Tag:
retail banking
Latest Headlines
Latest Headlines
David Darnell's trial by fire at Bank of America
David Darnell has lived a lifetime in the last few months at Bank of America. In early September, CEO Brian Moynihan elevated him to co-chief operating officer in charge of all retail banking. He leapfrogged a few other executives, notably Sallie Krawcheck and Barbara Desoer, and instantly became
Bank of America shakes up retail and small business units
You've got to give newly appointed executives the leeway to make dramatic changes within their units, even if that contributes to a perception of constant change and chaos.
So it goes at Bank of America, where newly appointed co-COO David Darnell has moved to put his stamp on the retail bankin
Bank of America stock swoons, high-frequency traders take note
Bank of America has been roundly abused by Mr. Market as of late. While a lot of financial stocks have suffered, the bank seems to have been singled out for outright torture. The stock is down roughly 35 percent in August. It's down roughly 54 percent from an intraday annual high set in January.
Bank of America CEO Moynihan faces tough challenges
So how far will Brian Moynihan go to undo the legacy of his tainted predecessor, Ken Lewis, who left the bank on the brink of ruin for Moynihan to rebuild? The CEO of Bank of America faces an array of challenges that presents the opportunity to do something dramatic.
The recent U.S. downgrade
Brian Moynihan supports fiduciary standard for brokers
You have to wonder how this went over at Merrill Lynch: Brian Moynihan, CEO of Bank of America, has come out in favor of a fiduciary standard for brokers as well as registered investment advisors. Looking out for brokerage customers "is not something foreign to us," and the fiduciary business mode
Citi to expand in Japan
You can be forgiving if you thought Citigroup ( C ) was paring back in Japan. It had a string of high-profile compliance lapses there. And it has been selling assets. In October, it sold Nikko Cordial Securities and parts of its investment banking unit to Sumitomo Mitsui Banking Corp for $8.7 bi
More on Citi's retail strategy
Is this the beginning of the end for Citi as a national retail power? You certainly can't fault it for wanting to scale back in areas where it has a small presence, such as Boston, Philadelphia and Texas, and beef up in markets where it's a legitimate retail power, such as New York, Washington, Mi
Citigroup to make retail push?
The conventional wisdom continues to be that conservative, deposit-taking businesses are in vogue. For Citigroup, you have to wonder if the board will focus on building a truly national retail banking brand. All this makes sense--what else is there to build on? Unfortunately, according to recent a
The new Glass Steagall?
Should we once again embrace the Glass Steagall concept of separation of commercial and investment banking. It would seem to be an ill-timed proposal given that investment banking super powers Goldman Sachs and Morgan Stanley have converted to commercial banks and big commercial bank Bank of Ameri
Morgan Stanley cuts jobs, plans retail bank launch
In addition to the 10 percent job excision earlier this year, Morgan Stanley intends to cut another 10 percent across is institutional securities business and almost 10 percent in its asset management business. This is hardly surprising. But the company is not in slash-mode across the entire compa
