Expense management

The reductions will affect less than 1% of Citi's global workforce, and with recent hiring the overall headcount probably won’t decline, the company said.

When the coronavirus pandemic forced teachers and students to move classroom learning online this year, school districts and educators suddenly faced a raft of challenges around handling new expenses for tools needed for cyber education.

The industry's return on average assets has already dropped substantially and there are predictions that could get even worse. Many institutions will have to deal with elevated provisions for loan losses and expense management to survive.

With the coronavirus pandemic intensifying and hopes for a quick economic recovery fading, banks large and small are reducing headcounts, shuttering branches, shedding office space and generally trying to trim expenses wherever they can.

The North Carolina regional created by the merger of BB&T and SunTrust is saving money by shedding office space and reworking vendor contracts, but it was forced to put its systems integration on hold for up to a year to prioritize tech upgrades tied to the pandemic.

The Wisconsin banking company recently agreed to subscribe to five solar gardens to trim power costs at 39 branches. The move, part of a broader sustainability push, also could benefit rural communities, Associated said.

The company said it had cut 20 positions and found a way to shed 35,000 square feet of office space by the end of 2020.

Some institutions may want to consider self-insurance to lower expenses as the coronavirus cuts into earnings.

Credit unions are once again opposing language in draft legislation of the 2021 National Defense Authorization Act that would allow banks to rent space on military bases for free.

The company is partnering with Sensibill, a fintech whose technology turns photos of receipts into text and helps people track and manage their expenses.