Allissa Kline

Tom Anderson currently serves in a compliance role overseeing personal banking and wealth management at Citi. He will succeed Mary McNiff, who is moving into a new position at the $2.4 trillion-asset bank.

Consumer complaints surged in March, shortly after the North Carolina bank completed a core technology conversion to bring together BB&T and SunTrust. Truist is still dealing with the gripes, which involve delayed access to cash, difficulties using debit cards and excruciatingly long wait times.

GradFin offers advisory services to Americans who want assistance with their student loans. The acquisition is part of the Cleveland bank’s strategy of adding niche digital businesses.

The technology giant is partnering with a fintech firm to deploy $25 million of deposits at minority-owned banks, community development financial institutions and other mission-focused lenders. It’s part of a broader effort by the iPhone maker to combat systemic racism.

Citigroup has been released from a 2012 enforcement action that faulted its anti-money-laundering efforts. But company executives are expected to spend a lot of time over the next few years seeking to resolve a pair of more recent consent orders.

The Cleveland bank, which currently charges around $33 when customers spend more than they have in their accounts, is planning a series of overdraft-related reforms. Key follows numerous other large and midsize banks that have taken similar steps.

The two companies, which have not received government approval to complete their now year-old pending deal, postponed the deadline to Oct. 31 and have decided to make the combined entity a national bank.

The first-of-their-kind measures, urging banks to move more aggressively to curtail new fossil-fuel lending, garnered between 11% and 13% of the vote at Bank of America, Citigroup and Wells Fargo. Those totals were less than climate activists had hoped to garner, but high enough to clear certain thresholds for resubmission next year.

More than two years into the pandemic, banks hit several turning points during the first quarter. On the positive side, commercial loan growth finally materialized, but there were also snags, particularly in fee income.

Executives at the Alabama bank anticipated that some corporate deposits would start to leave during the first quarter as interest rates rose. Instead, deposits grew to a record $138.7 billion.

Last year, the Cleveland bank stopped providing cards to government benefit recipients in the Prairie State. During the first quarter, it reported a 23.8% decline in noninterest income from cards and payment services.

Though noninterest income at Truist Financial fell in the first quarter, executives revised upward their revenue estimate for the year in anticipation that the Fed’s monetary-tightening plans will fatten margins. Citizens Financial and Fifth Third echoed that thinking.

One year after CEO Jane Fraser launched a business revamp, Citigroup reported lower revenue, higher expenses and a big reserve for loan losses in Russia. Yet the company’s long-term plan to streamline operations and invest in high-performing businesses — all with an aim to strengthen shareholder returns — still appears on track.

CEO Jamie Dimon cited elevated risks related to inflation and the war in Ukraine as the nation’s largest bank added $902 million in loan-loss reserves. “Does this represent conservatism in an uncertain macro environment or something more onerous?” one analyst asked.

Spence, who joined the Cincinnati bank in 2015, will succeed Greg Carmichael as chief executive in July. He says he’ll maintain the company’s current strategic priorities, including regional expansion and digital transformation.

Robert Sarver, who is majority owner of the Phoenix Suns basketball team, will retire from his longtime role on the board of directors of Western Alliance Bancorp. in June, the company said. Sarver and the Suns are being investigated by the National Basketball Association regarding allegations of racism and misogyny within the Suns organization.

Citigroup and Bank of America are partnering with four large European banks to create a methodology for assessing how well companies in the air-travel sector are doing in meeting climate-related targets.

In his annual letter to shareholders, the JPMorgan Chase CEO wrote that although the U.S. economy remains strong, “we should prepare for the potential negative outcomes.” He also provided more detail about the megabank’s big spending plans.

Vernon Hill, Ellen Alemany and Joseph Otting are among the executives whose careers took a turn after their company was acquired. Here’s a look at what eight CEOs did after their time atop a bank ended.

The chief executives at Bank of America, KeyCorp and Goldman Sachs are among those who were paid substantially more for 2021 performance than for the previous year, when the pandemic hurt profitability and other financial metrics.