The Federal Reserve Bank of New York hosted a workshop Thursday with executives to discuss instilling ethical values in banking culture. "We can mandate a good culture, but that's not going to work," President William Dudley said.
The US residential real estate market made a bigger comeback last month than experts had expected. Contract closings for existing homes increased 3.2% compared with August, and the average price gained 5.6% compared with September 2015, according to the National Association of Realtors.
MetLife has decided not to use Snoopy, the canine character from the "Peanuts" comic strip, in its advertising any more. The company decided Snoopy won't fit MetLife's image after it spins off much of its life insurance business next year to focus on selling mostly to corporate customers.
The Consumer Financial Protection Bureau has suggested in a court filing that it intends to challenge a federal appeals court ruling that its structure is unconstitutional. The court's decision is "not likely to withstand further review," CFPB lawyers wrote in the filing, which was submitted in a lawsuit involving payment processor Intercept.
Seven percent of US households did not have checking or savings accounts last year, compared with 8.2% in 2011, the Federal Deposit Insurance Corp. said Thursday. The percentage of unbanked households that use prepaid cards increased to 27% last year, from 22% in 2013.
Bank of America is expanding its annual commitment to its Affordable Loan Solution mortgage program to $1 billion, from $500 million. The program allows low- and moderate-income borrowers to acquire mortgages with just 3% down.
Wells Fargo's board chairman has received a letter from Sens. Elizabeth Warren, D-Mass., and Robert Menendez, D-N.J., asking whether new CEO Timothy Sloan had knowledge of account abuses at the bank. "It is difficult to believe that [Mr. Sloan] had no knowledge of or bears no responsibility for the actions of thousands of Wells Fargo employees," the senators wrote.
FCB Chief Creative Officer Susan Credle never thought much about finding mentors, but she did become aware that she had fans who were helping her. "I have learned from people all around me -- sometimes more senior, often more junior, support staff, friends and especially family," she says.
Approximately one-third of investors casting say-on-pay votes went against 2016 compensation plans at Goldman Sachs Group and Citigroup. Deutsche Bank, Allianz and Schroders were in support last year, giving Goldman CEO Lloyd Blankfein $33.1 million, but they reversed their votes this year.
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