Payday lenders argue that banks cut ties with their industry due to pressure from biased and hostile regulators. But the reality, in some cases, may be more nuanced.

Berkshire Hathaway plowed $13 billion into bank stocks in the third quarter that included new investments in JPMorgan and PNC and additional investments in Bank of America and Goldman Sachs.

Payday lenders argue that banks cut ties with their industry due to pressure from biased and hostile regulators. But the reality, in some cases, may be more nuanced.

Wells Fargo puts two top execs on leave as scandal's reach grows; regional banks freed from SIFI label lobbying regulators hard for more relief; FDIC to launch innovation office to help banks compete with fintechs; and more from this week's most-read stories.

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.