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The market for short-term installment credit is growing among millennials and Gen Z consumers who distrust credit cards. Banks are letting a golden opportunity slip away.

James Kim will succeed James Ford, who is retiring, as chief executive.

Net income significantly recovered compared with a year earlier, totaling $70.4 billion. But the average net interest margin fell to another record low as lending remained sluggish, the FDIC said in its quarterly update.

Nathan Hilt is a managing director in the financial services industry practice at Protiviti.

The New Jersey bank plans to reinvest half of the savings into technology development and hiring.

The Rhode Island bank has entered into an agreement to acquire JMP Group, which focuses on the health care, technology, financial services and real estate sectors.

Jasmine Fernández is a summer reporting associate with American Banker Magazine. She is currently working toward her master's degree in journalism from Columbia University in New York.

Ann Kent is the chief growth officer at ProgenyHealth.

The program, Balance Connect, allows consumers to link their checking account with as many as five other Bank of America accounts and transfers available funds when needed for a fee that's lower than the company's existing overdraft charges.

Marquette University has formed a partnership that will give undergraduate business students experience working with grassroots lenders in Panama, Honduras and Nicaragua. The goal is not only to teach the basics of commercial lending, but also to instill some idealism in the next generation of bankers.