Kristin Broughton

Corporate culture is difficult to define and document. But bankers have a responsibility to set high ethical standards in the way they pay and promote their employees, according panelists at a New York Fed conference Thursday.

TCF Financial in Wayzata, Minn., on Friday reported higher profits, mostly from gains on the sale of auto loans.

A slew of recent cases of misconduct in banking – from both the investment and retail sides of the business – have eroded the trustworthiness of the entire industry, William Dudley, president of the Federal Reserve Bank of New York, said Thursday.

A slew of recent cases of misconduct in banking – from both the investment and retail sides of the business – have eroded the trustworthiness of the entire industry, William Dudley, president of the Federal Reserve Bank of New York, said Thursday.

Cross-selling abuses are not systemic and honest bankers are still important to society, the head of the Minneapolis bank said in an apparent reference to the scandal at Wells Fargo.

Sometime last month, scandal-plagued Wells Fargo decided to stop referring to its branches as "stores." It may have been a knee-jerk reaction to intense public scrutiny, but it may also be long overdue given retail banking's evolution.

Profits at U.S. Bancorp held steady in the third quarter as the Minneapolis company on Wednesday reported a mix of both higher fees and salary-related costs.

The investment bank will take "a very deliberate and methodical approach" to building its online lending platform, Chief Financial Officer Harvey Schwartz told investors Tuesday, implicitly drawing a contrast to once-highflying startups like Lending Club and Propser.

Concerns about bad oil loans have begun to fade, but other credit problems could be lurking. Several big banks reported a notable uptick in provisions for consumer loan losses.

JPMorgan Chase is conducting a "deep dive" investigation into its cross-selling practices, in light of the fallout from the phony account scandal at Wells Fargo.