Like his longtime boss and mentor, Bob Wilmers, Jones is deeply committed to investing in communities, controlling expenses and delivering value for investors. But he also has novel ideas for modernizing M&T, like doing away with its "permission culture," improving the customer journey and positioning it as a go-to bank for tech talent.

About 1,000 interns were notified of the change this week. They will still receive the pay and housing funds outlined in their original offer letters.

In supporting the economic recovery from the coronavirus pandemic, lenders have a chance to restore public trust damaged in the last financial crisis. But they face tough decisions on dividend cuts, executive pay, furloughs and deeper changes to their business model in the process.

SBA loans could pour billions into bank coffers; Fed bailed out government-backed market, others may suffer.

The St. Paul, Minn.-based institution will provide a 20% bonus to member-facing staff who are at additional risk during the outbreak since they are "essential employees."

While some big banks have pledged to avoid layoffs this year, hiring freezes and delayed projects are becoming the norm during the pandemic.

Grainne McNamara, financial services principal at Ernst & Young, explains that bank regulators have already been examining banks' cultures, and that's likely to continue. But banks can still fix culture problems during a pandemic.

The pandemic has the industry rethinking its hiring practices, such as how to onboard employees while limiting in-person interactions, and deciding which roles need to be filled immediately.

What banks need to know about the coronavirus stimulus package; tech vendor Finastra hit with ransomware attack; bank CIOs confront challenge of so many employees working at home; and more from this week's most-read stories.

CEO Brian Moynihan also said in an interview that the bank is helping clients affected by the coronavirus pandemic through increased commercial lending to companies and expanded forbearance for Main Street customers.