Retail & Commercial

The Chairman and CEO of JPMorgan Chase framed his bank's record-setting $13 billion settlement as a business decision — but acknowledged that he now has work to do to repair ties with Washington.

Despite widespread concerns at community banks, industry experts assert that regularly testing can help bankers with strategic planning.

IberiaBank Corp. (IBKC) said its president and chief executive has set up a plan to sell up to 11% of his stock in the Lafayette, La., company.

Citigroup's (NYSE:C) board has added Duncan Hennes, a veteran financial executive and a co-founder of consulting firm Promontory Financial Group, as an independent director.

Even before Dodd-Frank, federal regulations had grown exponentially. The sheer quantity of the regulations is bad enough, but the complexity often confuses banks and their customers and increases compliance costs.

The $18.4 billion-asset company said in a regulatory filing Wednesday that it will shutter 37 branches inside Chicago-area Jewel-Osco stores and a branch in downtown Minneapolis.

The peer-to-peer lender, which has both threatened banks' traditional businesses and cultivated Wall Street ties, is now selling its loans to community banks and working with them to offer personal loans as a counter to big banks' dominance in credit cards.

The $298 billion-asset company will continue with its recent pattern of opening smaller branches in desired markets and closing some larger, traditional branches, resulting in roughly 25 net closures, PNC spokesman Fred Solomon said Wednesday.

EverBank Financial (EVER) in Jacksonville, Fla., has agreed to pay the Federal Deposit Insurance Corp. $48 million in connection with its purchase of the failed Bank of Florida in May 2010.

SunTrust Banks (STI) has agreed to sell RidgeWorth Capital Management, its asset management business, for $245 million.