Consumer banking
Citizens Financial said it would pay $67.4 million to buy HV Bancorp, the holding company for Huntingdon Valley Bank, in a bid to expand in Greater Philadelphia.
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An uptick in so-called operating losses helped drive up noninterest expenses excluding M&A costs at Truist Financial by 2% year over year, complicating its efforts to achieve positive operating leverage. The cost of reimbursing customers hurt by fraud seems to have been a contributing factor.
October 18 -
Rather than trying to reach the masses, which proved to be expensive, Goldman is focusing on marketing its online banking platform to its existing pool of wealth management clients. The investment bank has learned that it's "better to play to our strengths," CEO David Solomon said Tuesday.
October 18
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The megabank set aside a larger provision for credit losses during the third quarter as delinquency rates in its credit-card business ticked higher. Still, executives argued that the U.S. consumer outlook remains strong.
October 17 -
The Southern California branches will be sold to HomeState Bank, a Seattle-based community bank. The Department of Justice required the sale as part of U.S. Bancorp's pending acquisition of MUFG Union Bank.
October 13 -
The main goal of Frsh is to help people protect their earnings from the fees of check-cashing facilities and predatory loans.
October 13 -
Postal banking in the U.S. hasn't gotten off the ground, partly because of strong resistance from American banks. But a successful trial offering of affordable consumer loans by Toronto-Dominion and Canada Post, and their plans to take them nationwide, are a reminder that the idea persists.
October 12 -
Sterling Bancorp is suing its founder and former CEO, Scott Seligman, to get him to repay dividends it alleges are tied to his influence over its problematic Advantage Loan program. The lawsuit claims Seligman was so controlling he even used a robot — nicknamed the "Scott Bot" — to surveil employees.
October 12 -
Some online banks are offering the highest rate on savings accounts only to new customers. The strategy could suppress deposit costs at a time when the Federal Reserve's aggressive rate increases have begun to put pressure on expenses.
October 11 -
Amid fears of a recession, industry observers will be on the lookout for signs of distress in credit cards and auto loans. One analyst said "the positive trends we've been seeing are starting to erode, and the pressure is going to start building."
October 6
