Corporate governance

The regional bank recorded $130 million of legal charges during the fourth quarter in connection with the resolution of a legal battle involving overdraft fees. Its earnings also took a hit from $63 million in employee severance costs.

The Providence, Rhode Island-based bank has steadily revamped certain parts of its strategy. Now, it will update its systems for serving customers.

The Cleveland-based bank announced changes Tuesday to its board of directors, including the appointment of a new lead independent director. Last month, activist investor HoldCo Asset Management urged the bank's board to not re-nominate its longtime lead independent director.

The Huntsville, Alabama-based regional bank is well positioned to defend its Southeast footprint, according to CEO John Turner. It's hiring more bankers in growth markets, it has strong brand recognition and it has a long history in its core markets, he said.

"We're coming into your market," PNC Chief Executive Bill Demchack said Friday. "If you're not coming into our market to come fight us, we're coming to your market to come fight you, and we're going to get some percentage of your market."

"These changes reflect adjustments we're making to ensure our staffing levels, locations and expertise align with current business needs; efficiencies we have gained through technology; and progress against our transformation work," the company said in a statement.

The bank, which has ties to prominent right-wing political figures, is touting its intention to embed cryptocurrency into loans, deposits and investment offerings.

One of the leading makers of pre-packaged salads has acquired a 16.3% stake in Salinas, California-based Pacific Valley Bank. "It's a real vote of confidence," the bank's CEO said.

The company's asset and wealth management business is completely cutting ties with proxy advisors, opting to build its own research and public company voting system. JPMorgan is the first bank to stop using firms such as Glass Lewis and ISS.

The merger of equals, which received a chilly reception from investors when it was announced in July, closed faster than analysts had expected.

Last year highlighted the risks for banks in lending to nondepository financial institutions. A new approach by Trump-era regulators could change the playing field.

New Jersey-based OceanFirst Financial slid in its planned $579 million acquisition of Flushing Financial just before the end of the year. The private equity firm Warburg Pincus is also participating in the transaction.

Bank merger and acquisition activity rebounded this year, led by Fifth Third's $10.9 billion proposed purchase of Comerica. Huntington, PNC and Columbia were involved in some of the other biggest deals announced in 2025.

Proxy advisory firm Institutional Shareholder Services recommended approval of Fifth Third's $10.9 billion proposed acquisition of Comerica.

The Los Angeles-based subsidiary of Royal Bank of Canada is elbowing into fast-growing North Carolina and South Carolina with a strategy focused on middle market banking.

KeyCorp CEO Chris Gorman said Tuesday that the bank has doubled its buyback plans for the fourth quarter and laid out a new long-term profitability target. The comments came a few days after HoldCo Asset Management issued a scathing report about the bank's performance.

The all-stock acquisition of Mountain Commerce Bancorp in Knoxville marks the Arkansas-based company's first M&A foray since 2022.

The Canadian bank is determined to grow its U.S. business organically, CEO Darryl White said Thursday. But with so much excess capital, analysts wondered about the bank's appetite for M&A.

Royal Bank of Canada now expects to achieve an annual return on equity of at least 17% by 2027, executives said Wednesday, up one percentage point from the bank's earlier goal.