Bank layoffs, Navy Federal news: Most-read stories of 2023
In this year’s roundup of top banking news for 2023: Navy Federal Credit Union joins the RTP network amid ongoing military contract woes, major banks across the U.S. announce staff cuts, regulators shutter Signature Bank and more.
Louisiana credit unions to merge into a $1 billion-asset institution
The combination of OnPath Federal Credit Union and Louisiana Federal Credit Union is the biggest credit union merger in the state’s history.
Citi wealth exec to depart in latest exit from unit
The change comes over massive overhaul as the mega bank seeks to build divison under Sieg.
TD shifts Wiggan to wealth unit as Rhodes exit spurs shakeup
Wiggan is taking the place of Ray Chun, who will run the Canadian personal banking division.
Goldman trader who was paid $100 million since 2020 to step down
Within the bank, Ed Emerson, , who leads the commodities-trading business, is known as a vocal critic of CEO David Solomon’s leadership.
FOMC preview: Market expecting too much
The Federal Open Market Committee’s Summary of Economic Projections probably won’t offer the 130 basis points of cuts next year that the market expects.
AI in financial services will require robust, transparent regulation
Integrating artificial intelligence into the world of banking and finance must be a cooperative effort between the industry and regulators. It’s important that the discussions start now.
Regulatory pressures to merge intensify at larger banks
Proposed capital rules aimed at bigger institutions will force regional and larger community banks to consider ways to grow or seek an exit strategy, bankers and analysts predict.
How banks can boost customer savings
Mobile banking features that encourage customers to set savings goals can supercharge customer loyalty and attract new primary banking customers. A renewed focus on consumer savings may also help banks offset the decline in deposits reported at many banks in 2023.
Discover picks TD Bank executive as its new CEO
Michael Rhodes, who has spent the last dozen years in various executive roles at TD Bank Group, will become president and CEO of Discover Financial Services. The move comes four months after the unexpected departure of Discover’s longtime CEO Roger Hochschild.