Wells Fargo shuttering hundreds of branches as customers embrace mobile banking

(Courtesy of Jacksonville Business Journal)

Wells Fargo plans to close 450 of its almost 6,000 branches nationwide as it cuts costs and adjusts to more customers banking outside a branch.

The bank, led by CEO Tim Sloan, said it cut 93 branches in the first half of this year, with more than half of those closures, 54, occurring in the second quarter. The pace will increase, with the bank expecting to shutter 200 branches this year and 250 in 2018.

But times are changing. The Philadelphia Business Journal published a cover story last week on banks pulling back from branches. The newspaper quoted a banking veteran who expects the number of bank branches nationally to be sliced in half within 10 years, with remaining locations taking up less space on average and offering more self-service features, including employee-less bank branches. Bank of America (NYSE: BAC) is pioneering such branches.

Wells Fargo’s branch pruning garnered more headlines as details were revealed on where branch closures will occur. Wells said late Thursday that it hasn’t announced any Bay Area branch closings, pointing out that it’s actually opening a branch in San Francisco’s Ingleside neighborhood on Aug. 7.

But such is not the case in nearby states.

Wells (NYSE: WFC) is closing five branches in New Mexico, where it hasn’t opened a new location since 2005, sister paper Albuquerque Business First reported Thursday.

The branch closures aren’t entirely unexpected since the bank is seeking to cut $2 billion in expenses by the end of 2018 to free up money for investing elsewhere in the business and then cut another $2 billion by the end of 2019 to boost profits.

The expense cuts occur in the wake of Wells Fargo’s fake accounts scandal and a changing banking landscape. Many bank customers prefer to handle more of their banking online, often over their mobile phones. May marked the first time that Wells had more mobile active customers than online active customers.

“Our physical distribution strategy is driven by customer behavior and market factors,” said Wells Fargo spokeswoman Edith Robles. “Our branch and ATM strategies reflect our customers’ migration to virtual channels. More transactions are occurring outside the branch and mobile continues to be the channel of choice for millions of our customers.”

Wells is also making progress in cutting its real estate costs beyond the branch network. The bank expects to save about $150 million through its ongoing site consolidation that will see office space usage decline by another 2 million square feet.

It appears no expense is going unexamined. Wells anticipates saving $200 million on travel this year.

The bank also reduced its workforce by 2,200 employees during the second quarter, although some of those cuts were likely through attrition.

Wells said its most recent visit and customer loyalty scores were at their highest level since the bank said last September that it would pay $185 million in regulatory fines for employees opening up to 2 million deposit and credit accounts without customers’ authorization.

That may help explain why Wells Fargo’s stock has also done relatively well, with shares changing hands at $55 Thursday, up more than 12 percent when compared to last year. Two Fed rate increases this year are also helping shares of Wells and other banks as loans reprice faster than the interest they pay on deposits.

Wells Fargo’s quarterly earnings also reflected some of the bank’s long-standing strategies. For instance, Wells pulled back on certain types of lending, citing increased competition that it says hurts credit standards.

The bank said auto loans fell 17 percent, or $2.5 billion, in the second quarter vs. this year’s first quarter as the bank tightened lending criteria.

Wells expects its auto lending to continue to decline in the second half of the year.

The nation’s largest commercial real estate lender saw those loans fall by $982 million in the second quarter from the first quarter.

“Our growth has been modestly below that of the industry for the first half of the year,” Shrewsberry said of its commercial lending business. “We’ve remained disciplined, adhering to our underwriting standards in a competitive market.”

The bank is taking steps to boost lending such as making interest-only jumbo mortgages to strong borrowers and testing credit card offers through digital channels.

The bank is also helping customers avoid overdrafts by introducing a zero balance email alert sent to an online banking customer during the day when their available balance is zero or negative.

Wells Fargo is also sharpening its focus on its core businesses and shedding some operations.

Earlier this month, Wells Fargo said it would sell its business focused on providing shareholder services to more than 1,200 corporate clients.

Wells Fargo Shareowner Services, based in suburban Minneapolis and employing 400 people, is being sold to Britain’s Equiniti Group for $227 million in a deal expected to close by the end of the first quarter of 2018.

In June, the bank sold its commercial insurance unit to USI Insurance Services. Last year, Wells sold its crop-insurance business for $1.05 billion to Zurich Insurance Group.

Wells Fargo is the third-largest bank in Central Florida, with $6.76 billion in local deposits.

It’s official: TIAA completes acquisition of EverBank

(Courtesy of Jacksonville Business Journal)

TIAA notified the Securities and Exchange Commission on Friday that the acquisition of EverBank Financial Corp. and EverBank has been finalized.

The filing comes after the Federal Reserve Board approved the transaction June 7.

The New York-based financial services company, a leader in retirement options for educators, announced its $2.5 billion acquisition of EverBank in August 2016. It has given assurances that the headquarters will remain in Jacksonville.

EverBank CEO Robert Clements has said he will now retire.

Clements joined EverBank in 1994 and has served as Chairman and CEO since 1997. He managed the bank as it grew into the largest in Florida based on assets of more than $27 billion. Clements will continue to serve on the new bank’s board of directors.

Blake Wilson, EverBank’s president and chief operating officer, will serve as the new bank’s president and CEO. Wilson has been a part of EverBank’s executive team for the past 15 years.

Kathie Andrade, CEO of TIAA’s retail financial services business, will serve as chairman of the board of the new bank. She will also continue in her role as CEO of TIAA’s retail financial services.

The merged company possess $282.4 billion in total assets and deposits of approximately $23.3 billion.

The acquisition is seen as a catalyst for the growth of the bank.

“I think this is going to have a substantial and positive impact on the EverBank that we know today,” JaxUSA President Jerry Mallot said when the merger was announced. “The purchase was done intentionally with the opportunity for growth.”

Bank in Jacksonville makes most profitable list

(Courtesy of Jacksonville Business Journal)

BankUnited once again becomes the most profitable bank in the state of Florida, despite its profit declining from the previous quarter.

The Miami Lakes-based bank reported a profit in the first quarter in 2017 of $66.2 million, moving ahead of Raymond James Bank, which had been the most profitable bank in Florida for the previous two quarters, according to a report released this week by the Federal Deposit Insurance Corp.

Jacksonville-based EverBank came in third on the list.

BankUnited’s (NYSE: BKU) first quarter profit declined to $66.2 million from $67 million in the previous quarter, while Raymond James Bank declined to $59.3 million from $68.1 million during the same time period. Raymond James Bank is a subsidiary of Raymond James Financial Inc. (NYSE: RJF) in St. Petersburg.

The data released by the FDIC also showed that three of the five most profitable banks in Florida are based in South Florida.

Nationwide, commercial banks and savings institutions insured by the FDIC reported aggregate net income of $44 billion in the first quarter of 2017, up 12.7 percent or $5 billion from a year earlier. The nationwide increase in earnings was largely due to a 7.8 percent increase in net interest income and a 3.4 percent increase in noninterest income.

Of the 5,856 insured institutions reporting first quarter financial results, 57 percent reported year-over-year growth in quarterly earnings. The proportion of banks that were unprofitable in the first quarter fell to 4.1 percent from 5.1 percent a year earlier.

“Revenue and net income growth were strong, asset quality improved, and the number of unprofitable banks and ‘problem banks’ continued to fall,” said FDIC Chairman Martin J. Gruenberg in a statement. “Community banks reported another quarter of solid revenue and net income growth.”

Gruenberg added, “In the past two quarters, the industry has seen a slowdown in loan growth that is broad-based across major lending categories.”

The overall number of banks in the state of Florida decreased this quarter to 144 from 149 in the fourth quarter of 2016. Comparatively, back in September 2015, there were 168 banks in Florida, showing that banks in Florida are following a nationwide trend of consolidation.

Florida banks’ assets increased slightly from the previous quarter as total assets were up to $187.6 billion from $184.2 billion. Deposits also increased to $147.7 million from $143.6 million from the previous quarter.

The most profitable Florida-based banks in the first quarter were:

  • Miami Lakes-based BankUnited (NYSE: BKU), which reported a profit of $66.2 million.
  • St. Petersburg-based Raymond James Bank (NYSE: RJF), which reported a profit of $59.3 million.
  • Jacksonville-based EverBank (NYSE: EVER), which posted a profit of $42.4 million.
  • Weston-based Florida Community Bank (NYSE: FCB), which reported a profit of $39.7 million.
  • Miami-based City National Bank of Florida, which reported a profit of $24.3 million.

The least profitable Florida-based banks in the first quarter were:

  • Brandon-based Platinum bank, which reported a loss of $3.09 million. Platinum was acquired by CenterState Banks (NASDAQ: CSFL) on April 1, and the loss likely was related to closing costs for the deal.
  • Fort Walton Beach-based Beach Community Bank, which reported a loss of $1.04 million.
  • Mayo-based Lafayette State Bank, which reported a loss of $324,000.
  • Miami-based Brickell Bank, which reported a loss of $155,000.
  • Fort Walton Beach-based First City Bank of Florida, which reported a loss of $155,000.

Here’s where Chase is opening new branches in Florida

(Courtesy of Jacksonsville Business Journal)

Chase will open 16 new branch offices in Florida this year, including in the Jacksonville area.

Chase, the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), also is entering the Gainesville and Ocala markets as part of its Florida expansion.

Other new branches are planned for Fort Myers, Tampa and Orlando.

While the number of branches industrywide, and at Chase, has been shrinking overall, a brick-and-mortar presence is critical to the bank’s growth, said Thasunda Duckett, CEO, consumer banking for JPMorgan Chase, during an investor day presentation on Feb. 28.

Chase had 5,258 branches overall at the end of 2016, down 3 percent from 5,413 branches in 2015, an investor presentation said (see below). But the average deposits per branch employee, a measure of efficiency, jumped 10 percent, from $11.4 million in 2015 to $12.5 million in 2016.

The company opens branches in higher growth areas and consolidates branches with lower servicing volume, Duckett said.

The bank will open four offices in Ocala and two in Gainesville by the end of year, the press release said. The new branches will offer a full range of services and the bank plans to hire local staff.

Jacksonville and Orlando each are in line for one new branch. Sarasota and Fort Myers will get two branches. One of the Fort Myers branches already has opened, a spokesman said.

Since the 2008 acquisition of Washington Mutual, Chase has added nearly 250 branches in Florida and now has 398 across the state. As of June 30, the most recent date for which information is available from the Federal Deposit Insurance Corp., Chase was the fourth largest retail bank in Florida with a 5.3 percent deposit market share.

In the seven-county Tampa Bay area, Chase had a 3.7 percent deposit market share as of June 30, and was the seventh-largest retail bank.

JPMorgan Chase employs nearly 14,000 people across Florida in all its lines of business and the firm contributed $10.7 million in nonprofits statewide in 2016.

Wall Street Is Hiring … in Florida (The nearshoring strategy is aligned with President Trump’s push to keep jobs in the U.S.)

(courtesy of Bloomberg)

When Deutsche Bank sent senior Wall Street executive Leslie Slover to run its expanding outpost in Jacksonville, Fla., she wasn’t entirely ready for the lifestyle. Gone were the skyscrapers and subways. In their place was a corporate campus with a pond and vast parking lots, flanked by rows of new town houses, some inhabited by employees. The on-site culinary options? A cafeteria and some food trucks. Suddenly, Slover had to relearn to drive.

“It’s hard—it’s not Manhattan,” says Slover, 52, who spent her career in the Northeast before becoming the regional head of the bank’s operations in Jacksonville and Cary, N.C. “Indian food at 11:30 at night does not exist.”

Deutsche Bank

Transplants from the city that never sleeps may feel at first like aliens in this northern Florida city 35 miles south of the Georgia border, but their numbers are growing. Global financial companies including Frankfurt-based Deutsche Bank and Sydney-based Macquarie Group have been moving executives here and hiring locally, even while paring staff elsewhere.

It’s part of a Wall Street trend known as nearshoring, in which banks are moving operations away from expensive financial centers like New York to places such as Jacksonville and North Carolina’s Research Triangle. Also in Jacksonville are more than 19,000 employees of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Meanwhile, Goldman Sachs has established operations in Salt Lake City, and UBS has a site in Nashville. It’s a way to improve profitability without going overseas. Conveniently, it also happens to comport with President Trump’s demands that employers keep good jobs on U.S. soil.

In the early days, investment banks mainly transplanted back-office workers such as accountants, technology staff, and lawyers. But in Deutsche Bank’s case, the Jacksonville campus has grown into the company’s second-largest U.S. location. The bank has about 2,000 employees there—up from 1,400 in 2013—and plans to add more in 2017.

Increasingly, the site is a microcosm of its U.S. business, even the trading functions. On campus, in a building alongside the man-made pond, a young team recruited from universities such as Emory and Vanderbilt sells securities in tandem with their counterparts in New York. When a client calls in an order, a Jacksonville salesman glances at a live video feed of desks at 60 Wall St., finds a trader standing by, and relays the order. Slover says the technology allows the two locations to function like one seamless floor. She’s come to enjoy living in Florida, noting it has more elbow room than Manhattan and the people are unusually nice.

According to Jones Lang LaSalle, high-end corporate office space in Jacksonville can be leased for about $22 a square foot, cheaper than all but four major U.S. cities tracked by the company. That’s about a quarter the rate in New York. Banks pay Jacksonville employees about 30 percent less on average than those in New York, according to Cathy Chambers, a senior vice president with the JaxUSA Partnership, a division of the local chamber of commerce. A financial analyst, for example, might earn $67,000 in Jacksonville, compared with $99,700 in New York. The local and state governments also offer tax incentives to lure companies.

For Anthony Glenn, who runs an office Macquarie opened in Jacksonville last year, advantages include escaping for late-afternoon surf sessions at a local beach. Another perk is his 15-minute drive to work. He says his office includes people from 21 countries, plus big U.S. cities such as Houston, New York, and Philadelphia. Many of them came to escape punishing commutes from far-flung suburbs.

“In most cases, it’s been a lifestyle decision,” Glenn says. “They’re weighing a compensation change vs. a huge increase in quality of life.” Macquarie’s Jacksonville office employs people whose jobs might otherwise have been filled in India. It provides a support staff that’s more convenient for its U.S.-based employees, while its Indian operation continues to focus on the Asia business.

Jerry Mallot, president of JaxUSA, brushes aside criticism that Jacksonville can’t cater to big-city tastes. “We’re not New York, but we wouldn’t want to be New York,” he says. He points out that the city has its own NFL team, craft breweries, and “more golf courses than you could play in 10 years.” There’s a Tesla Motors store, too. Companies are eager to establish operations in a place with year-round sunshine and no state income tax, Mallot says. They typically start by transferring managers to the region, then build staffs by hiring from the area. The salaries are attractive by Jacksonville standards.

The influx of financial-services and other white-collar jobs has brought money and diversity to the area and may even be influencing the political landscape, says Michael Binder, an associate professor of political science at the University of North Florida in Jacksonville. In a county that George W. Bush carried by more than 15 percentage points in two presidential elections, Trump beat Hillary Clinton by just over 1 percentage point. “In a lot of ways, Florida is the inverse of America: The more north you get, the more South you are,” Binder says, referring to cultural and political preferences. “But slowly this is changing, like a lot of the urban cities in the New South.”

Look ahead at 2017: Financial services set for boom year

Jacksonville’s financial services companies were looking at a big year in 2017 anyway, and with the election of Donald Trump and the potential of deregulation, Jacksonville’s financial industry could benefit.

Many of the community banks in Jacksonville have merged with larger banks, including Jacksonville Bank in 2016. There’s just three locally headquartered community banks with more than $100 million in deposits left in Northeast Florida.

They are: FirstAtlantic Bank with $358.74 million in area deposits, Atlantic Coast Bank with $354.72 million in area deposits and CBC National Bank with $218.53 million in area deposits.

If deregulation of the banking industry does occur, expect these banks to receive a much needed shot in the arm, which could free up capital for local projects.

They could benefit even if regulations don’t change rapidly, said Mitch Hunt, the chairman and CEO of FirstAtlantic Bank. While he said he does not expecting a frenzy of banking deregulation in 2017, a Trump presidency will have other side effects that will positively impact his business.

“Regarding deregulation, I think it will be much slower to come about,” he said. “I think the pace of regulation will slow down, which will be good for both the big banks and smaller banks.”

He said the real impact for community banks will be less about policy and more about confidence in the economy.

Citi Hiring Hundreds for Jacksonville Location

Citi has indicated that it will hire up to 600 workers for its Jacksonville location. The new jobs include management positions as well as customer service, fraud and collections representatives like the job described below. Explore jobs and apply at jobs.citi.com

Collections Call Center Representatives – Collector

  • Primary Location: United States,Florida,Jacksonville
  • Education: High School Diploma/GED
  • Job Function: Operations Credit Ops
  • Schedule: Full-time
  • Shift: Variable
  • Employee Status: Regular
  • Travel Time: No
  • Job ID: 16053703


At Citi, we’ve been tackling the world’s toughest challenges and seizing its greatest opportunities for over 200 years. The financial solutions we create for our clients achieve outcomes that truly shape communities, businesses and the larger world of finance.

Achievements with impact: that’s what drives us. How about you?

We are looking for Customer focused  people to fill the role of Collections Representative providing Customer Payment Resolutions.  This  is a solutions oriented role, that is fast-paced and relies on the ability to think and react quickly, formulate creative solutions, and serve clients with the utmost dedication.

On a day to day basis our Call Center Collections Representatives will be called on to:

  • Work with customers on  payment plan solutions to resolve delinquencies with cardholders.
  • Help a client avoid credit damage/bankruptcy
  • Educate clients on how to rebuild their credit and maintain a healthy credit score
  • Use a computerized system for tracking, information gathering, and/or troubleshooting
  • Support your team in achieving their monthly repayment and service targets
  • Take part in career development and skills training sessions
  • Challenge yourself to go one better for clients and raise the bar for excellence in customer service

We find that in order to be successful in this role candidates should have:

  • Minimum 1 year customer service experience preferred (financial services, call center, retail, etc.)
  •  High School Diploma, GED or equivalent experience
  • Proficiency with Windows based applications
  • Excellent communication and negotiation skills
  • An understanding of Collections fundamentals
  • Experience working in a fast-paced environment
  • A commitment to dealing with clients and team mates with the utmost integrity and transparency
  • Thick skin and an unflappable nature—the ability to deal with a variety of personalities and scenarios
  • The ability to empathize with clients who may be going through a hard time and the dedication to guide them through their situations
  •  An open and friendly way of communicating that can put clients and colleagues at ease
  • A strong interest in continued learning and career advancement opportunities

Citigroup Inc. and it subsidiaries (“Citi”) are equal opportunity employers (M/F/D/V) and do not discriminate on the basis of any legally protected status or characteristic.

About our location

The Jacksonville site is a strategic site for Citigroup, with multiple lines of business located on campus.We are seeking career minded individuals who desire to take advantage of the multiple career paths available within our organization.

Together, we serve Citi’s Consumer and Commercial banking division, helping clients from all over the world find answers to their financial questions.

We accomplish this all within a state of the art facility which contains a cafeteria, fitness center, onsite medical facility, and anaward winning child care and learning center.In addition, our team members enjoy an extensive and highly competitive benefit package that includes a comprehensive insurance plan, matching 401K program, and a tuition reimbursementprogram.

The work that we do here goes way beyond the walls of our facility. We are the face and voice of Citi and we enable Citi to deliver on the high level of service and integrity so critical to helping clients turn their ambition into achievement.

We are a crucial part of how the world views Citi—a responsibility we take seriously. We have a close knit and supportive culture, and consider it a privilege to work with the extraordinary people on our team, in our workplace, and across our organization.We hope you feel the same way, and consider joining us to jumpstart your career and catalyze progress for our clients and for Citi.

5 Ways Making a Budget Can Ease Financial Stress

5 Ways Making a Budget Can Ease Financial Stress

Counting your coins is a great way to alleviate financial stress

By now you’ve almost certainly heard the sage financial advice to create a budget. Often, this advice is given to people who find themselves in varying levels of hardship. As a result, they are almost forced to create a budget so that they can make ends meet.

However, crafting a budget and sticking to it isn’t just for people who’ve run into hard times. A budget is a stress reducer.

Here are 5 ways that making a budget can ease financial stress:

1. A Budget Can Help You Build Savings

Without the benchmark established by a budget, it’s tempting for some people to spend money that they have. They see the money in their checking account as “available” and decide to use it to buy the latest digital tablet or eat out a nice restaurant.

A budget will certainly allow for some entertainment expense, but it will also, if followed, keep discretionary expenses from getting out of hand. As a result, you’ll end up with a cash surplus at the end of every month. That money can be used to help build savings, and savings will provide financial peace of mind.

2. A Budget Forces You to Look for Ways to Save Money

The great thing about a budget is that it shows you, at a bird’s-eye view, your monthly income and expenses. You can use that information as an incentive to look for opportunities to save money.

You might be tempted to simply look for expense items that can be eliminated. While that’s a great start, it’s also important to find ways to reduce the expenses of items that you can’t immediately cut. For example, you might consider contacting your credit card company to have your interest rate lowered.

3. A Budget Will Help You Meet Long-Term Financial Goals

What are your long-term financial goals? Are you looking to purchase a yacht in your 50’s? Do you want a sports car as a means of handling your mid-life crisis?

With a budget, you know how much money you have left over at the end of every month and you can determine how much money you’d like to put into savings for early retirement or the purchase of a big-ticket item at some point in the future.

Fulfilling long-term financial goals helps you build financial security

4. A Budget Can Help You Get Out of Debt

Financial stress is typically a synonym for one word: debt.

If you’re in a lot of debt, then creating a budget that itemizes responsible debt service can help give you peace of mind. If you’re interested in getting out of debt fast, then you’ll need to make payments in excess of the minimum (especially for credit cards) every month. Fortunately, a good budget can show you exactly how much you can afford in monthly debt payments.

5. A Budget Helps Build Self-Discipline

When you decide to start living within the confines of a budget, you might find that it is challenging at first. However, once you’ve taken the first steps to stay within financial boundaries, you’ll actually acquire a habit of spending less. That, in the long run, will lead to more cash in your pocket and a greater peace of mind.

Making a budget takes just a little bit of your time. However, it is a great first step to reducing financial stress. If you haven’t yet started living according to a budget, why not start today?

Source:  https://www.mint.com/budgeting-3/5-ways-making-a-budget-can-ease-financial-stress

Wilmington Trust Opens Institutional Custody Office in Jacksonville, Fla.

August 17, 2016

New team hired to provide support of institutional custody clients in Southeast United States

JACKSONVILLE, FLA. — Wilmington Trust has opened an Institutional Custody office in Jacksonville, Fla., as part of an expansion of corporate and institutional services in the Southeastern United States. A team of institutional custody specialists was hired to provide support to clients in the Southeast including corporations, not-for profits, government agencies, insurance companies, healthcare organizations, and more.

The trio of new hires includes Randy Deen as director of Institutional Custody, Christy Sheppard as senior relationship manager, and Charlotte Kardatzke as relationship manager. The team will be temporarily based in an office located at 4651 Salisbury Rd., Suite 400 in Jacksonville, during the search for a permanent location. The team will report to Amy Stengel, managing director of Institutional Administrative Services.

The Southeast expansion is part of an on-going initiative to increase access to corporate and institutional products and services for clients across the United States by Wilmington Trust, N.A. In addition to the Jacksonville office, the company also recently opened a corporate trust office in Birmingham, Ala. Both offices are part of the company’s Global Capital Markets division, which provides numerous corporate trust services including entity management, structured finance, agency, investment management, and custody and administrative services.

“We felt it was important to establish new offices in the Southeast to better serve our clients in the region,” said Stengel. “While we’ve worked with clients and their advisors across the United States for many years from our offices in the Northeast, we feel that having teams on the ground provides a greater level of connectivity in the market.”

“We’re excited about the new opportunities for serving our clients in the southern states,” said Jack Beeson, head of Global Capital Markets. “At Wilmington Trust, we owe our good reputation in the corporate trust sector to our talented staff. Bringing on Charlotte, Christy, and Randy carries on our tradition of seeking out the best talent in the industry.”

As the director of Institutional Custody, Deen oversees the local service team, and manages strategic direction and business development in the Southeast region. He works closely with financial advisors to bring custody solutions to clients, and consults with prospective clients in the Southeast to discuss their custody needs.

Deen joins Wilmington Trust with three decades of experience in the institutional custody industry. Previously, he was manager of Corporate and Institutional Trusts at BNY Mellon, and was regional manager of Employee Benefit and Institutional Trust at First Union National Bank. He also worked at AT&T as a pension manager of Fortune 50 company retirement plans.

He received a bachelor’s degree in Finance, Investments, and Banking from the University of North Florida. He holds the designation of Certified Retirement Plan Specialist.

Deen can be contacted at (904)386-2115.

Sheppard was hired as a senior relationship manager responsible for oversight and administration of Institutional Custody client relationships. She works closely with clients to ensure their safekeeping, settlement, and reporting needs are met with a high-level of service. Sheppard coordinates with clients and their financial advisors to help ensure trades settlements are completed timely and accurately. She also assists clients with funding needs by coordinating cash movements and facilitates payments. Additionally, she oversees reporting for client portfolios.

Sheppard has nearly two decades of experience in financial services. Before joining Wilmington Trust, she was employed as a vice president in Corporate Trust Custody at BNY Mellon, where she worked from 1997 to 2016.

She earned a bachelor’s degree in Professional Management from Nova Southeastern University.

Sheppard can be reached at (904)349-5753.

As an Institutional Custody relationship manager, Kardatzke is responsible for administration of custody client relationships. She provides key day-to-day support for clients, in conjunction with the senior relationship manager. Kardatzke manages client transactions, provides oversight on settlements and disbursements, and facilitates client reporting.

She has over 30 years of financial services experience. Prior to joining Wilmington Trust, Kardatzke was a client service manager in Corporate Trust Custody at BNY Mellon. Previously, she was a trust associate at First Union National Bank, and was a corporate trust research specialist at Barnett Banks Trust Company.

Kardatzke can be contacted at (904)349-9676.

Media Contact:
Kent Wissinger
Communications Manager
phone: +1 (302)651-8758

Source: http://news.wilmingtontrust.com/institutional-custody-office-jacksonville-florida.htm

Put your mathematical skills to work as a bank teller


Most adults have met bank tellers while involved in their weekend errands or opening bank accounts. Tellers process transactions at the bank, whether the customer wants to deposit funds, cash a check, or withdraw money. In many ways, a bank teller’s job mimics the responsibilities of a cashier at the supermarket except that transactions don’t include milk cartons or deli meats.

Some bank tellers aspire to greater responsibilities at work, while others intend to spend their careers behind the service desk. Either way, this career choice offers opportunities for advancement and a chance to work with other banking professionals.

What Is a Bank Teller?


What does a bank teller do? Your primary job responsibilities involve meeting customers’ needs. When a customer approaches the service desk, you help that customer carry out a goal, such as depositing checks into a checking, savings, or investment account. You might also advise clients about outstanding loans and accept installment payments. Your bank teller job description can prove different depending on the size, location, and type of bank that employs you.

  • Verify customers’ identification when conducting transactions.
  • Accept cash, checks, travelers’ checks, money orders, cashier’s checks, and other monies; record those transactions for customers’ accounts.
  • Handle cash by accepting and dispensing cash depending on the customers’ needs.
  • Count money when receiving or distributing it to ensure accuracy.
  • Reconcile cash till at the end of every shift and record transactions based on the bank’s policies.
  • Maintain adequate cash on hand to serve each customer’s needs.
  • Sell alternate payment forms, such as money orders and cashier’s checks.
  • Inform customers about changes to their accounts or about new product offerings that might interest them.
  • Examine financial instruments to guard against forgeries and counterfeiting.
  • Refer customers to other banking employees when necessary, such as to a loan officer or personal banker.
  • Maintain the teller station based on the bank’s standards.
  • Provide receipts for all transactions.
  • Keep currency logs and check these logs for accuracy.
  • Follow instructions given by the head teller.
  • Help customers open new accounts, close accounts, and switch their money to different accounts.
  • Order new checks and debit cards for customers.

Work Environment

Bank tellers work in banks, credit unions, and other financial services institutions. This job is an indoor job, which means you’ll enjoy a climate-controlled environment, although you might have to stand for long periods during the day. Traffic can vary widely at different banks. Some institutions might experience an almost endless number of customers who need help from tellers, while other banks may experience some downtime over the course of operating hours.

In some cases, bank tellers must face customer complaints. Customers who disagree with a bank policy can get bothered, and you must try to calm the customer and explain the situation as calmly and succinctly as possible. If necessary, you can involve a head teller or bank manager to help you defuse the situation.

You’ll spend much of your day communicating with other people. If social situations cause you stress or anxiety, you might find a job as a bank teller too overwhelming. However, if you enjoy working with people, and if you have excellent customer service skills, you might enjoy the dynamic environment. You might also get to know some of your customers by name, which will allow you to create rapport and nurture relationships.

You must dress appropriately to work as a bank teller. Each bank sets its own rules for employee dress codes, so follow them closely. Some banks might prohibit tattoos, piercings, certain hairstyles, and other personal styling choices.


Although many banks have expanded their operating hours to give better customer service, most bank tellers will work traditional business hours. You might work later on Friday nights to suit customers who want to deposit their paychecks or for brief hours on Saturdays, but you won’t have to work late nights or Sundays. Additionally, banks observe all major federal holidays.

This job does not offer telecommuting opportunities, but you might find banks that offer flexible working schedules. For example, employees might have to work only one or two Saturdays per month, which can help even out the downsides of weekend work.

What Qualifications Are Required to Be a Bank Teller?


According to the U.S. Bureau of Labor Statistics (BLS), most banks don’t demand more education than a high school diploma or the equivalent. You can still get hired if you have a college degree or if you’ve taken college-level courses, but banks typically don’t insist on higher education.

The BLS reports that most banks offer on-the-job training for new tellers. The training period lasts about 30 days and introduces the teller to the bank’s policies, regulations, and operating rules. You’ll learn how to handle, manage, and protect cash, as well as how to run the bank’s software program.

If you want to move up from your job as a bank teller, you can take finance-related courses or get your college degree in a related field. You could major in finance, business, accounting, economics, or statistics.


Since banks give on-the-job training, you don’t need any specific experience. The BLS suggests that some banks run background checks on potential employees, so if you have any serious legal issues in your past, tell the bank when you apply. For example, a financial institution likely won’t hire a job seeker who has convictions for finance-related crimes.

Some banks might look for employees with earlier experience in customer service. If you’ve worked in retail, for example, you might find this job an excellent fit, as you’ll use many of the same skills.


Several skills can prepare you for your job as a bank teller and help you succeed.

  • 10-key: Fast 10-key typing skills allow you to record numbers quickly while processing transactions.
  • Math: You might easily find work as a bank teller if you’re comfortable with basic mathematical equations.
  • Customer Service: Knowing how to talk to people, listen to their concerns, and communicate information will serve you well as a bank teller.
  • Accuracy: A transposed number or lost transaction record could prove disastrous, so you’ll need an accurate mindset with the ability to pay attention to details.
  • Problem Solving: When customers need help or you discover a problem with the computer system at work, problem-solving skills will help you resolve issues quickly.
  • Teamwork: You’ll work with other professionals at the bank and will occasionally collaborate with them. Working well with others will help you get along with your colleagues and help one another solve problems.
  • Cash Handling: Knowing how to handle cash effectively and safely will become a critical part of your job.
  • Salesmanship: Many banks expect tellers to cross-sell, up-sell, and otherwise entice customers to take advantage of new products and services. Increasing the bank’s revenue will make you an integral member of a banking team.
  • Time Management: When your bank experiences a high volume of customers, you must be sure to accurately but quickly handle transactions in a timely manner.
  • Languages: Bilingual and multilingual bank tellers can become tremendous assets to their employers because they can communicate easily with customers who speak foreign languages.

Salary Expectations

How much do bank tellers make? The answer depends on your experience level and the type of bank where you work. According to the BLS, the median annual salary for bank tellers as of 2015 is around $26,410 per year, or $12.70 per hour. The best-paid tellers earn a little more than $30,000, while entry-level tellers can earn $20,000 or less.

Job Outlook for Bank Tellers

Projected Growth

The BLS estimates an 8 percent decline in bank teller jobs between 2014 and 2024. Banks have increasingly begun to rely on ATMs and other technology that make financial transactions automatic. Customers can use an ATM to withdraw cash or deposit a check, both functions which eliminates the need for an in-person teller. This decline in jobs will result in about 40,000 lost jobs, according to the BLS.

Career Trajectory

While the bank teller career might not enjoy excellent salary or growth potential, banks will remain a critical part of the world’s financial ecosystem. Advancing in your career can offer more job security and increase your pay. Getting promoted from within will allow you to stay in the same work environment, but you can also seek higher positions at other banks and credit unions.

Many bank tellers move on to become head tellers, personal bankers, financial advisors, and bank or branch managers. You might need extra education or training to attain some of those careers, but you can choose a trajectory and plan your education for the career choice you want.

If you’re looking for an entry-level job that doesn’t involve cooking hamburgers, you might consider searching for bank teller jobs in your area. You’ll meet new people, learn how the banking industry works, and embrace new job opportunities if you’re hoping for a promotion.