Strategic planning

The North Carolina bank, which has been facing pressure to curb spending, rolled out a plan that includes job cuts, the consolidation of businesses and lower technology spending. Analysts wonder whether it will soothe investor frustration over Truist's sagging stock price.

Some analysts and investors want the North Carolina bank to make big changes to meet financial targets, which they say aren't being met more than four years after the BB&T-SunTrust merger. The critics will be closely watching a presentation by top Truist executives on Monday.

Chief Executive Rob Holmes, who launched an attempted turnaround shortly after taking the reins of the Dallas-based bank in 2021, is resisting the lure of share buybacks. Some investors may be growing impatient, but Holmes says the investments he's made are starting to pay off.

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.

The New York megabank is considering splitting its institutional clients group division into three parts following the upcoming departure of top executive Paco Ybarra, the Financial Times reported. The heads of the three segments would report directly to CEO Jane Fraser.

Ybarra, who leads the megabank's sprawling institutional clients group, plans to depart in the first half of next year. Citi says it's assessing how to allocate his responsibilities.

The five-year employment agreement with CEO Bryan Jordan follows a failed acquisition effort by TD Bank. The deal suggests that Jordan is seen as critical as the Memphis, Tennessee-based bank charts an independent course in the coming years.

Following regulatory stress tests, three midsize institutions expect to be required to maintain larger stress capital buffers. The reverse is true for four of the nation's largest banks.

The Federal Reserve's stress tests suggested that larger banks are prepared to handle a severe economic downturn, though regional banks fared somewhat worse than their big-bank counterparts. Banks are expected to start revealing their latest capital return plans on Friday.

Pride month is the perfect time to take a hard look at the discrimination that LGBTQ people face in the financial services industry, particularly when it comes to obtaining credit.

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.

The CEOs of the nation's largest banks met with officials in Washington on Wednesday and Thursday, just two weeks before the government is expected to go broke. Behind the scenes, the banks are reviewing contingencies in case the unthinkable occurs.

In the wake of spiking interest rates and surging deposit costs, bankers are looking for ways to scale back their overall expense bases to protect their bottom lines.

The Pacific Northwest bank didn't reveal exactly how much more it expects to save. But executives said that they expect to achieve their earlier target sooner than they previously anticipated.

Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.

Though revenue growth remains a challenge, Citigroup is still committed to its global wealth management expansion plan, CEO Jane Fraser said Friday. Andy Sieg is joining the bank from Merrill Lynch in September as head of global wealth management.

The Illinois company is smaller than other banks that have done away with the charges, but it's been substantially less reliant on overdraft revenue than some depositories. Wintrust executives explained the decision as a response to technological changes in consumer banking.

While Goldman Sachs is still pushing to make its expansion into consumer lending profitable, the bank is also weighing strategic alternatives, CEO David Solomon says. The dueling options reflect the problems that Wall Street giant faces in Main Street banking.

The Columbus, Ohio, bank hopes both to reduce costs and increase revenue by consolidating three segments into a single unit. Huntington is particularly focused on building out its wealth management business.