Bank of New York Mellon, the custody bank under pressure from activist investors to improve results, reported a 5% increase in first-quarter profit as it cut expenses and benefited from higher interest rates in the U.S.

Wells Fargo has hired Kristi Mitchem, formerly of State Street, to be the president and chief executive of its asset management division.

An improvement in fees collected for trust and investment services at Northern Trust contributed to an increase in first-quarter profit.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

Forbearance and loan-modifications programs implemented after the financial crisis left borrowers bewildered and angry. Now the mortgage industry wants to create a common standard for providing relief to homeowners whose livelihoods have been upended by the coronavirus pandemic.

The central bank might be able to avoid a recession, but must not sacrifice the economic well-being of communities harmed the most by high interest rates.

Through the power of digital technology and artificial intelligence, regulators around the world could revolutionize the way banks' call reports are filed, providing them with real-time information.

In his new book, "The Song of Significance," Seth Godin, a business management author, dives into how executives can rethink being profit driven and help create meaning in the work for employees.