Expense management

"We'll be taking steps to offset expense pressures," CEO Curtis Farmer told analysts after the company reported an 11% year-over-year jump in costs and falling profits.

Six weeks after unveiling a broad restructuring plan, the North Carolina bank said it has already taken several steps to lower expenses, and that various cost-reduction initiatives are on parallel paths.

The two megabanks continue to shrink their branch networks, with BofA planning to close 20 locations and Wells recently shuttering 15. Both banks are also opening new branches in certain markets.

Executives of the $405 billion-asset bank say that they have completed 40% of a cost-cutting strategy begun earlier this year.

Jane Fraser defended Citigroup's recently announced organizational overhaul and specific performance targets, saying the plan is different from prior restructurings because it's designed to fundamentally change how the company operates.

The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.

Revenue challenges are driving the Utah bank's plan to reduce expenses, according to CEO Harris Simmons. "I talk to our peers, and everybody's looking for ways to cut costs," he said.

The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.

The country's Big Six banks are seen as likely to continue struggling as they contend with deteriorating consumer finances and rising internal costs.

CEO Bill Rogers says the North Carolina bank is contemplating additional business segment changes to improve its efficiency. Investors have been pushing the company to cut costs at a faster clip.