The New York megabank has a long way to go on its path toward simplification of its business, but some early investments — such as technology upgrades in the treasury unit, which serves commercial customers — are starting to pay small dividends.

The Pittsburgh company expects a slowdown in 2023, but executives say they don't think it will prove severe or have an outsized impact on the banking industry.

Second-quarter profits fell 27% to $4.5 billion in what's shaping up as a tough quarter for many large banks. Yet investors responded favorably to Citigroup's unexpectedly large hauls from currencies, commodities and interest rates trading and its shuttling of corporate money over borders.

Regulators are poised to extract about $1 billion in fines from the five biggest U.S. investment banks for failing to monitor employees using unauthorized messaging apps.

The Federal Reserve’s aggressive rate hikes are leading corporate clients to demand higher deposit rates, according to industry consultants. Some banks are better positioned than others to weather the changing landscape.

Community development financial institutions will receive low-interest loans from Bank of America and use that money to fund the development of primary health care centers in communities of color and rural areas.

The top five had a combined portfolio of nearly half a billion dollars.