Corporate governance

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.

FNB Bank in the hard-hit community of Mayfield lost its headquarters during the catastrophic storms. It and other financial institutions are aiding local residents who are now taking stock of the damage.

Daniel Pinto was awarded 750,000 options in the form of stock-appreciation rights ahead of his promotion next month to sole president of the company.

Conservative groups have sued the Securities and Exchange Commission and the state of California to overturn rules requiring banks and other companies to add more women and minorities as directors. Experts say the legal challenges are unlikely to change how corporations think about boardroom diversity.