M&T Bank has redesigned its website based on customer feedback and increased use of mobile as a channel. "Customer behaviors and trends change, so we're just keeping in line with what they need," said Paris Roselli, senior vice president of digital banking.
Big fourth-quarter losses announced Thursday by Capital One Financial, Fifth Third Bancorp, KeyCorp, Huntington Bancshares and SunTrust Banks have many speculating that the smaller banks will soon look to merge. "If some of these guys are going to be weakened, they should be acquired. Regulators should really push the weak guys to do a deal," said Bert Ely, a banking industry consultant.
"Breakaway" brokers -- former full-service brokers who set up or joined registered investment adviser firms in 2008 -- helped Charles Schwab add $13 billion in assets last year. The increase was up 41% from 2007. About $5 billion of the new business came from Gurtin Fixed Income Management.
The Senate Finance Committee voted 18-5 Wednesday to approve the nomination of Timothy Geithner as Treasury secretary and send the nomination to the full Senate for consideration. By unanimous vote, the Senate today approved President Barack Obama's appointment of longtime securities regulator Mary Schapiro as chairwoman of the Securities and Exchange Commission. Pledging to take up the challenge of reinvigorating the agency, Ms. Schapiro told senators at her confirmation hearing that she would take the "handcuffs off" the SEC's enforcement division.
Treasury Secretary-designate Timothy Geithner said the Obama administration wants banks that get money under the Troubled Asset Relief Program to disclose their lending patterns on a quarterly basis. The administration would also require banks that receive "exceptional assistance" to limit dividend payments.