#banking

Bank of America expands apprenticeship program with 1,000 new hires | Fox Business https://share.google/lCADGQtJ2JJue55jc

This is what they do- force out the high paying or tenured employees and bring in apprentices and pay them so much less

anyone else hear talk about us getting a call center for the debit card program?

Truist Financial Corporation is selling its near-prime auto loan portfolio for over $5 billion. This strategic move has resulted in the closure of its auto loan subsidiary's office in Arlington, Texas. More than 200 full-time employees at this location will be laid off as a consequence. The company is providing support to affected employees, including severance and job search assistance. This decision aligns with the new CEO's strategy to streamline operations and focus on core strengths.

Arlington, Texas

https://www.dallasnews.com/business/jobs/article/truist-auto-loan-exit-triggers-205-arlington-22434850.php

Just saying!
All major contracts have been renewed!
Bank of America is going to become Bank of India 🤡

Anyone know anything about what’s happening in wealth management? Seems like teams are being thinned out and not being replaced
this seems to be more for bank side and tech but I just found this page

The Office of the Comptroller of the Currency has begun a new series of layoffs. Federal employee union representatives confirmed the job cuts. Reduction-in-force notices were distributed to employees on Wednesday. The exact number of affected staff and their departments remain undisclosed. Previous staff reduction plans included a buyout offer.

Washington, D.C.

https://news.bloomberglaw.com/banking-law/national-bank-regulator-begins-new-round-of-layoffs-union-says

Bank of America's chief executive stated that artificial intelligence tools have generated $800 million in benefits. These AI solutions are helping the bank grow without increasing its workforce. This development aligns with a broader industry trend of leveraging technology for efficiency. Other financial institutions are also exploring similar AI applications. The bank is focused on using AI to enhance its operations and financial performance.

Charlotte, North Carolina

https://www.bizjournals.com/charlotte/news/2026/09/16/bank-of-america-ai-avoid-layoffs-brian-moynihan.html

Why hasn’t the bank posted support for the Blue Square Alliance recently? Did something change???

FIS Acquires AI-Native OpenCoreOS as Core Banking Consolidation Continues

Banking and payments technology group FIS has acquired OpenCoreOS, the AI-native core banking startup founded by former Zafin chief executive Al Karim Somji, only months after the company was publicly launched.

FIS told The Fintech Times the deal completed in March and that Somji has since joined the company as president of enterprise platforms. Financial terms were not disclosed.

The deal was not announced at the time, although Companies House records put the change of control on 18 March, when Fidelity National Information Services was registered as owning at least 75 per cent of OpenCoreOS UK’s shares and voting rights, as well as having the right to appoint or remove directors. Somji ceased to be a person with significant control on the same day. The board also changed, with all four existing directors stepping down and two new directors appointed.

Bigger core banking providers are increasingly buying newer technology rather than building it themselves, according to analysts, who expect more deals to follow.

Paul Schaus, founder and managing partner of banking consultancy CCG Catalyst, says: “It tells me the large providers have decided it is faster and cheaper to buy innovation than to build it.”

He cites Fiserv’s acquisition of Finxact, FIS’s purchase of Bond and SoFi’s acquisition of Technisys as earlier examples of established financial technology companies buying newer platforms.

On OpenCoreOS, Schaus says: “When a company that is young gets acquired, the buyer is not buying a business, because there was no business yet. FIS bought the technology direction, the team, and time.”

A fast move into FIS
OpenCoreOS was introduced in October 2025 as the “next chapter” in Somji’s work on banking technology, after a period in stealth. The company described OpenCoreOS as an AI-native core modernisation platform and said general availability was planned for the first quarter of 2026.

Somji had already stepped down as chief executive of Zafin after more than two decades leading the banking technology company, while staying on its board. He founded OpenCoreOS with former HSBC global CIO Steve Van Wyk, CTO Slavo Vojacek and chief AI and product officer Ricky Marcon.

At launch, the company said it was working with tier-one design partners. It also said the platform could run across several cloud providers at once, so an outage at one would not take a bank offline.

FIS already runs several core banking systems. It launched Modern Banking Platform in early 2020 as a cloud-native, component-based way for banks to upgrade their core in stages. Buying OpenCoreOS adds another newer-generation platform to that mix.

Schaus notes the timing: “Six years after launching it, FIS went out and bought an AI-native core.”

FIS gave no further detail on why the deal was not announced, whether OpenCoreOS remains a standalone product, how FIS is using the technology or whether any banks were live on the platform when the deal completed. It did confirm Somji’s move into the president of enterprise platforms role, and Schaus thinks that appointment says plenty about the deal.

https://www.barrons.com/articles/wells-fargo-cfo-bank-mergers-491878b5

On September 1, 2026, a proposed class action, Powlen v. TIAA-CREF Individual & Institutional Services, LLC and TIAA Trust, N.A., Case No. 1:26-cv-07494, was filed in the U.S. District Court for the Southern District of New York. The complaint challenges TIAA’s automatic Bank Deposit Sweep Program for certain IRA customers.

The complaint alleges that eligible uninvested cash was automatically swept into FDIC-insured bank deposit accounts while a higher-yielding money market fund option was available through TIAA’s platform. It further alleges that TIAA’s agreements promised that swept deposits would bear a “reasonable rate of interest,” but the rates credited to customers remained materially below short-term market benchmarks and TIAA’s own higher-yielding alternatives.
What Does the Complaint Allege?
According to the complaint, TIAA’s bank sweep rate changed only modestly while short-term interest rates rose substantially. For example, the complaint alleges that by June 2023 the Federal Funds Rate was 5.08% while the TIAA sweep rate was 1.00%. It also alleges that TIAA displayed materially higher rates for certain managed, overflow and money market options while keeping eligible customers in the lower-yield bank sweep program.

The complaint alleges that TIAA and its affiliates benefited economically from swept customer cash and that TIAA’s compensation structure created incentives to use sweep options that generated greater compensation. Customers allegedly received less interest than they would have received if TIAA had paid a reasonable rate or used available higher-yielding options.

https://www.cnbc.com/video/2026/09/09/wells-fargo-ceo-charlie-scharf-on-dealmaking-now-is-the-time-to-get-it-done.html

How can the bank trust an outsourced company with sensitive banking work under a consultant contract?

Db2, COBOL, CICS were offering stability but modernization to Cassandra and Order rewire is a complete flop show . Cassandra is the biggest headache I would say.
Look at the companies like JP Morgan , Bank of America and big banks where they are still using Mainframes .

Was this a Fiserv conversion? Just saw that there’s an issue with customers not being able to access their money until Tuesday.

https://www.cnbc.com/2026/08/23/wells-fargo-citigroup-deals-regional-banks.html

I left almost a year ago, but the anger stayed. Thinking about the years I gave them still makes me want to vomit.

At the outset there was a great footprint, a lot of good people, a seemingly strong set of businesses, solid client loyalty and an opportunity in the banking landscape.

What will the business school case studies say went wrong?

Does anybody outside of boomers even go there anymore?

Specialized industry groups-waste of
Money w AI

Is Wells Fargo going to start allowing customers to purchase cryptocurrency like Bitcoin and some sort of stable coin? If this is real when will this happen and how?

https://www.charlotteobserver.com/opinion/article316910881.html

Let's the badge wars begin.

Anyone know when the second GCC is scheduled to be operational? I believe it is in Hyderabad and fully owned by the bank. Indian news media had it a few months ago.

How do I cash out the six BNY stocks we were granted back in 2023?

I clicked transfer but was met with “your cash balance is $41.36. To make more cash available, you’ll need to place a trade”.
Total account value $1033.82

Explain to me like I’m clueless (because I’ve never done this), if I click place a trade, what do I select or click next?

I just want my money.

What happens next year or in two years? Will the bank eventually care a little less or still fire people for not complying?

https://www.jdsupra.com/legalnews/eeoc-sues-citizens-bank-for-disability-27163/

https://www.msn.com/en-us/money/other/bank-of-america-ends-back-to-back-remote-days-for-hybrid-staff/ss-AA2a63P6?ocid=msedgntp&pc=ACTS&cvid=6a7f22320f7f47b794912555dfdf4ad7&ei=26

The revised hybrid work policy, including the ban on consecutive remote days and the three-day in-office requirement, will be implemented across all Bank of America offices in the United States. The bank has not disclosed the number of employees who will be affected by this change.

Since we follow the lead set by the big banks, is this next for us?

“Bank of America changes up work-from-home policy for all hybrid employees.

Bank of America is enforcing a new post-COVID policy where hybrid-eligible employees are no longer allowed to work remotely on back-to-back days, the Charlotte-based financial giant confirmed Wednesday.

This means Bank of America employees will still have flexibility with three days in the office and two days working from home, but remote days cannot fall on consecutive days, such as Thursday and Friday or Monday and Tuesday.“

Fifth Third Bank is implementing further workforce reductions in the Detroit area following its acquisition of Comerica Bank. The bank recently informed the state of its intention to eliminate 234 positions at the former Comerica Operations Center in Auburn Hills. These latest layoffs are scheduled to take effect by September 11. This brings the total number of job cuts related to the merger to over 700 in Michigan. The specific reasons for these additional job cuts were not disclosed.

Detroit, Michigan

https://www.freep.com/story/money/business/2026/07/22/more-layoffs-michigan-53-comerica-merger/91013014007/

Under HK’s “leadership”, U.S. Bank has gotten so desperate as to schedule unsolicited client appointments on bankers’ schedules.
Unbeknownst to the banker, the client has not requested any appointment. The banker calls the client, thinking that he or she is an interested client seeking U.S. Banks services, and instead gets an earful, informing them that, in fact, they requested no such appointment and in some cases haven’t solicited U.S. Banks services in years.
Sometimes up to 4-5 appointments getting added to banker’s schedules, all of them undesired and unsolicited.
So the bank’s new approach is essentially spray and prey.
How much further a step is another account opening scandal from this type of conduct? GK must be so proud.

Citibank has recently eliminated 268 positions at its New York headquarters. This latest action is part of a broader, ongoing layoff initiative by the financial services firm. Year-to-date, the company has reduced its workforce by 881 employees in New York City. These cuts are attributed to aligning staffing with business needs, technological efficiencies, and transformation progress. The company previously announced plans to cut 20,000 employees by 2026.

New York, New York

https://www.thinkadvisor.com/2026/08/07/citi-cuts-268-jobs-at-ny-headquarters-part-of-ongoing-layoffs/

Who on the Operating Council, in your opinion, should our new CEO layoff first?

Its interesting, I walk into local branches and am greeted by smiling, seemingly happy bankers who just want to know how they can help me. How could Jon Q Public ever know that behind these smiles lies a corrupt, devious, and completely immoral leadership that is driving good employees away in droves?
Until Jon Q Public is impacted, it will not change.

And was on an approved leave of absence is that legal has anyone ever heard this happened before ?

Citibank has announced plans to lay off 59 employees in Hudson County. The company filed a WARN notice with the New Jersey Department of Labor and Workforce Development. These layoffs are scheduled to take effect on October 31. This follows several previous workforce reductions by Citibank in New Jersey this year. The affected jobs are primarily in corporate and regional office operations.

Hudson, New Jersey

https://www.northjersey.com/story/news/hudson/2026/08/05/citibank-layoffs-hudson-county-nj/91179071007/

https://www.msn.com/en-us/money/economy/wells-fargo-s-ceo-says-ai-will-erase-tens-of-thousands-of-jobs-here-s-why-he-s-still-not-worried-about-your-wallet/ar-AA29sDZU?ocid=msedgntp&pc=U531&cvid=6a7377c54a9f435dbe5a0f53d954433b&ei=42

I've been scanning other banks on this site, and it's discouraging. Everyone seems to be dealing with the same issues, from layoffs, to toxicity, to bad leadership. I want out, but I don't want to jump from one dumpster fire to another. Is there actually a better alternative out there, or is this just what the industry has become?

Looking to transition from Merrill to possible portfolio manager 1 position in the private bank. Does anyone know much about PB these days?

Lots of agents have been made, none of them good. Any1 know of any agents that are actually useful and have any benefit over what workbench does?

What is going on with Small Business Banking? The company has laid off a number of branch based Small Business Specialists and have begun hiring phone based Small Business Specialists along with more branch branch Small Business Specialists?