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In 2023, the four giant banks raked in $253 billion in NII , about $80 billion higher than 2021's total. Now, most banks see rate cuts coming, all while they have to pay more on deposits or risk losing customer savings to higher-yielding options. 

Douglas Timmerman, the company's president of dealer financial services, will step in when Jeffrey Brown departs at the end of January. Ally continues its hunt for a permanent CEO.

The company spent $15.8 billion in the fourth quarter, down 2% from a year earlier, while analysts had estimated an 11% drop. Severance expenses and a special deposit insurance assessment contributed $3 billon to that total.

Ultimately, firmwide headcount will decline by 60,000 jobs to 180,000 by the end of 2026, Chief Financial Officer Mark Mason said.

Navy Federal, the nation's largest credit union, is facing a lawsuit about its allegedly discriminatory mortgage lending practices.

The card network is creating a generative AI-powered chatbot to give small-business owners personalized assistance, emphasizing 'inclusive' resources and mentorship for minority entrepreneurs.

The decline in profit came mainly from a $2.1 billion FDIC assessment and a $1.6 billion charge tied to the shift away from LIBOR.

While stablecoins do find utility as a base currency for navigating between volatile cryptocurrencies, their broader application as a fiat money alternative remains elusive.

JPMorgan Chase closed out the most profitable year in U.S. banking history with its seventh consecutive quarter of record net interest income and a surprise forecast that the windfall may continue this year. 

When big banks kick off earnings season on Friday, industry observers will be paying close attention to loan growth, deposit growth, expense growth, credit quality and capital ratios. All five areas will offer clues about the industry's trajectory in 2024.