Corporate governance

Banks large and small are selling some or all of their insurance subsidiaries, enticed by the high prices they're being offered. Here's a rundown of the deals that were struck in 2023.

Left-leaning shareholder groups are asking JPMorgan Chase, Goldman Sachs and other large asset managers to explain a recent decline in their support for certain environmental and social policies at public companies.

A new Cerulli report suggests that one of banks' best opportunities to grow in the coming years is right under their nose, with a client segment they often ignore.

Across the industry, the pace of branch shutdowns slowed this year. Still, large financial institutions continued to trim their physical footprints, with two super-regional banks taking the most aggressive actions.

If banks reached the same market penetration among U.S. customers of Latin American descent that they have among white Americans, they could tap an additional $155 billion in annual revenue, according to new research from the consulting giant McKinsey.

The change comes over massive overhaul as the mega bank seeks to build divison under Sieg.

Once the pace of private equity-backed sales of middle-market companies picks up, the Rhode Island-based bank expects to benefit. CEO Bruce Van Saun says that Citizens' recent expansions in private banking and wealth management will provide opportunities to cross-sell to corporate clients.

The Ohio-based regional bank has laid out an ambitious expansion blueprint, including new health care asset-based lending, a Native American financial services unit and a push into commercial banking in North Carolina and South Carolina.

The megabank, which is in the midst of a massive restructuring, will probably book "a couple of hundred million dollars" of restructuring charges in the fourth quarter, according to its chief financial officer.

Frustrated by its inability to overcome loan-servicing mistakes that triggered three separate regulatory consent orders, Discover Financial Services elected to sell its student loan business. "When we looked at it, we have perennial issues in our ability to service that portfolio," a top executive said.

The nation's largest bank has already completed many of the branch closings that can boost its earnings, leaving it with "less and less accretive opportunities to consolidate," according to a top executive.

Banking advocates claim FDIC's proposed corporate governance guidelines could undermine their legal duty to shareholders, despite the agency's claim that the proposal wouldn't break new ground.

The megabank did not say how many positions it plans to cut as part of a reorganization that represents Jane Fraser's biggest move so far as CEO.

The regional bank announced a near-doubling of the size of its most-senior leadership team, plus expanded roles for two former SunTrust executives and the hiring of a wholesale banking chief from Wells Fargo. Truist is under pressure to improve both its efficiency and its financial performance.

With employees regularly fleeing to bomb shelters — and some being called away to military service — these technologists must still serve a global clientele while confronting fear and destruction at home.

Bank failures last spring forced many startup businesses to shift where they store their cash. JPMorgan Chase appears to be the top beneficiary, but other banks say they are just as eager to reel in deposits and do more business with the innovation economy.

The deal for SimplyBank, scheduled to be completed in the second quarter, would give First Financial in Terre Haute, Indiana, additional branches in Tennessee and its first presence in Georgia.

The new chief financial officer, Chris Doll, is City National's third recent hire from Fifth Third. At yearend, he will succeed John Bai, who spent close to a decade in roles with Royal Bank of Canada and City National.

Officials are looking into the banking giant's anti-money laundering measures with clients outside the U.S.

The island state's biggest banks — which reported lower profits in the third quarter — say it is too soon to fully assess the economic fallout from the deadly August wildfires. The rebuilding effort could boost near-term deposit growth and long-term loan demand, they said.