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News of the Competition (01/14/2013)
MADISON, Wis. (1/14/13)

  • No women were among the promotions of executives announced Monday by Citigroup CEO Michael Corbat (American Banker Jan. 11). The 13 executives currently reporting to Corbat are male. When Corbat announced the bank changes and promotions in a memo, the only woman mentioned was Sara Wechter, Corbat's new chief of staff, who held the same position for Chairman Michael O'Neill, the Banker said. Although male-dominated executive circles at large U.S. banks is nothing new, Citigroup appears to be an extreme example, with only one woman among it 24-member operating committee, the Banker said …
  • To better their bottom lines, small U.S. community banks are again attempting to streamline operations and reduce costs (American Banker Jan. 10). Several banks have instigated plans to cut long-term costs by upgrading technology, trimming work forces and pruning branch networks, the Banker said. However, management teams have had to return to the drawing board to reduce expenses, because compliance costs are rising and the interest-rate environment remains problematic, the Banker said …


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