Kristin Broughton

The New York company named two new members to its executive committee as it splits oversight of business capital and consumer banking into separate jobs.

A plan by the largest U.S. bank to use part of its tax windfall to enter new markets (including Washington and Boston) could become a serious threat for banks of all sizes in those cities — or looked backed upon someday as a pricey overexpansion.

One-time tax adjustments helped offset ongoing declines in commercial and auto lending at the Cincinnati company.

Citizens Financial, Regions and SunTrust reported strong gains in consumer banking, including loans made through partnerships with retailers and fintech lenders. They want to keep it up to compensate for slack in commercial lending.

The Providence, R.I., company’s results included a $317 million tax benefit as well as growth in mortgages, education and unsecured retail loans.

The Los Angeles company said earnings fell 2% in the quarter as strong loan growth was offset by costs tied to its acquisition of CU Bancorp as well as a loss on the sale of a securities portfolio.

Executives at U.S. Bancorp and Bank of America plan to use their tax savings to ramp up spending on new technology to stay competitive — but they sought to reassure investors that they would not abandon cost control.

Total loans rose 3% at the Minneapolis bank, but its net interest margin climbed 10 basis points. It also booked a one-time accounting gain of $910 million related to tax reform.

Cecere, 57, will succeed longtime executive Richard Davis, who has served as chairman since retiring as CEO last year.

The JPMorgan Chase CEO is rejecting arguments that banks are poised to loosen underwriting standards to win more mortgage business. He said what's needed to encourage banks to make more loans to borrowers with spotty credit files are changes to FHA rules and other policy fixes.

Bank of America has opened a flagship branch downtown and plans several so-called robo branches across the city. It has used a similar strategy to enter new markets in the past year.

The bank says it received an “outstanding” rating on its most recent Community Reinvestment Act examination. Its previous rating, a “needs to improve,” not only was bad publicity but restricted its ability to buy banks.

In some ways the Canadian bank's U.S. consumer business is only now shaking off many of its crisis-era problems here. CEO Darryl White is pinning his retail-comeback hopes on a rejuvenated sales culture and a focus on more profitable customers.

Banks have been in full cost-cutting mode in recent years, but with profits expected to increase substantially as a result of tax reform, all analysts and investors want to know is how they plan to spend their tax savings.

The banks announced bonuses, wage hikes and charitable contributions resulting from the lower corporate tax rate enacted by Congress.

Oriental Bank in San Juan was ordered to pay just over $153,000 for failing to notify borrowers that they were required to purchase flood insurance. The fine was one of several November enforcement actions made public Friday by the FDIC.

Increases in charitable donations will be more important than ever for bank reputations, as tax breaks and a lighter touch from financial regulators rekindle public anger about the financial crisis.

The seven-member council, formed in the wake of the fake-accounts scandal, will advise Wells on social issues, such as diversity, environmental sustainability and the needs of underserved communities.

Peter Scher, global head of corporate responsibility, will join JPMorgan’s operating committee, effective immediately, the company said Thursday.

Fifth Third said it will give a bonus or raise to about three-quarters of its employees while Wells Fargo raised its minimum hourly pay in the wake of Congress' passing a tax reform bill.