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The bank has pivoted its commercial real estate operation as the rise of work-from-home arrangements has impacted market values. The only type of office space it's financing is Class-A buildings in major cities.
Fifth Third Bancorp (NASDAQ:FITB) Q1 2022 Earnings Conference Call April 19, 2022 10:00 AM ET Company Participants Chris Doll - Director, IR Greg Carmichael - CEO Timothy Spence - ...
Though noninterest income at Truist Financial fell in the first quarter, executives revised upward their revenue estimate for the year in anticipation that the Fed’s monetary-tightening plans will fatten margins. Citizens Financial and Fifth Third echoed that thinking.
Spence, who joined the Cincinnati bank in 2015, will succeed Greg Carmichael as chief executive in July. He says he’ll maintain the company’s current strategic priorities, including regional expansion and digital transformation.
Tim Spence will become CEO of Fifth Third Bancorp in July when Greg Carmichael retires and becomes a member of the board of directors.