A shakeup at the corner offices of UK banking giant Barclays is a blow to the venerable brand and leaves the company without strong leadership. Two days after chairman Marcus […]
The repercussions from the massive data breach at Target late last year keep rolling along. This week’s toll took CIO Beth Jacob, who resigned under pressure. To strengthen Target’s defenses for the future, the company announced that Jacob’s replacement, along with the new positions of chief information security officer and chief compliance officer, will be an outside hire. Jacob had been with Target for 30 years and was CIO for six.
March 3, 2014
In an update last week, D&B editor Alex Biesada continued to document the slow, sad decline of Sears Holdings’ Sears, Roebuck and Co., the venerable retailer that has been struggling in recent years as it loses market share to Home Depot, Wal-Mart, Best Buy, and others. Biesada noted that in 2013 the iconic company shuttered stores and reported a decline in overall revenue, a drop in same-store sales, and an operating loss of more than $600 million. Follow Alex on Twitter at @ABiesada.
March 3, 2014
Wells Fargo, the largest mortgage lender in the US, is once again turning to subprime loans in order to boost revenues as mortgage lending volume has declined, according to Reuters. Most banks have refused to give loans to borrowers with less-than-pristine credit following the mortgage bust and financial collapse of the late 2000s. New lending regulations and the fear that another round of bad loans could trigger another crisis have kept many lenders away from the niche. But reduced demand for refinancing could put pressure on lenders to ease standards. Meanwhile, smaller nonbank lenders have already returned to offering subprime loans, this time with nicer-sounding names such as “another chance mortgages.”
For more industry trends, visit our Mortgage Banking report.
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