Two days after saying it would no longer match 401(k) contributions for employees making over $250,000 annually, Wells Fargo said it would instead offer that benefit to its full staff, regardless of compensation.
Wells Fargo altered its compensation structure for 2021, with the bank removing retirement matching funds for employees making over $250,000 and raising pay and benefits for those at lower levels, spokesperson Beth Richek told Fastinform on Thursday.
Wells Fargo has terminated over 100 employees who it believes fraudulently collected coronavirus relief funds from the U.S. government, making it the second major bank to reveal such impropriety by its workers.
American Express has hired Colleen Taylor as president of its merchant services division in the U.S., a newly created role that manages the relationships with millions of merchants that accept the payment network's card.
Robinhood has added two chief compliance officers, poaching executives from Wells Fargo and Fidelity, to help the online trading platform navigate the rapid growth it’s seen through the pandemic.
Merrill Lynch released detailed statistics on the demographic makeup of its U.S. employees, saying that more than half of its new advisors qualify as “diverse,” in a bid to address broad public concerns about racial discrimination.
First Republic Bank’s investment management subsidiary revealed Thursday that it has nabbed Merrill Lynch veteran Phil Scott, who will bring along a crew of 11 as he assumes the role of managing director and wealth manager at the company’s Seattle-area office.
New York-based BlackRock will let its more than 16,000 global employees work remotely for the rest of the year, as companies continue to adjust to the changing work environment brought on by the COVID-19 pandemic.
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.
Wells Fargo said Tuesday that Mike Santomassimo will join as its new chief financial officer in the fall, succeeding John Shrewsberry, who will be retiring after more than two decades at the company.
Former JPMorgan Chase executive Michael Liersch was recruited by Wells Fargo to serve as the bank’s new head of advice and growth strategies in its private wealth management department.
Wells Fargo & Co. share prices continued to fall Thursday, more than a day after the company’s chief financial officer predicted higher reserves set aside for the second quarter and a sharp drop in interest income for the year.
Citigroup is seeing some corporate shuffling at the top, with the firm creating a new C-suite role, seeing its chief compliance officer retire and eliminating the top executive position at Citibank as of June 8.
Finance industry veteran John Lynch, who most recently served as LPL Financial’s chief investment strategist, has been tapped to be the new chief investment officer of Comerica Inc. and has joined the bank’s asset management group, the bank said Tuesday.