Citigroup CEO Jane Fraser is facing mounting pressure to turn around the struggling global bank. After announcing a corporate overhaul in September, Fraser warned that layoffs would be part of the restructuring. The talks of job cuts, which could amount to at least 10% of the workforce in several major businesses, have caused anxiety among…
Customers at several major banks, including Bank of America, Chase, Truist, U.S. Bank, and Wells Fargo, experienced direct deposit delays due to an industry-wide processing issue on Friday. The outages were reported by banking customers, although the exact nature of the complaints was not specified. However, according to Downdetector, there was a surge of reported…
JPMorgan Chase CEO Jamie Dimon Plans to Sell Stock in Bank for First Time in Nearly 20 Years In a surprising move, JPMorgan Chase CEO Jamie Dimon has announced his intention to sell stock in the bank for the first time in almost two decades. The decision has put pressure on JPMorgan shares and the…
Major US Banks Report Strong Earnings in Q3 Despite Challenging Environment In a challenging macroeconomic environment and concerns about the health of the banking sector, the largest financial institutions in the US have all reported earnings beats for the third quarter. While some businesses did better than others, their stock prices have not yet reflected…
Job cuts are on the horizon for the largest American banks as they face pressure from various economic factors. Despite the economy’s resilience, lenders have been reducing headcount due to higher interest rates affecting the mortgage business, decreased Wall Street deal-making, and rising funding costs. Company filings reveal that the five largest U.S. banks have…
