Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.

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.

Fraser has a plan to reduce the number of management layers at Citi, shrink its workforce, speed up decision-making and give herself more control of the bank's five core businesses. "It's going to make some of our people very uncomfortable," she said.

The five-year deal puts Citizens' brand name in front of New Yorkers, as the bank continues to expand after buying HSBC's East Coast branches as well as Investors Bank last year.

Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.

Following New York Community Bancorp's acquisition of Flagstar, the company is ditching the regional bank brands that it long used. CEO Thomas Cangemi calls Flagstar a "neutral" but "patriotic" name that underscores the firm's nationwide expansion strategy.

Recent Arizent research shows that having appealing digital spaces is one of the most important factors for customer experience at banks.

Republican Josh Hawley, the senior senator from Missouri, says he intends to offer legislation that would cap credit card rates at 18%. For a bill designed to go nowhere, it's a surprisingly good idea.

The buy now/pay later lender expects those increased expenses — brought on by rising interest rates — to eat into one of its key metrics: revenue less transaction costs.