Corporate governance

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

The Minneapolis company says the majority of branches earmarked for closing have already been shuttered for months due to the pandemic. Some of the savings will be plowed back into digital expansion.

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

The California-based institution joins a small group of CUs that represent only about 7% of institutions but hold about 70% of industry assets.

The South Carolina company has agreed to buy the parent of Security Federal Bank.

Even more so than activist investors, customers and a new generation of employees are driving banks to back environmental, social and governance reforms, executives said during a Women in Banking roundtable hosted by American Banker.

The deal is expected to close sometime next year but is still subject to regulatory and member approval.

Many consumers are taking to the highways and the water for safe getaways during the pandemic — powering one of the few bright spots in lending. However, bankers warn that boomlets usually come with distinctive credit risks.

Last year, credit unions surpassed 291 million members in 118 countries.

Many community banks need brokered deposits to help fund loans, so policymakers must strike the right balance between promoting liquidity and guarding against reckless lending.