Corporate governance

Citi details risk system triage


“We’re going to be looking at … what caused us to not be able to close some of these gaps in the past,” Citigroup's new Chief Administrative Officer Karen Peetz says of the effort to fix shortcomings in internal controls that have plagued the company for years.


What Sheila Bair brings to table as chair of Fannie Mae


The former FDIC chief oversaw the resolution of hundreds of failed banks during the financial crisis and knows how to build relationships with regulators. Those skills could be crucial in helping Fannie exit federal control.


Former FDIC head Sheila Bair to chair Fannie Mae board


One of the top banking regulators during the 2008 financial crisis could have a hand in nudging Fannie Mae out of conservatorship.


Citi’s chief risk officer to depart as bank begins risk management rebuild


The departure of Brad Hu at the end of the year opens the door for Citi’s soon-to-be CEO Jane Fraser to hire someone new to oversee the bank’s massive risk systems overhaul.


Under pressure to diversify its board, SchoolsFirst adds associate seats


Earlier this year, the Southern California credit union was criticized for its directors not representing the demographics of the communities it serves.


Fifth Third promotes Tim Spence to president. Is he next CEO?


Spence’s promotion to president could signal that the Cincinnati banking company is grooming him as a potential successor to Chairman and CEO Greg Carmichael.


Volunteer recruitment struggles push small Pa. credit union to merge


State College FCU is seeking member approval to fold into Horizon CU, citing ongoing challenges finding members to serve on its board of directors and supervisory committee.


Wells Fargo faces growing pressure to slash costs


CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.


Young workers, clients press banks to take stand on social issues


Even more so than activist investors, customers and a new generation of employees are driving banks to back environmental, social and governance reforms, executives said during a Women in Banking roundtable hosted by American Banker.


Activist bank investors run into an SEC roadblock


New rules on shareholder submissions of proxy proposals could help banks fend off demands to disclose more pay data, cut financing to fossil fuels companies and adopt other reforms.