Commercial banking
The New York bank reported a double-digit increase in profits in the second quarter. But larger than expected deposit withdrawals — some by cryptocurrency-business customers — raised questions about its ability to fund growth and hurt its stock Tuesday.
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Chief Executive Bruce Van Saun said the Rhode Island bank doesn’t “need to be that greedy” after reporting a 34% rise in net interest income during the second quarter. He laid out plans to trim the bank’s sails in both commercial and consumer lending.
July 19 -
The latest expense guidance also stems from rising operating losses at the North Carolina bank. Cost-cutting was a key rationale for the 2019 merger of BB&T and SunTrust, which created Truist.
July 19
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The New York megabank has a long way to go on its path toward simplification of its business, but some early investments — such as technology upgrades in the treasury unit, which serves commercial customers — are starting to pay small dividends.
July 15 -
The Pittsburgh company expects a slowdown in 2023, but executives say they don't think it will prove severe or have an outsized impact on the banking industry.
July 15 -
The Federal Reserve’s aggressive rate hikes are leading corporate clients to demand higher deposit rates, according to industry consultants. Some banks are better positioned than others to weather the changing landscape.
July 4 -
Community development financial institutions will receive low-interest loans from Bank of America and use that money to fund the development of primary health care centers in communities of color and rural areas.
July 1 -
Large banks are facing an increasingly difficult challenge on environmental and social issues: balancing the demands of progressive activists and their own employees with those of Republican state officials. One analyst calls it the “goldilocks dynamic.”
June 28 -
The Tokyo-based company has named Masatoshi Komoriya executive chairman of the board of directors for MUFG Americas Holdings Corp. and its U.S. banking subsidiary. He begins his new role on June 30 while retaining existing executive duties.
June 28 -
JPMorgan Chase, Bank of America, Goldman Sachs and Wells Fargo joined Citigroup in pledging to expand benefits to cover travel for out-of-state abortions. Smaller banks in blue states were more vocal, with one female CEO saying: “I stand in disbelief.”
June 24
