Branch network

Bank of Montreal plans to raise its minimum wage for U.S. branch and contact-center employees to $18 an hour as companies face heightened competition for workers in a tight labor market.

The retail consolidation in Midwestern markets will also support the bank’s branch expansion in Atlanta, Charlotte and other fast-growing cities across the Southeast.

The company has long focused on customers with ties to the two states. But as it emerges from the pandemic seeking new lending opportunities, CEO Rajinder Singh says, “We are looking at markets from Boston all the way down to Atlanta.”

The Tennessee company said merger costs tied to its Iberiabank acquisition are up $40 million from previous estimates. However, savings from additional branch closings and unexpected revenue gains should soften the blow.

For years, women have gotten a foot in the door to the finance industry by becoming bank tellers. Now that path is disappearing.

The Charlotte, North Carolina-based bank is adding three branches in Lexington, with plans for a fourth next year.

The London-based banking giant announced a plan this week to exit the mass-market U.S. retail business and focus on managing the wealth of affluent globe-trotters. But other international banks will provide stiff competition.

Christine Channels will oversee a group of branches focused on low- and moderate-income areas, according to a memo from executives who run the division.

Citigroup Chief Executive Jane Fraser said she’s “very bullish” on the immediate outlook for the U.S. economy, and the banking giant is still planning to add more branches around the country.

The Texas company kept allowances steady, citing lingering concerns over the pandemic and commercial real estate. Yet it plans to open 25 offices in Dallas after a similar expansion in Houston drove asset and customer growth.