Bruce Bentley

In the Commercial Risk Solutions segment, organic revenue growth increased 9%, driven by growth in all major regions. This reflects the strong retention and management of the renewal book portfolio, which is underscored by double-digit growth in the US, Asia and Latin America. Aon noted that these results also reflect expansion in the more "discretionary" businesses, including a double-digit increase in transactional liability and increased project-based work. "On average globally," Aon said in his trading statement, "pricing was slightly positive while exposures were flat, which resulted in a slightly positive impact on the market." Reinsurance Solutions posted organic sales growth of 6% driven by contract growth driven by continued global net new business generation and double-digit growth in facultative placements. Aon noted that the market's impact on the first quarter results was slightly positive. The retirement solutions arm posted 5% or...

Bruce Van Saun, Chairman and CEO of Citizens Financial Group, hit the nail on the head when he said, "We are working on a transition period." He was referring to the regional bank's drop in mortgage fees after a strong year last year, but could have talked broadly about the industry's first quarter. Banking earnings have strengthened, but deposits continue to pile up, mortgage lending is cooling off somewhat after a scorching 2020, and M&A activity accelerates banks' pursuit of growth as the economy rebounds from the pandemic recession begins. A surge in business loan demand would solve some problems and ease pressure on management, particularly new CEOs like Jane Fraser of Citigroup and Kevin Blair of Synovus Financial. Many executives have expressed confidence that credit growth is around the corner, but others - notably Bill Demchak, chairman and CEO of PNC Financial Services Group - say when the recovery will be much more difficult to pinpoint. One bright...