Regional lender New York Community Bancorp swapped out its CEO last week following the revelation of what it called “material weaknesses in the company’s internal controls.
Rising interest rates have cranked up the interest banks are paying depositors. But banks also have a lot of cash stuck in low-interest bonds and loans they made before the Federal Reserve started raising interest rates.
The country’s largest bank says it will open more than 500 new branches and renovate another 1,700. That’s good for customers, but what’s in it for the bank?