News Topic: Expense management

Steuben Trust received two bites from potential MOE partners, but the New York bank’s lightly traded stock and many other challenges forced a sale to a much larger rival instead. ... Read full article

House and Senate lawmakers have denied a push by banking groups to grant banks the rent-free access to military installations that credit unions have. ... Read full article

While layoffs at big banks get the headlines, small and midsize lenders are also trimming payrolls in response to lower rates and fears that a recession is getting closer. ... Read full article

Executives are deciding what roles could be relocated to lower-cost hubs such as Plano, Texas; Columbus, Ohio; and Wilmington, Del ... Read full article

Perhaps the biggest test that Charles Scharf will face when he starts next week will be how to control expenses while still trying to make the necessary investments in risk management to satisfy regulators. ... Read full article

A new study suggests banks have the ability to operate leaner than ever before. That could fuel investor demands for more cost cutting and drive more banks to pursue M&A. ... Read full article

Pockets of job growth — in technology and compliance as well as from branch openings in new cities — are offsetting some of the dramatic cuts elsewhere at the world’s largest lenders. ... Read full article

Earnings at the Cincinnati company fell 25% from the same period last year, largely due to $109 million in expenses tied to its March acquisition of MB Financial. ... Read full article

While executives at the Buffalo, N.Y., bank said they would take a closer look at spending, especially given the potential for interest rate cuts, they described investments in tech talent as an essential cost of doing business. ... Read full article

The bank has been slashing expenses, but executives acknowledged they remain high. Between having to hire thousands of compliance employees and waiting on the next CEO to be named, investments in new technology or other long-term growth are limited. ... Read full article

The House Armed Services Committee approved a bill without a key provision that would allow banks a no-cost presence on military installations, a privilege some credit unions currently enjoy. ... Read full article

The Defense Credit Union Council and the Association of Military Banks of America sent dueling letters to Congress about whether banks should pay for space on military installations. ... Read full article

The San Francisco-based online lender, which has recorded nearly $450 million in losses since 2016, is taking aggressive steps to achieve adjusted profitability later this year. ... Read full article

Profitability improved significantly last year for banks with less than $2 billion of assets, but not because of anything they did. Some troubling trends lurk beneath those big gains too. ... Read full article

Tiny banks are recording healthy returns by carefully managing expenses and credit quality. ... Read full article

The company will shutter the offices it inherited when it bought EverBank in 2017 and focus on lending to existing customers through digital channels. U.S. Bank will assume the leases on about 25 properties. ... Read full article

As the consumer lender announced its seventh consecutive profitable quarter, its CEO bragged that his company is better positioned than the likes of Goldman Sachs and LendingClub. ... Read full article

The North Carolina regional closed dozens of branches and cut jobs across the company, directing a chunk of the savings to digital banking initiatives. ... Read full article