Bank of America has agreed to pay a multimillion-dollar sum to settle a defamation claim brought by former executive Omeed Malik, who was fired by the bank earlier this year, according to a person familiar with the matter.

Sarah Spooner moves from chief financial officer to the corner office.

Alexandria Partners’ CEO asks InVest Conference attendees how much they assume they are being clear.

Panelists: Renée D. Brown, CMO, Retail Financial Services, TIAA; Steven Dorval, President, John Hancock Personal Financial Services; Matt Fellowes, CEO, United Income; Roger Lee, CEO and Co-Founder, Human Interest

Panelists: Millie Arora, Political Scientist and Economist, ReD Associates, Nimish Shukla, CFA, Co-Founder and Head of Retirement Income Blueprint Income

CU executives are taking the reins at one corporate credit union, plus more news of new hires, promotions and accolades at CUs across the country.

CEO base salary was up by 7.5 percent from 2017 to 2018, CUES reported, while COOs saw compensation rise by more than 9 percent.

Mayor Eric Garcetti signed an ordinance Monday that establishes new requirements for banks that want to do business with the city. The rules are thought to be the first of their kind nationally.

A tighter labor market and declining demand for compliance employees are expected to slow down hiring at banks in the coming year.

After the Cincinnati bank started a personal assistant service for new mothers, it learned new parents needed help with budgeting, and that motivated it to team up with a Goldman Sachs firm to establish a financial wellness program for all its employees.