Expense management

U.S. Bank accelerates branch closings as more customers go digital


Hundreds of branches temporarily shuttered during the pandemic are now permanently closed.


Wells Fargo pledges to cut $8 billion in overhead. Is it enough?


CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors.


Bankwell warns of one-time charge tied to cost cuts


The New Canaan, Conn., company said it will record a pretax expense of $3.9 million in the fourth quarter related to branch and office closings, severance payments and the end of a vendor contract.


BofA extends pandemic benefits for caregivers through March


Bank of America is extending pandemic benefits for employees who need child or adult care services.


Banks take harder look at expenses


First Horizon, TCF and Webster are among the banks eyeing efficiency initiatives that could include more branch closings, layoffs and reduction of office space. Expect others to follow suit as low rates and tepid loan demand tied to the pandemic pressure revenue.


Banks see billion-dollar cyber costs soaring even higher in 2021


Big banks and other financial firms predict the cost of warding off cybercriminals will keep climbing in 2021 as they work to secure digital financial services popularized by the pandemic.


Wells Fargo cuts dozens of fixed-income research analysts


The bank is scaling back how it distributes research to clients, part of a push to simplify operations and lower headcount, according to people familiar with the matter.


HSBC vows to 'accelerate' U.S. cost-cutting plan


The global bank, which has already closed more than 30% of its U.S. branches this year, indicated that the pandemic is prompting it to adjust its plans on the fly.


Wells Fargo does U-turn on cutting perk for high-earning workers


The about-face followed a swift backlash from affected employees, who earn more than $250,000 a year, according to people with knowledge of the situation.


First Horizon eyes more expense cuts in wake of Iberiabank merger


The Memphis company is looking to take out more costs than initially planned due to the economic uncertainty brought on by the coronavirus pandemic.