Bank of America, Charlotte, N.C., says it anticipates cutting 7,500 jobs as part of the acquisition of Countrywide Financial Corp., Calabasas, Calif. Final decisions on what groups and locations will be affected have not been made, but the bank said the reductions will take place over the next two years and will affect positions throughout the country. The companies can be found online at http://www.bankofamerica.com and http://www.countrywide.com.
Anthropic's head of banking told New York Banking Summit attendees that the future is agents that operate autonomously alongside employees.
The industry association said total multifamily mortgage debt alone increased by $23 billion, or 1% in Q1, representing a $2.32 trillion increase from Q4 2025.
Chair Travis Hill said SVB showed banks can't always sell securities fast enough to cover deposit outflows, but acknowledged the "stigma problem" with discount window borrowing remains unsolved.
The merger will bolster existing safeguards against AI threats, while providing a tool that should appeal to young homebuyers, leaders of the companies said.
At a conference in New York, Joseph Otting reflected on the difficult hiring decisions he made early in his tenure heading Flagstar Bank, which just two years ago was on the verge of collapse.
Economic uncertainty and higher rates in May contributed to the second decline in applications for new homes on an annual basis, reversing March gains
