Corporate governance

The competition has leading-edge technology, but consumers may be looking for more than just bells and whistles when choosing where to do their banking.

The San Diego bank first considered finding a buyer two years ago and had offers in early 2019. The price of the deal it finally reached in the throes of the pandemic was much lower than some earlier offers.

Deal activity, already on pace for its slowest year in more than two decades, will likely remain suppressed until bankers get a handle on credit exposure and more clarity on valuations.

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.

JPMorgan Chase added a half dozen executives, including Thasunda Brown Duckett, to its operating committee in the biggest expansion of its top leadership group in years.

The $282 million-asset institution's new name is intended to build on its work with underserved communities around St. Louis.

“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.

The reductions will affect less than 1% of Citi's global workforce, and with recent hiring the overall headcount probably won’t decline, the company said.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

When Jane Fraser takes the reins of Citigroup in February, she will have to tackle the company’s cards slump, lagging performance metrics and challenges presented by employees’ return to the office.

At a time when many lenders are shying away from an industry hit hard by the pandemic, State Bank of Texas is going all in.

When Jane Fraser takes the reins of Citigroup in February, she will have to tackle the company’s cards slump, lagging performance metrics and challenges presented by employees’ return to the office.

The bank said the move will provide more flexibility raising capital and more options when it comes to pursuing bank acquisitions.

Michael Corbat won praise for turning the page on the financial crisis and for advancing gender equity in the workplace. But after eight years at the helm, he has failed to deliver the returns that investors have come to expect of Wall Street banks.

The pandemic and economic downturn upended most institutions' advertising plans for the year, and many credit unions have had to adjust not only their messaging but also the loan products they are promoting.

Citigroup named Hassan to the new role as part of a move to combine its marketing and branding divisions.

Bartow Morgan Jr., who ran Brand Banking when it was sold to Renasant, also plans to raise $150 million to expand the seller's products and services.

The travel industry was hit extremely hard by the coronavirus pandemic. WEX, a payments processing and financial technology solutions organization with offerings for corporate travelers, felt the shockwave first hand.

Institutions considering new technologies must ask themselves what they're looking for not just from a product but from a partner.

A plan to merge the $5.5 million-asset credit union into Cal-Com FCU will provide additional services for members while also easing the process of replacing several employees who plan to retire this year.