Corporate finance

After just 45 days on the job, the Citigroup CEO is jettisoning uncompetitive overseas operations, vowing to ramp up wealth management and touting the long-term importance of the company’s Banamex unit. More moves are on the way, she says.

The company’s payments services business has struggled during the pandemic, but executives are counting on commercial clients’ embrace of real-time payments to help fuel the unit’s growth in 2021.

The San Antonio company will no longer charge fees on transactions of $100 or less that take checking account balances into negative territory, as long as the customer has a $500 monthly direct deposit set up.

BofA is awash in liquidity, but an uptick in credit card applications and heightened interest from commercial borrowers have executives hopeful that loan demand will soon rebound.

The Charlotte, N.C., company has shuttered 400 branches in the past year and intends to close nearly 500 more by early 2022. It’s also eliminating office space and reducing headcount as it aims to keep quarterly expenses under $3 billion.

The company will exit retail banking in 13 markets across Asia, Europe and elsewhere after a big drop in global consumer banking revenue. However, it far exceeded analysts' earnings estimates from dealmaking for special-purpose acquisition companies and other Wall Street operations.

Bank of America’s traders and investment bankers reaped another windfall, joining their Wall Street rivals in capitalizing on the stock market’s wild ride this year.

It was a rough quarter in retail banking for the bellwether bank, but a pickup in credit and debit card spending and a higher-than-expected release of loan-loss reserves bodes well for JPMorgan — and perhaps the industry as a whole.

Business owners have shown little interest in taking on debt during the pandemic. Will their attitudes change as the economy improves?

Loan growth and wealth management revenue drove a 53% increase in the San Francisco bank's profit from a year earlier.

Net income was boosted by a $1.6 billion release of loan-loss reserves.

Fees from investment banking and larger-than-expected reserve releases more than offset a sharp drop in loan volume.

The Michigan-based institution has positioned itself for additional growth by making it easier to qualify for membership.

The Mississippi company has never done a deal this large. But buying Houston-based Cadence would take it into high-growth markets and reduce both companies' concentrations in sectors such as energy, dining and hospitality.

The agency has stepped up efforts to encourage those lacking banking relationships to choose an affordable account option for their pandemic relief funds. It will have to overcome distrust of financial institutions in communities of color.

Valley National wanted to become more customer friendly, while Washington Federal needed more commercial clients. The leaders of those companies recently discussed the tough decisions they made to bring about much-needed change.

Too many Americans lack a sound grounding in personal financial management, which limits their opportunity to build long-term financial independence.

Michigan State University Federal Credit Union has doubled in size since 2015, thanks in part to expanding its branch network and field of membership.

The Michigan company recently paid $70 million to close the books on a matter dating to the last financial crisis.

The economy is poised to rebound, meaning loan demand and hiring will pick up, some observers say. Others argue that banks have plenty of reasons to cut jobs given industry consolidation, the growth of digital banking and expectations that low interest rates will persist.