News Topic: Expense management

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick. ... Read full article

“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking. ... Read full article

The reductions will affect less than 1% of Citi's global workforce, and with recent hiring the overall headcount probably won’t decline, the company said. ... Read full article

With the coronavirus pandemic intensifying and hopes for a quick economic recovery fading, banks large and small are reducing headcounts, shuttering branches, shedding office space and generally trying to trim expenses wherever they can. ... Read full article

The North Carolina regional created by the merger of BB&T and SunTrust is saving money by shedding office space and reworking vendor contracts, but it was forced to put its systems integration on hold for up to a year to prioritize tech upgrades tied ... Read full article

The Wisconsin banking company recently agreed to use five solar gardens to power 39 branches. The move, part of a broader sustainability push, is expected to deliver significant cost savings and could benefit rural communities, Associated said. ... Read full article

The company said it had cut 20 positions and had found a way to shed 35,000 square feet of office space by the end of 2020. ... Read full article

The company is partnering with Sensibill, a fintech whose technology turns photos of receipts into text and helps people track and manage their expenses. ... Read full article

Past is not prologue, and a successful strategy for becoming a top-performing bank in 2020 is very different than it might have been just six months ago. ... Read full article

Faced with limited growth opportunities and potentially mounting loan losses, banks are getting aggressive — and creative — to boost profits. ... Read full article

Expenses soared in the rush to deploy emergency loans to small businesses, and now Bank of America may need to delay some investments if it hopes to meet cost targets, CEO Brian Moynihan said ... Read full article

The Ohio company said the decision reflects branch overlap and lower customer usage of the locations being shuttered. ... Read full article

The Georgia bank could rely more on drive-through-only branches, trim office space and reassess staffing levels after the coronavirus crisis, according to Kessel Stelling. ... Read full article

First Horizon still plans to complete its merger with Iberiabank on time, CEO Bryan Jordan said during the Tennessee company's earnings call. ... Read full article

Executives say they can still meet their goal of $480 million in cost savings this year from the combination of BB&T and SunTrust despite unexpected expenses, unless the economy fails to rebound quickly. ... Read full article

The bank still plans to open branches on the West Coast even as it trims its overall U.S. footprint by 30%. ... Read full article

The bank's announcement that it will slash about 35,000 staff and take $7.3 billion of charges prompted its stock to tumble and renewed questions about the bank's direction and lack of a permanent CEO. ... Read full article

The tight labor market and public pressure to raise minimum wages are expected to nudge noninterest expenses upward in a year when the watchword is cost control. ... Read full article