent company, said Wednesday that Wells Fargo has joined its ICE ETF Hub as an authorized participant, a key role that involves being part of the primary market for exchange traded funds.

Wells Fargo names new chief policy adviser

Wells Fargo is growing its in-house legal team, adding a new chief policy adviser to focus on the company’s corporate policy development and implementation as the bank continues to emerge from the legal issues created by its fake accounts scandal.

U.S. Bank names new president for Private Wealth Management

U.S. Bank has tapped veteran financial management executive Beth Lawlor, who most recently held a leadership post in UBS’ wealth management unit, to be the new president of its Private Wealth Management division, the bank said Thursday.

PNC promises $1B for social justice efforts

Following a similar commitment from Bank of America, Pittsburgh-based PNC Financial Services Group on Thursday said it would direct more than $1 billion toward efforts to invest in African American and low- and moderate-income communities, as protests against police brutality continued and companies prepared to recognize the 155-year anniversary of slavery’s end in the United States.

Proposed expansion of PPP prioritizes small business over large firms

A trio of federal lawmakers on Thursday unveiled plans to provide new COVID-19 relief funds to small businesses that were previously underserved by the federal lending program, while leaving out corporations that may have other options to stay afloat.

Wells Fargo names new CEO for wealth and investment management unit

Wells Fargo has named Barry Sommers as the new CEO of its wealth and investment management division, the California-based bank said Wednesday, rounding out the new Wells Fargo leadership team created in February because of corporate restructuring.

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