Norwest Corp. said it is buying Century Business Credit
Terms of the deal, expected to close in the first quarter, were not
Century Business would become part of the Norwest subsidiary Foothill
Foothill, which was acquired by Norwest in October 1995, has $1.6
"It fits with the Foothill strategy," said analyst Joseph Duwan of
Norwest is expected to close its merger with San Francisco-based Wells
- Brett Chase
The top five banks and thrifts have combined total assets of nearly $13 trillion.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
