The Minneapolis company said in an email to American Banker that it would reduce its headcount by approximately 1%, or about 740 positions, across the company.

The appointment comes nearly two years after Davis said he was stepping down from the Minneapolis bank to pursue "another calling."

Executives are reluctant to pull back on their big investments in technology, arguing they must stay competitive and that they have flexibility in other areas to trim costs if growth begins to stagnate.

The Minneapolis company, which reported strong profits but 1% loan growth, is hiring middle-market bankers in New York and launching a digital lending platform aimed at small businesses.

The two megabanks face different problems, as Bank of America customers are frustrated over fees and customer service while Wells customers are alarmed about the bank's recent scandals.

Big banks are expected to report that commercial lending weakened in the third quarter thanks to tax cuts, nonbank competition and seasonal factors. It raises questions about whether the second-quarter rally was an anomaly and if an overall economic slowdown is edging closer.

The nation's largest bank overtook PNC Bank to snag the top spot in an annual study that evaluates satisfaction levels at the nation's six largest retail banks.

The mass retirement of baby boomers and the growing affluence of women are the biggest disruptive forces in the industry, says Gunjan Kedia. Here's how she's dealing with them.

In five years, Moy has built from scratch a thriving business unit that is focused solely on developing easy-to-use, customer-facing technology for U.S. Bancorp's wealth management clients.

Gunjan Kedia left a big job at State Street for an opportunity to have more direct impact on the lives of individual investors.