Truist retrenches; Bank of America, TD onboarding with VR
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
Truist vows to cut costs by $750 million. Critics wonder: Is it enough? The North Carolina bank, which has been facing pressure to curb spending, rolled out a plan that includes job cuts, the consolidation of businesses and lower technology spending. Analysts wonder whether it will soothe investor frustration over Truist's sagging stock price.
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The tech shortcut that's speeding payments innovation: Low-code programming, which uses easy-to-understand visual elements to guide upgrades, is catching on with fintechs that want to avoid large projects.
Why Bank of America, TD Bank use virtual reality for onboarding: Bank of America and TD Bank are finding that new employees and interns respond well to onboarding and training that takes place in the magical worlds of virtual reality.
Indiana bank joins list of those shedding branches: Merchants Bancorp says it will sell a total of four branches to two buyers and focus more on its core residential mortgage lending business. Banks of all sizes have been pruning branch networks in recent years.
CEOs of small credit unions weigh in on CUNA-NAFCU merger: Amid concerns that the combination of NAFCU (National Association of Federally-Insured Credit Unions) and the Credit Union National Association could amplify the voices of only the biggest institutions, the heads of smaller ones see two clear advantages: cost and consistency.
Read more on credit unions: How U.S. credit unions can support counterparts in war-torn Ukraine
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