Corporate governance

Lately there's been a sea change in how tech companies charge for AI, and some banks are balking at the cost. Here's a look at how lenders can rein in their spending.

The Atlanta-based parent company of Ameris Bank plans to open a commercial banking office in Tennessee's largest city by the end of the year, as part of its organic growth strategy.

Cathy Bessant, who was Bank of America's vice chair of global strategy when she retired, is joining Truist's board of directors and will sit on the company's risk committee. Bessant was American Banker's Most Powerful Woman in Banking for three consecutive years.

A credit union service organization is buying the division, which includes mortgage services provider QRL, while the seller repositions its home loan business.

The megabank promoted Margo Pilic, CEO Jane Fraser's chief of staff since 2021, to a new job that combines bank strategy with investor communications. The promotion was one of several leadership changes announced by the bank.

Since Michael Rhodes became its CEO, Ally Financial has gotten bigger by thinking more narrowly. Instead of growing the company's web of businesses, the company has exited some sectors while doubling down on what Ally does best: auto lending.

Support for Citi's annual say-on-pay resolution fell steeply, with about 60% of shareholders voting in favor of the bank's 2025 executive-compensation program. The decline is likely related to a one-time equity award to CEO Jane Fraser and concerns about how the bank determines incentive pay.

JPMorganChase's shareholders have occasionally floated proposals to make sure the bank's lobbying dollars match its public statements. At the company's annual meeting on Monday, support for one such measure was down significantly from a similar proposal in 2023.

Marketing experts say that advisory practices trying to grow organically must be thoughtful about the button that offers website visitors a meeting — or they could lose the prospect altogether.

The megabank's first investor day in four years offered a comprehensive look at how it plans to grow profits and drive higher returns in the coming years. Part of the strategy involves branch updates.

After Dan Allison spent more than 20 years as a wealth management consultant specializing in referrals, the AI agent version of him will coach financial advisors through WealthReach's new Multiply tool.

On Thursday, Citi will hold its first investor day in four years. The megabank, which has undergone substantial change under CEO Jane Fraser, is expected to share its strategy for driving higher profitability, deploying AI and ramping up shareholder returns.

The proposal is part of what SEC Chairman Paul Atkins calls his "Make IPOs Great Again" agenda.

Carter Bankshares wants to widen its footprint in the Carolinas and may look to buy a bank, especially in South Carolina, where it set up a loan production office in November. The Virginia bank recently resolved a long-running dispute with a major commercial borrower.

A consulting and M&A advisory firm presented six prospective sellers to 17 buyers, with striking results for any advisory teams tapping into a frothy M&A market.