Wells Fargo, the U.S. banking industry’s largest employer, became the first major lender in the nation to resume job cuts after a number of top firms said they would try to offer workers stability during the Covid-19 pandemic.
Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.
Mooney was the first woman to lead a top-20 U.S.-based bank. Gorman, the Cleveland company's vice chairman and president of banking, will replace her on May 1.
Christopher Maher is kicking the tires on an "acquisition of size" that would propel the New Jersey bank across the $10 billion-asset mark.