Corporate governance

The North Carolina bank, which has been facing pressure to curb spending, rolled out a plan that includes job cuts, the consolidation of businesses and lower technology spending. Analysts wonder whether it will soothe investor frustration over Truist's sagging stock price.

The CU Relief Fund for Ukraine, which launched in late 2022, now takes public donations and is working to recruit more institutions to its cause.

Merrimack Valley Credit Union is launching a disaster relief loan, William Daley will retire from Wells Fargo, New York Community Bancorp promotes Signorille-Browne to COO and more in the weekly banking news roundup.

Some analysts and investors want the North Carolina bank to make big changes to meet financial targets, which they say aren't being met more than four years after the BB&T-SunTrust merger. The critics will be closely watching a presentation by top Truist executives on Monday.

Chief Executive Rob Holmes, who launched an attempted turnaround shortly after taking the reins of the Dallas-based bank in 2021, is resisting the lure of share buybacks. Some investors may be growing impatient, but Holmes says the investments he's made are starting to pay off.

Financial institutions in several Southeastern states had braced for impact of the Category 3 hurricane. Bank and credit union executives in Florida and Georgia say their facilities generally weathered the storm but that some communities they serve face substantial recovery efforts.

The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.

Consistent wins aren't typically about continuously introducing novel strategies, but about better and more consistent execution with proven ones.

The country's Big Six banks are seen as likely to continue struggling as they contend with deteriorating consumer finances and rising internal costs.

The brokerage plans to cut staff and close or downsize offices in response to investor pressure.

The New York megabank is considering splitting its institutional clients group division into three parts following the upcoming departure of top executive Paco Ybarra, the Financial Times reported. The heads of the three segments would report directly to CEO Jane Fraser.

JPMorgan Chase, Wells Fargo and TD Auto Finance all see opportunities in providing financing to dealers for inventory, the purchase of competitors and the addition of infrastructure for electric vehicle sales. Two other banks recently said they're exiting the business, which could provide a further opening.

The bankrupt former parent of Silicon Valley Bank is losing $9 million a month in interest on deposits that were trapped when federal regulators took over the failed bank.

Thomas O'Brien has gained a reputation for being able to salvage institutions on the brink of disaster. With his latest rescue job nearly complete, the fix-it specialist ponders his next move.

In the wake of destruction across Maui, financial institutions based inside and outside of Hawaii are establishing support programs, raising relief funds and facilitating donations of food and clothing.

The real threat is from undercapitalized banks, and regulators must require large banks to have enough capital to eliminate that threat.

Ybarra, who leads the megabank's sprawling institutional clients group, plans to depart in the first half of next year. Citi says it's assessing how to allocate his responsibilities.

The five-year employment agreement with CEO Bryan Jordan follows a failed acquisition effort by TD Bank. The deal suggests that Jordan is seen as critical as the Memphis, Tennessee-based bank charts an independent course in the coming years.

Lisa Opoku follows Julian Salisbury out the door of the Wall Street stalwart.

Big Poppy Bancorp has applied to the Federal Reserve to acquire up to 24.99% of Summit State Bank. Both institutions are headquartered in Santa Rosa. Combining them would create the city's biggest bank.