Allissa Kline

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.

Zions Bancorp. and Webster Financial are among the inaugural members of the Risk Management Association’s climate-risk consortium for regional institutions. Like its large-bank counterpart, the group will work with banks to help guide the economy's transition to a low-carbon future.

David Miree will become global head of diversity, equity and inclusion for the New York megabank. He will succeed Brian Lamb, who will move into a new role in the firm’s commercial banking business.

The City Council recently voted 15-1 to establish a financial authority that would provide credit enhancements on loans to underserved borrowers. Public banking advocates say the effort is both an interim step for Philadelphia and a test case for other cities.

In response to the war in Ukraine, the custody bank is no longer pursuing new business in Russia. Citigroup, JPMorgan Chase and Goldman Sachs have all announced similar moves.

The megabank will cover costs incurred by employees and family members who travel out of state to receive an abortion. The policy drew immediate fire from Republicans in Texas, which has banned abortions after six weeks of pregnancy, and where Citi has been tangling with the GOP over gun policies.

The Cincinnati bank and two payments companies have reached an agreement with merchants in California who accused them of illegally recording customer-service calls. The deal must still be approved by a federal judge.

The industry is contending with trading volatility, the economic effects of soaring energy prices and the risk of prolonged high inflation following Russia’s Feb. 24 invasion. Citigroup, TD and Comerica are among the banks that have commented on how their businesses may be affected.

Mary McNiff, who has been in the job since 2020, will step into a new, unspecified role later this year. CEO Jane Fraser, who is dealing with the aftermath of two consent orders, has said that updates to the company’s risk management systems are her top priority.

Citigroup says it will add about 900 staffers over the next three years as part of an effort to generate more revenue from midsize firms with global ambitions.

Five Star Bank, which is based in a rural part of New York state, has embraced digital lending, banking-as-a-service, real-time payments, bitcoin and more. “Those that don’t innovate don’t survive,” says Chief Administrative Officer Sean Willett.

The $7.6 billion deal was originally expected to close in the fourth quarter of last year, but the banks had pushed back their deadline until June. Once the merger is complete, the combined bank will have more than $200 billion in assets.