Strategic planning

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

Raises for the rank and file have fueled investor complaints that banks aren’t keeping a lid on expenses. Executives say the pay increases have lowered turnover and improved customer service.

The New York-based online lender plans to spend an additional $15 million next year, largely on bank partnerships and international expansion.

The Cleveland bank gave details on a program for trimming 5% in expenses next year in order to ensure its efficiency ratio goals are met.

The company is facing criticism after a big chargeoff on two properties, showing that investors have little patience when a risky business model shows signs of distress.

The custody bank was very profitable, and it raised its cost-saving forecast for year-end, but its nearly 3% increase in third-quarter noninterest expenses prompted an investor backlash.

Strong net interest income and other factors made up for a drop in investment banking and other noninterest income at the Atlanta bank, which reported double-digit earnings growth.

Commercial and industrial lending rose 8% in the third quarter at the Cleveland bank, but other factors drove its double-digit gain in profits as overall loan growth was modest.

The Dallas bank has picked a bad time to shift from cost-cutting to expansion as big banks are in a commercial lending funk.

The largest U.S. bank's strong third quarter did not insulate its leaders from being pressed about the downside of pricey investments in technology, whether capital rules make commercial lending growth hard for big banks to achieve, and whether another economic downturn is edging closer.

Banks’ tab to fight hackers rose 9% from last year by one measure. Investors want them to rein in tech investments, but security experts say the crooks are getting smarter and smarter.

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It will also invest in mortgage and small-business lending and in neighborhood revitalization efforts there. The moves are part of a nationwide expansion by the largest U.S. bank.

As Synovus Financial’s chief strategy officer, a job that includes responsibility for deciding how bank resources are allocated, Liz Wolverton often has to play the role of referee.

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The cuts are part of a broader effort to trim expenses by roughly $3 billion a year by 2020.

The company said the move should address investor concerns about potential margin compression, slower loan growth and an economic slowdown.

The New York Post reported Wednesday that Wells Fargo board members met with Trump White House alum Gary Cohn about becoming the bank's next CEO, but were rebuffed. Here's what to conclude from the article.

Three longtime Citigroup executives, including Chief Financial Officer John Gerspach, are stepping down as the bank realigns its top management.

Doug Bass had been one of the South Dakota company's regional presidents. He succeeded Ken Karels, who remains chairman and CEO.