Federal law requires banks to reimburse customers for unauthorized electronic transfers, but they often refuse, stranding victims.
“We deeply regret that this incident occurred,” Bank of America said in a statement about the episode on Jan. 7. “It never should have happened, and we have apologized to Mr. Coogler.”
Zelle, the payments platform used by millions of customers, is a popular target of scammers. But banks have been reluctant to make fraud victims whole — despite owning the system.
We don’t want to leave the world a worse place than we found it.
Investors took the strong jobs showing as a reason for the Federal Reserve to move quickly as it starts to raise interest rates this year.
Each household in the high-rise where 17 people died will get financial relief in the form of $2,250 in prepaid debit cards, Mayor Eric Adams said.
Cloud computing is slowly changing how Wall Street banks handle their business, but concerns with security remain.
In a shift in policy as Covid cases rise, the Wall Street firm urged U.S. employees who can work remotely to do so until Jan. 18.
Finance employees who couldn’t imagine working from home before the pandemic are now reluctant to return to the office. Their bosses can’t figure out how to bring them back.
Digital payments technology is forcing the financial system to evolve. Banks feel their power waning and want to regain control.
Fees from advising corporate clients on mergers and other deals raised bottom lines across Wall Street. Bankers say it’s a good sign for the recovery.
The big banks are expected to benefit from increased consumer spending when they report earnings this week. Where they go from here will depend greatly on lending to households and businesses.
The nation’s second-largest bank promoted several executives, although it’s unlikely that any of them will replace Brian Moynihan, the chief executive, anytime soon.
After the Delta variant disrupted plans to reopen after Labor Day, many businesses pushed their targets further out or left them open-ended.
Vice Chair Anne Finucane, one of the most powerful women in banking, will leave at the end of the year. So will its chief operating officer, Thomas K. Montag.
Banks are awash in deposits, and their customers are taking out fewer loans. So they have little choice but to buy up government debt, even if it means skimpy profits.
More low-wage employees want opportunities to grow. Big companies are making more promises to help them.
Soho House will begin trading. All eyes are on whether stock market investors will sign up.
Companies are sending surveys, offering cash rewards and requiring disclosures to find out how much of their work force is vaccinated.
Thomas K. Montag, the bank’s No. 2 executive, has long run its markets and corporate banking division with favoritism and an iron fist, employees say.
Beijing, which can’t afford to let its attack on civil liberties scare away global banks and financiers, is offering them a big tax break and other perks.
Lenders are struggling with a new Paycheck Protection Program rule intended to get more money to sole proprietors — and some banks are simply refusing to make the change.
Many employers are not making a decision until many workers are vaccinated. And some are making plans for “hybrid” work arrangements.
Big banks are sending mixed signals.
The president-elect’s allies have begun an ambitious fund-raising campaign for the celebration of his swearing-in. Big donors will get “virtual signed photos” — and a chance to generate good will.
Banks collected at least $13 billion in fees on Paycheck Protection Program loans, according to a New York Times analysis. But the largest lenders say costs wiped out most of what they took in.
A leak of thousands of “suspicious activity reports” that banks filed with regulators shows the widespread nature of illicit money flows.
A new generation of activists is trying to figure out where to concentrate its efforts. Residential desegregation is the final frontier.
The pandemic has given David Solomon a chance to try out a more open-minded approach in tune with the bank’s young work force.
Berkshire reported earnings of $26.4 billion in the second quarter, a turnaround from its $49.7 billion loss in the first quarter, when the pandemic caused a plunge in the stock market.
Banks have tightened standards, becoming more choosy about their borrowers and asking a lot of questions.
Black customers risk being racially profiled on everyday visits to bank branches. Under federal laws, there is little recourse as long as the banks ultimately complete their transactions.
The finance industry will return to its offices this month, but the landscape is likely to be altered for many months to come.
Accounts provided by the Federal Reserve and distributions handled by payroll processors are among the ideas floating around Capitol Hill.
Small-business owners are suing, claiming that applications for stimulus loans weren’t processed in the order they were received.
A $349 billion program to throw them a financial lifeline got off to a rocky start on Friday as the U.S. economy continued to seize up.
The clamor for corporate funding is raising concerns about a financial reckoning reminiscent of 2008.