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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.
June 22, 2020
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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.