Practice management

James Herbert is expected to step away from his duties for six months due to a coronary health issue. Co-CEO Hafize Gaye Erkan will take on more responsibilities.

For the third time since the start of the pandemic, the Richmond, Virginia, company will close branches to contain costs in what it calls a “challenging macroeconomic environment.”

The company says that marketing its deposit products could help build deeper customer relationships, particularly with student loan borrowers. “We're not just a credit card issuer,” CEO Roger Hochschild told analysts.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

The Georgia bank estimates that it will save $12 million annually by shutting down 40 branches.

In a semiannual report on trouble spots in the banking sector, the Office of the Comptroller of the Currency raised concerns that banks are taking on too much risk in pursuit of earnings growth.

Coming out of the pandemic, traditional banks will have just two years to update their business models or they risk falling behind more innovative peers and aggressive upstarts, the consulting giant warns in a new report.

Canadian Imperial Bank of Commerce is having a harder time keeping costs in check as inflation picks up and the lender invests in its domestic consumer franchise.

The aging of the American workforce is expected to hit the financial industry especially hard. So banks are considering nontraditional job candidates, finding bigger roles for young employees and moving those planning their departures into advisory roles.

The Federal Deposit Insurance Corp. might need to borrow money from the Treasury Department to manage the orderly liquidation of a systemically important bank. But if Treasury can’t legally issue more debt, that money may not be available.

Financial services companies tend to push out older employees. That’s a mistake, both because of the loss of institutional knowledge and because it’s older bankers who can build the best rapport with boomer customers.

SAFE Credit Union in Folsom, California, will promote its chief credit officer, Faye Nabhani, to president on Jan. 1 and then CEO a year later. She will be the institution's first female leader in its 80-year history.

Locality Bank in Fort Lauderdale and Gulf Coast Business Bank in Fort Myers would be the seventh and eighth banks to open in Florida since 2017 — the most of any state in that span. Organizers relish the chance to start from scratch, but some observers lament the drop-off in de novos from the pre-crisis era.

Deutsche Bank proposed Alexander Wynaendts as its next chairman of the supervisory board, tapping the former insurance executive to guide Germany’s largest lender as it emerges from a decade of crisis.

Deutsche Bank plans to hold an extraordinary supervisory board meeting this weekend where it will discuss candidates to succeed chairman Paul Achleitner, according to people briefed on the matter.