Corporate governance

A proposed settlement between the Philadelphia-based community bank and an activist investor group that has waged a nearly two-year battle for control also calls for overhauling the board of directors.

Peoples Financial Services has agreed to pay $129 million of stock for FNCB Bancorp. Peoples' CEO Craig Best would lead the combined company for a year after the merger closes, and then Gerard Champi, FNCB's current chief, would take over.

Thomas Nides, a former U.S. ambassador to Israel and longtime Morgan Stanley executive, will take over the megabank's public affairs division as its work to fix regulatory concerns continues. He succeeds Bill Daley, the former chief of staff to President Barack Obama, who recently announced his retirement from Wells.

Cboe Global Markets says Edward Tilly has resigned following an investigation that determined he didn't disclose personal relationships with colleagues. The derivatives and securities exchange has appointed Fredric Tomczyk, a current member of Cboe's board of directors, to replace Tilly. 

As part of the changes, the Spanish bank is combining individual countries' retail and commercial banking businesses under a new global unit, which will be headed by Daniel Barriuso, and creating a new digital consumer bank area that will be led by Jose Luis de Mora.

Instead, the Canadian bank will try to ramp up its current strategy, which includes growth in commercial lending and technology upgrades, as well as streamline management. 

Revenue challenges are driving the Utah bank's plan to reduce expenses, according to CEO Harris Simmons. "I talk to our peers, and everybody's looking for ways to cut costs," he said.

Fraser has a plan to reduce the number of management layers at Citi, shrink its workforce, speed up decision-making and give herself more control of the bank's five core businesses. "It's going to make some of our people very uncomfortable," she said.

At least four of CEO Jane Fraser's senior deputies got new roles in the shakeup, which will result in a number of job cuts.

After taking incremental steps to bolster its wealth management business, the Rhode Island bank is preparing to roll out a broader strategy focused on high-net-worth clients.