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The company declined to give specific details on how many jobs were affected. It has sought to rein in costs amid efforts to boost earnings.

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January.

The megabank failed to adequately protect and reimburse customers who were victims of wire-transfer fraud, according to a lawsuit by the New York Attorney General. Citi said that it follows all relevant laws and regulations.

The institution is investing more in analytics as it faces pressure from rival banks and fintechs using automation to attract cost-conscious treasurers.

Jim Esposito, one of Goldman Sachs Group's most senior executives, is leaving after almost three decades with the firm.

The longtime Most Powerful Women in Banking honoree looks back on her 40-year career and the power of persistence.

Google Pay's collaboration with the country's digital transaction network is the latest example of Indian tech informing strategy elsewhere in the world, including the U.S.

The stable outlook is an indication that — at least for some lenders — the much-feared cycle of cardholders defaulting on their obligations in the wake of the COVID-19 pandemic may not turn out to be so bad.

Fiserv's Money Network will officially start managing the state's prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.

The card network said that recent weeks' cold snap in key cities had a chilling effect on U.S. spending, and reaffirmed its sunny outlook for the year.

The UK bank is the latest to articulate the shifting zeitgeist among financial heavyweights who are increasingly pushing back against calls to shun the fossil fuel industry. Their view is that jettisoning high-emitting clients from balance sheets won't make those emissions disappear, and that bankers therefore need to work with polluters to help them decarbonize.

Steve Squeri said flatness in the segment is an industry-wide trend, and the company is dedicated to the segment.

Workers are eligible for the one-time cash grants if they earned a salary of less than $75,000 last year, and their total cash compensation was less than $85,000. The payments come amid a unionization push at the San Francisco-based megabank.

Several of the company's top leaders, including Jennifer Piepszak, have been given new duties in CEO Jamie Dimon's latest management reorganization. Piepszak and JPMorgan President Daniel Pinto are among those viewed as potential successors to long-serving Dimon.

As new CEO Alex Chriss streamlines the payment company's strategy, 2024's first major product rollout stresses data-driven, personalized connections between merchants and consumers.

Williams, who died this week at age 90, was CEO of SunTrust — one of the banks that would become Truist — for many years. He also served on the boards of several organizations in Atlanta, including Coca-Cola.

The bank didn't unveil any new climate commitments, but mapped out the changes it sees as necessary to decarbonize the heavy-emitting industries it still finances.

As companies downsize and restructure, American Banker is tracking these decisions to help our readers understand how their industries are adapting.

Hood, who was first appointed to the National Credit Union Administration in 2005, explained what drove his focus on financial inclusion and the technology that promises to make it possible.

Barclays has redesigned the Cambridge Eagle Lab to focus on companies that develop sustainable and other environmentally focused technology, Vodafone expanded its partnership with global fintech MoneyHub to offer its financial wellness app, and more in this week's global news roundup.