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Wells Fargo beat analysts’ expectations for third-quarter profit, another positive sign for Chief Executive Charlie Scharf’s turnaround efforts, but expenses were higher than anticipated and loans fell.

Bank of America beat analysts’ earnings estimates as fees climbed at the company’s dealmaking unit, boosted by a record-breaking period for mergers and acquisitions.

The lender is building on a 20-year-old partnership with Fiserv to provide options such as revolving credit, with plans to add buy now/pay later.

Daily edition for October 14, 2021

Democrats’ $3.5 trillion social policy package would appropriate over $300 billion for housing-related measures, including down payment assistance for first-time homebuyers. But those provisions could be on the chopping block as centrists try to trim the bill’s price tag.

Zixta Q. Martinez has been with the Consumer Financial Protection Bureau since its inception a decade ago and most recently was a senior advisor in the supervision, enforcement and fair-lending division.

Spending on cards continued to increase during the third quarter, while loan balances rose slightly and payment rates began to return to more normal levels. A top company executive expressed confidence that loan growth will pick up but said, “It’s going to take time.”

Banks working with Swift, The Clearing House and EBA Clearing have completed a successful pilot transaction from the U.S. to Europe and are ready to bring the system to other international corridors.

Tobias Salinger is Financial Planning's chief correspondent, with nearly a decade of experience covering wealth management, regulation and the business of financial advice. He specializes in investigations and enterprise reporting on advisory firm strategy, regulation, conflicts of interest, and diversity and equality across the industry. 

Tobias has been recognized for his investigations and original reporting on the conflicts of interest that affect wealth management firms, as well as systemic racism in finance, winning more than a dozen honors, including the Jesse H. Neal, Azbees, SABEW Best in Business and Folio Eddie awards.

His award-winning coverage includes:

• Building Black Wealth in St. Louis
• The wealth management industry's $1T conflict of interest
• A black eye for FINRA? Brokers with checkered histories cast doubt on enforcement efforts
• Access denied: Systemic racism in financial services
• From sealed transcripts, the inside saga of LPL Financial's largest termination ever

Before Financial Planning, Tobias reported for the New York Daily News, Commercial Observer and City Limits. He holds a master's degree from the Craig Newmark Graduate School of Journalism at the City University of New York (2013) and is an alumnus of the Fellowship at Auschwitz for the Study of Professional Ethics, an international program focused on how the lessons of history inform professional ethics today in journalism and many other fields.

Born and raised in Kansas City, Missouri, now based in Chicago, Tobias is an avid softball player, a novice bird watcher and reader of contemporary fiction.

Connect with Tobias on LinkedIn or reach him at: tobias.salinger@arizent.com. 

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