Corporate governance

Bank of America revamped leadership across its wealth management business, placing more responsibilities on current heads Andy Sieg and Katy Knox.

The Tennessee bank reported an uptick in commercial lending during the fourth quarter. Executives pointed to the impact of a 2020 acquisition that allowed First Horizon to bulk up in in Florida, Georgia and Louisiana.

Citigroup CEO Jane Fraser is nearing the end of her organizational overhaul after deciding to cut loose retail-banking operations in Mexico. She will make the case at an upcoming investor day that the company is on the verge of producing stronger shareholder returns.

State Street Global Advisors, one of the world’s biggest asset managers, said all global companies in which it invests must have at least one woman on their boards to gain the firm’s support during the upcoming proxy season.

The Louisiana-based company is among a growing number of community banks that have taken on new talent in the wake of competitors' consolidation.

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.

A dispersed workforce presents added cybersecurity challenges resulting from employees accessing their organization’s networks through a home connection. This new reality reinforces the need for financial institutions to transform their digital infrastructure to guard against breaches.

The central bank also signed off on Webster Financial’s acquisition of Sterling Bancorp and WSFS Financial’s purchase of Bryn Mawr Bank Corp. The moves come amid a political fight over the bank merger approval process.

Kabbage and other firms are extending credit to fund higher salaries at the small merchants that are struggling to hire new employees.