Strategic planning

Inside JPMorgan Chase, senior executives are counting on an investor day to redeem themselves from a routine January conference call now widely viewed as disastrous.

The Wisconsin company is the latest bank to plan cutbacks in the fees. Its fee income is projected to fall by about 2% from its level last quarter.

Wells Fargo missed analysts’ expectations on first-quarter revenue and expenses as Chief Executive Charlie Scharf continues to face challenges turning around the bank after years of scandals.

The niche railcar leasing unit, which the North Carolina company inherited with its acquisition of CIT, may generate roughly 25% of the combined entity's noninterest income, executives said. They vowed to slow the sale of boxcars that had been underway at CIT.

The average Wall Street bonus increased 20% last year as a flurry of initial public offerings and higher underwriting fees boosted profitability across the industry. 

Lynn Fuller, a onetime CEO of the Iowa company, called his ouster “retaliation” for publicly criticizing Heartland’s strategy. He had planned to step down as chairman in May.

At the bank’s investor day, CEO Jane Fraser and other top executives outlined where they are investing, how they are reorganizing and what it will all cost.

Citigroup said profitability will fall as the bank pursues a strategy shift that it said will raise expenses in the near term.

Royal Bank of Canada is still benefiting from the pandemic-era boom in capital markets.

A busy end to the year for Barclays’ dealmakers helped offset a slump in trading activity and lift the British bank to its highest annual profit on record.

Wages, marketing spending and technology investments are all on the rise. While higher interest rates should eventually help tame inflation, it's not clear how quickly banks will be able to limit their spending increases.

The central bank also signed off on Webster Financial’s acquisition of Sterling Bancorp and WSFS Financial’s purchase of Bryn Mawr Bank Corp. The moves come amid a political fight over the bank merger approval process.

A clash among FDIC board members has intensified a debate about whether regulators should take a tougher look at large M&A deals. House Financial Services Chair Maxine Waters added to the frenzy by calling for a moratorium on approving big acquisitions.

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

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.

Even as the pandemic has hastened adoption of digital banking, industry officials say branches remain vital points of contact with consumers.

The Florida bank's agreement with the core provider FIS is expected to reduce annual expenses by $12 million. Analysts expect more banks to make similar moves.

The credit card issuer benefited from consumer loan growth in the third quarter, but investors seemed spooked by increases in its marketing and technology costs.

More banks are boosting salaries to lure and keep workers in a highly competitive hiring market, but the pressure is on to trim expenses elsewhere to offset the pay hikes.