Warren Buffett's Berkshire Hathaway, which cut many bank holdings as the pandemic bore down on the U.S., is back with a roughly $2.9 billion bet on Jane Fraser’s Citigroup even as it said goodbye to a longtime stake in Wells Fargo.

The wealth programs in the channel are going through a significant shift amid major recruiting moves and consolidation, according to a consultant’s report.

From the threat of cyberattacks to discriminatory lending practices, banks need to pay close attention to a number of significant challenges.

While millions of employees have voluntarily left their jobs over the past year, senior level industry leaders have continued to advance their careers.

Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.

The banks that own the peer-to-peer payment network are reportedly considering a retail launch that could fend off rival payment methods — or simply cannibalize the sizable revenue issuers get from credit and debit cards.

Wells Fargo won an early round in a lawsuit accusing the bank of running a predatory mortgage lending scheme in the Atlanta area before the 2008 financial crisis and continuing to discriminate against minorities for more than a decade afterward.

Wells Fargo, which approved fewer than half of mortgage refinancings sought by Black homeowners in 2020, prompting calls for regulatory investigations, greenlighted a larger share of applications from such borrowers last year.

The megabank is dealing with one less regulatory headache following the termination of an enforcement action related to the sale of identity protection products.

Despite that year-over-year decline, the company beat analysts' expectations with fourth-quarter net income of $5.8 billion. Stronger commercial lending and lower expenses cushioned the blow in consumer credit.

The largest U.S. banks have made progress in detailing the risks posed by climate change, but it's clear the industry will have to do more. As federal regulators prepare to impose new obligations, banks are pushing back against calls for more aggressive measures such as capital requirements and increased risk weighting for fossil-fuel lending.

The Office of the Comptroller of the Currency is seeking nearly $19 million from David Julian, Claudia Russ Anderson and Paul McLinko. The trial before an administrative judge is scheduled to begin in South Dakota on Sept. 13.

The bank's earlier decision to stop accepting applications for the consumer loan product had sparked a backlash among customers and lawmakers.

Paul Camp will join the company in November to run its new Global Treasury Management division. Wells Fargo says the goal in combining its treasury management and global payments units is to improve service for clients doing business in multiple countries.

Steven Black was a board member of BNY Mellon when Wells CEO Charlie Scharf led the trust bank. He will become Wells Fargo’s fifth chairman in five years.

Wells Fargo is pushing its return-to-office plans back a month to early October, citing rising COVID-19 rates across the U.S.

Derek Ellington will replace Steve Troutner, who is stepping down for personal reasons. He will report to Mary Mack, the bank's CEO of consumer and small-business banking.

Tanya Sanders, who joined the company in 2019, takes the reins as the division's loan growth is on an upswing. She will succeed Laura Schupbach, who is retiring after 26 years at Wells.

The San Francisco company said it will offer workers varying degrees of flexibility based on job type and experience. The bank will also collect data on who has been vaccinated.

The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.