Smaller Banks Look to Shrink Their Way Back to Health

Regional banks have shelled out more and more to depositors to get them to stick around. For many, that still hasn’t been enough. 

After an ugly third quarter, banks rolled out plans last week to try to shrink themselves back to health. Profits dropped by double digits from a year earlier at a number of them, including 44% at KeyCorp, 32% at Citizens Financial and 28% at Truist Financial.