Merchant

Jane Fraser defended Citigroup's recently announced organizational overhaul and specific performance targets, saying the plan is different from prior restructurings because it's designed to fundamentally change how the company operates.

The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.

The Biden administration's misguided attempt to protect the banking system from itself will reduce credit available to the Americans who need it most.

Camino Financial and Fundation, which are combining, serve distinct slices of the small business market. The deal's architects say it will enable the combined firm to provide more financing options to entrepreneurs, and they argue that now is a good time to lean into small business lending.

With a week left in its 2023 fiscal year, the Small Business Administration has already approved 12% more 7(a) loans than last year. Larger banks were among the biggest gainers as a result, according to the agency's latest data.

At the Sibos conference, cybersecurity leaders at banks and other experts debated how to train employees to thwart threats that AI has intensified.

Educational institutions ought to have some skin in the game when it comes to the student loan market.

Ongoing disruptions and a reported ransom payment highlight the complexity of cybercrime networks and the pitfalls of paying ransoms.

A movement is afoot to transfer the job of the Federal Home Loan banks to the Federal Reserve. This would be a disaster for small lenders.

Revenue challenges are driving the Utah bank's plan to reduce expenses, according to CEO Harris Simmons. "I talk to our peers, and everybody's looking for ways to cut costs," he said.