The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.

New American Funding's Patty Arvielo found hiring initiatives can help match lending with demographics but says hurdles to recruiting in general are high now.

Meaningful progress on DEI initiatives has a real effect on the workforce. We examine the dynamics that drive this conclusion and what it means for companies.

Two separate programs providing as much as $10,000 in assistance are open to eligible borrowers in the Philadelphia area.

A lawsuit accuses the group of trespassing, damaging office space and taking digital and physical property from their former employer after their departure.

The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.

Offices impacted are located in Chicago, Cincinnati and Kansas City, a company representative said Wednesday.

BofA's fintech accelerator launch and Guaranteed Rate's new insurance offering via a brokerage spinoff are among the latest fintech stories.

The company is rolling out a special-purpose credit program to help address what it describes as "the biggest barriers to achieving homeownership." Such programs are gaining popularity among banks.

The Department of Housing and Urban Development is reviewing HSBC's lending practices in certain majority Black and Hispanic neighborhoods, the bank disclosed. The regions under scrutiny include New York, Seattle and several parts of California, according to the nonprofit organization whose complaint prompted the investigation.

Figure Technologies laid off 90 employees this week, or about 20% of its staff, while it's also interviewing bankers in advance of a planned initial public offering for its lending business next year, according to documents reviewed by Bloomberg.

Eligible customers would receive a credit of up to $5,000 that can be put toward expenses like closing costs, or used to secure a lower interest rate. It's the latest example of a bank launching a program aimed at extending credit to minority borrowers.

Nevada also approved similar legislation in June, with permanent policies now in place in over half of all U.S. states.

Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.

Black Americans experienced denial rates of 16.4% in 2022, up from 15.7% the year before, the Federal Financial Institutions Examination Council said last week.

Wells Fargo directed its bilingual team to steer customers away from products with no closing costs toward "predatory lending options" without disclosing the costs, in part by refusing to provide Spanish-language written materials, according to the complaint.

Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.

Transgender and nonbinary people who switch their names to fit their gender identity must send documentation to all three national credit bureaus in order to avoid a hit to their credit — and many aren't aware of the need to do so.

The lender claims its rival enticed workers with all-expenses paid recruiting trips, while another employee alleged a $125,000 signing bonus for workers who switched firms.

The FDIC gave Cadence Bank in Mississippi the highest possible rating on its most recent Community Reinvestment Act evaluation. Cadence was the product of a 2021 merger completed just months after the acquired bank settled a federal lending discrimination case.