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  • You can open a BMO Harris (Member FDIC) bank account at one of over 500 branches in nine states, or online from around the US.
  • BMO Harris is a good brick-and-mortar bank, but if you’re looking to bank online, you’re better off with an online-only bank that pays higher rates.
  • The bank pays higher CD rates than most brick-and-mortar banks, but you’ll need $5,000 to open an account.
  • See Business Insider’s picks for the best CD rates »

Is BMO Harris the right fit for you?

You might like BMO Harris if you … You might not like BMO Harris if you …
  • Live near a branch, OR are comfortable banking digitally
  • Are looking for low or no monthly fees
  • Have $5,000 to open a CD or money market account
  • Want a money market account that comes with paper checks and a debit card
  • Don’t live near a branch, AND you’re not comfortable banking digitally
  • Want to earn high interest rates
  • Are worried about overdraft fees
  • Can’t afford the opening deposits for CDs and money market accounts

The bottom line: BMO Harris is a solid option if you want to bank in person, but you can find other online banks with better interest rates and lower minimum deposits.

  • Details
  • Pros & Cons

    • Over 500 branches in 9 states, but you can open an account online nationwide
    • Waive $5 monthly service fee if you maintain a $100 daily balance, OR are under age 25
    • Interested compounded daily, paid quarterly
    • FDIC insured
    • Low minimum opening deposit of $25
    • No monthly maintenance

    a machine on the side of a building: RBI-India-Lakshmi Vilas Bank

    © Provided by Quartz
    RBI-India-Lakshmi Vilas Bank

    The unravelling of a 93-year-old small private bank is now threatening to destabilise India’s Rs97 lakh crore ($1,3 trillion) banking system.

    On Sept. 25, shareholders of Chennai-based Lakshmi Vilas Bank’s (LVB) ousted managing director and chief executive officer S Sundar along with seven directors on allegations of mismanagement and poor governance. Sundar had been appointed to the bank in January this year.

    Even though LVB is a fairly small player in India’s financial sector, analysts believe that the timing of this incident could have an outsized impact on the industry. India’s banking system, which is reeling under a spate of corporate defaults, is facing a fresh wave of bad loans triggered by the Covid-19 slump. Besides, the collapse of Punjab Maharashtra Co-operative (PMC) bank, Yes Bank, and IL&FS had riled the financial system over the last two years.


    Load Error

    “The Reserve Bank of India has let the situation at Lakshmi Vilas Bank linger for too long. It cannot afford another accident in the financial sector after IL&FS, PMC, and Yes Bank,” said Institutional Investor Advisory Services (IiAS).

    The big banking mistake

    The implosion at LVB did not happen overnight. In fact, the decay had been setting in for a long time.

    The bank was founded in 1926 by a group of businessmen in the southern Indian state of Tamil Nadu with an aim to finance small businesses in the region. With this principle at its core, the bank continued to grow its loan book gradually, posting decent profits and paying a good dividend to its shareholders.

    But between 2008 and 2017, it decided to change its unique strategy and copy what large banks were doing.

    At the time, India’s leading private lenders such as ICICI Bank and Axis Bank were focusing on

    Carol Richardson, Division Executive of Personal and Business Banking at Sandy Spring Bank

    Sandy Spring Bank announced today that is has appointed Carol Richardson as Division Executive of Personal and Business Banking.
    Sandy Spring Bank announced today that is has appointed Carol Richardson as Division Executive of Personal and Business Banking.
    Sandy Spring Bank announced today that is has appointed Carol Richardson as Division Executive of Personal and Business Banking.

    OLNEY, Md., Oct. 07, 2020 (GLOBE NEWSWIRE) — Sandy Spring Bank announced today that Carol Richardson has joined the company as Division Executive of Personal and Business Banking.   Richardson will concentrate on leading the bank’s branch network and small business banking group across the Washington DC, Maryland and Virginia region. Her role will be focused on implementing strategic initiatives that will provide the best possible service for both retail and business clients through both traditional and digital banking channels. She is originally from Scotland and now resides in Leesburg, Virginia. She will work out of the bank’s corporate office in Reston, Virginia.

    “As a growing organization, we are laser-focused on optimizing the digital delivery of our products and services to clients with the personalized approach that our bank has always been known for in the market,” said Jay O’Brien, Executive Vice President and Chief Banking Officer at Sandy Spring Bank.” Carol has a strong track record of successfully driving client engagement at larger organizations, and she is experienced with mentoring and training talent across organizations. This is a winning combination for Sandy Spring Bank and our clients.”

    Richardson has more than 25 years of professional experience in regional, national and international banks and financial institutions.   She was most recently an independent consultant providing strategic planning and analysis, leadership instruction and executive consulting to help businesses, government agencies and individuals optimize their performance. She has also had extensive experience and success in coaching and developing teams. Previously, she was a

    Oct 7 (Reuters)Wells Fargo & Co WFC.N has cut 700 commercial banking jobs as part of workforce reductions that could ultimately impact “tens of thousands” of staff, Bloomberg News reported on Wednesday citing people with knowledge of the matter.

    The bank resumed job cuts in early August after it paused layoffs in March because of the COVID-19 pandemic.

    Wells Fargo said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

    Layoffs, branch closures and cuts to third-party spending are on the table, the bank’s executives had then said.

    Big U.S. banks had postponed decisions about staff cuts when the virus outbreak first began to take hold, with executives saying they were unsure how long the outbreak would hurt the economy and worried about being unprepared if business suddenly snapped back.

    Goldman Sachs Group Inc GS.N said last month it plans to move forward with “a modest number of layoffs”.

    Wells Fargo did not immediately respond to Reuters request for comment.

    (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)

    (([email protected]; Within U.S. +1 646 223 8780; Outside U.S. +91 80 6182 2663 or +91 80 3796 2663 ;))

    The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

    Source Article

    • Associates at Wall Street investment banks can expect to earn total compensation that, in some cases, exceeds more than $250,000 per year.
    • We tapped data from Wall Street Oasis to determine how much investment banking associates are earning at some of the most prominent firms on the Street.
    • Here’s what banks like Morgan Stanley, Citigroup, Wells Fargo, and JPMorgan Chase pay their associates in salary and bonuses, on average.
    • Are you a young person working on Wall Street? Contact this reporter via email at [email protected], encrypted messaging app Signal (561-247-5758), or direct message on Twitter @reedalexander.
    • Visit Business Insider’s homepage for more stories.

    Investment banking associates at firms like Goldman Sachs, Credit Suisse, and Morgan Stanley earn well into the six figures. 

    Associates can expect to earn total compensation that, in some cases, exceeds more than $250,000 per year. That’s a combination of their base salary, which exceeds a minimum of $130,000 at all of these firms, and lucrative bonuses that range from just shy of $60,000 to more than $118,000 per year.

    Read more: COMP COMPARE: From Goldman Sachs to JPMorgan, here’s what you can make at all the bulge-bracket banks as a first-year IB analyst

    Business Insider gathered up salary data from the 10 bulge-bracket banks to figure out exactly what investment banking associates are earning. We used data from the website Wall Street Oasis, which in turn aggregates these figures directly from user submissions.

    For comparison, associates outpace more junior analysts significantly when it comes to annual compensation. First-year analysts at big banks pull in an average salary of $91,000 per year (not including bonuses), as Business Insider has previously reported.

    Banks hire associates out of MBA programs, and also offer some analysts looking to stay in investment banking direct promotions to the associate level.