Allissa Kline is a Buffalo, New York-based reporter who writes about national and regional banks and commercial and retail banking trends. She joined American Banker in 2020 and previously worked for more than a decade at Buffalo Business First, where she covered banking and finance, insurance and accounting. Kline started her journalism career at the Observer-Dispatch in Utica, New York. She graduated from Colgate University and the S.I. Newhouse School of Public Communications at Syracuse University.
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Jane Fraser defended Citigroup's recently announced organizational overhaul and specific performance targets, saying the plan is different from prior restructurings because it's designed to fundamentally change how the company operates.
October 13 -
The consulting giant's annual global banking review highlights a stark trend: Over a seven-year period, more than 70% of the net increase in financial assets ended up not on U.S. banks' balance sheets, but instead at insurance and pension funds, sovereign wealth funds, in private capital markets and elsewhere.
October 12 -
M&T Bank, Truist Financial and Eastern Bankshares are among the banks that have sold all or part of their insurance subsidiaries over the last year. Though the price is right, analysts warn that when interest rates decline, sellers will be without a key source of fee income.
October 3 -
The North Carolina company is cutting its board of directors by more than a third, using a combination of retirements and early departures. The move means that a majority of board members will come from the predecessor company SunTrust Banks, which may give CEO Bill Rogers more leeway to make changes.
October 2 -
Two months after the mysterious failure of the Heartland Tri-State Bank in Elkhart, Kansas, a news article sheds light on its downfall. CEO Shan Hanes was involved in a cryptocurrency hoax involving a $12 million wire payment, according to the Bloomberg Businessweek report.
September 28 -
Since her promotion to chief executive officer of $2.4 trillion-asset Citigroup in March 2021, Fraser has taken several decisive steps to simplify and modernize the sprawling megabank.
September 27 -
The $75 million deal between the megabank and the U.S. Virgin Islands includes various commitments, such as terminating customers' accounts if there is credible information that the accounts are involved in human trafficking.
September 26 -
The nation's largest bank, which acquired the remains of San Francisco-based First Republic following its failure this spring, has completed its plans to close 21 offices this year. But the consolidation effort is likely to continue.
September 22 -
The banking industry, which has a long history of sponsoring sporting events, is pouring more money into the live-music industry, according to a new report. Music-related events and properties make up 39% of the sector's sponsorship portfolio, up from 25% two years ago.
September 20 -
Carrie Tolstedt, scheduled to be sentenced Friday for her role in the company's phony-accounts scandal, has already paid for her crime and should receive three years probation, her attorneys argue in a sentencing memo. Prosecutors have recommended a year in prison.
September 14
