NEW YORK (Reuters) - JPMorgan Chase & Co (JPM) will shut 21 branches of First Republic Bank by the end of the year as it integrates the failed lender into its operations, a JPMorgan spokesperson said on Thursday. The locations account for about a quarter of First Republic's 84 branches across eight states. The lender, which was the largest to collapse since the 2008 financial crisis, was seized by regulators in May and sold to JPMorgan. "These locations have relatively low transaction volumes...

By Nupur Anand NEW YORK (Reuters) - JPMorgan Chase & Co will shut 21 branches of First Republic Bank by the end of the year as it integrates the failed lender into its operations, a JPMorgan spokesperson said on Thursday. The locations account for about a quarter of First Republic's 84 branches across eight states. The lender, which was the largest to collapse since the 2008 financial crisis, was seized by regulators in May and sold to JPMorgan. "These locations have relatively low...

It’s been a rough few months for India’s private banks. Besides mounting bad loans, they’ve also had to battle corporate governance issues and a leadership vacuum. This turmoil is reflected in the respective annual remuneration of the top bosses. In financial year 2018, Uday Kotak was the only head of a major Indian private sector lender to have taken home a higher salary than in the previous year. The managing director of Kotak Mahindra Bank received Rs2.93 crore ($0.43 million), compared to...

For nearly a decade, a handful of powerful Indian women had occupied the corner offices in an industry that had till then been another male bastion. That dream, however, seems to be souring now. At least three of the biggest names involved in the turbulence that has struck Indian banking over the past few months—scams, fraud, toxic assets, and sinking profitability—are of women, some even iconic. Last month, Usha Ananthasubramanian, CEO of the public sector Allahabad Bank, was stripped of her...

The Narendra Modi government’s aim of making India a less-cash economy has been a non-starter so far. The country’s central bank has now blamed much of this on the lack of awareness among consumers and even bank employees. “…(There is) lack of consumer awareness not just on the various payment options and features available, but even on the grievance redressal mechanisms available,” BP Kanungo, deputy governor of the Reserve Bank of India (RBI), said in Mumbai on Tuesday (May 29). “This...