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A new Fifth Third social media campaign offers recent college graduates free one-on-one career counseling. The initiative is part of a trend of banks allocating marketing dollars to unusual perks and charitable giving to differentiate their brands.
June 16 -
Fifth Third Bancorp revised downward its first-quarter profit by 6%, or 2 cents per share, after the Cincinnati company booked a $30 million impairment on aircraft leases.
May 12 -
The Salt Lake City company is targeting an efficiency ratio more in line with other regional banks by closing branches and finding ways to boost revenue. Zions hopes its efforts will reduce annual pretax expenses by $120 million by 2017.
June 2
Fifth Third Bancorp in Cincinnati will close or sell about 100 branches=, or about 7% of its total branch network.
The $140 billion-asset company said in a press release Monday that it will also shed about 30 properties that had been planned for branches.
Fifth Third said it will record a non-cash impairment charge of $75 million to $85 million in the second quarter to cover the cost of the changes. Fifth Third will also incur $6 million to $10 million in other costs, largely tied to terminating real estate contracts.
The moves are expected to result in annual savings of about $60 million in operating expenses.
"Consumer demographics and our customers' preferred channels of banking are undergoing significant changes," Kevin Kabat, Fifth Third's vice chairman and chief executive, said in the release. "Technology continues to impact our service delivery and revenue generation tactics and strategies. We have been very successful in growing our market share in our footprint as the most recent FDIC data clearly shows, and we will continue to maintain the same focus going forward by optimizing the size and density of our branch network."
The branch closings and sales are expected to be completed by the middle of next year. Fifth Third did not identify the locations to be closed or sold.
