Women in Banking rolls on, new CEO for Wells, GSE reform: Top stories of the week

October 4, 2019 1:25 PM

The Unsinkable Cathy Bessant

She turned around troubled business units, rebounded after a demotion and beat cancer. Now Bank of America's chief operations and technology officer is taking on her biggest challenge yet: ensuring AI is used responsibly.

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Does it really matter where Wells Fargo's CEO is based?

Charles Scharf, then the chief executive officer of Visa, speaks during the Institute of International Finance G-20 Conference in Shanghai, China.

Charles Scharf, chief executive officer of Visa Inc., speaks during the Institute of International Finance G-20 Conference in Shanghai, China, on Friday, Feb. 26, 2016. The conference runs through Feb. 26. Photographer: Qilai Shen/Bloomberg *** Local Caption *** Charles Scharf

Qilai Shen/Bloomberg

Incoming CEO Charles Scharf will remain in New York even though the bank's headquarters is in San Francisco. His hiring underscores the diminished importance of geographical proximity for executives at large banks.

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Fannie, Freddie will retain $45B in capital in first step toward privatization

The move to alter the government's preferred stock purchase agreements is the first major one under FHFA Director Mark Calabria's tenure to wind down the conservatorship of the government-sponsored enterprises.

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20 newbies are in the Most Powerful Women ranking for 2019

Nearly a third of the women in the annual ranking are new additions, the largest amount in years. Here's an overview of the changes. Plus, Citi's Corbat on its bold gender equity move, and Wells Fargo's less bold CEO decision.

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From rising star to center stage: JPMorgan Chase's Thasunda Duckett

When she was growing up, Thasunda Duckett's family used crates as furniture and struggled to buy groceries. Now she's become one of JPMorgan Chase's most visible executives, using the lessons of her past to help guide the company's massive branch expansion.

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Lifetime achievement: Citibank's Barbara Desoer

In a long and storied career, Barbara Desoer has helped shape two of the largest banks in the country, Bank of America and Citibank. The most striking detail? Her biggest role came after she "retired."

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Suddenly CEO: Thomas Gibbons praised as right choice at BNY Mellon (for now)

Bank of New York Mellon's quick decision to elevate the longtime executive to succeed Charles Scharf on an interim basis was well received. Will the board keep him, or search for an outsider for the long term?

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Dear banker: It ain't easy being a regulator

The seal of the Office of the Comptroller of the Currency (OCC) is displayed outside the organization's headquarters in Washington, D.C., U.S., on Wednesday, March 20, 2019. The OCC this week fined Citibank $25 million for failing to offer some existing customers lower interest rates on mortgages or closing cost discounts that they were entitled to under a program for borrowers with a relationship with the bank. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Banks need to understand that examiners' job is to call it like they see it.

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Lifetime achievement: LeeAnne Linderman's nonstop advocacy for women in banking

Linderman helped build Zions Bank into a retail force and shaped the multistate retail strategy of its parent company, but she will best be remembered for opening countless doors for women and minorities.

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No shortage of challenges facing Wells Fargo's new CEO

Charles Scharf's most immediate priorities will be mending fences with regulators and getting the bank out from under a Fed-imposed asset cap. But he also must come up with strategies for spurring revenue growth and reining in expenses.

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