Earnings
U.S. Bancorp and Wells Fargo both reported robust business loan volumes during the first quarter, while other large lenders reported smaller gains. Inflation is fueling more spending on technology, and companies are catching up on capital expenditures that they deferred earlier in the pandemic, according to bank executives.
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CEO Jamie Dimon cited elevated risks related to inflation and the war in Ukraine as the nation’s largest bank added $902 million in loan-loss reserves. “Does this represent conservatism in an uncertain macro environment or something more onerous?” one analyst asked.
April 13 -
Higher interest rates are generally helpful to the industry, but they are also leading to unrealized losses in banks’ bond portfolios. Trust banks such as Bank of New York Mellon, State Street and Northern Trust may take relatively large hits when they announce their first-quarter results.
April 8
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In response to the war in Ukraine, the custody bank is no longer pursuing new business in Russia. Citigroup, JPMorgan Chase and Goldman Sachs have all announced similar moves.
March 18 -
The Canadian banking giant cited labor shortages, rising inflation and the economic fallout from Russia’s invasion of Ukraine as reasons for keeping loan-loss allowances above pre-pandemic levels.
March 3 -
Underwriting has become more lenient amid increased competition for corporate borrowers, and as Paycheck Protection Program loans are disappearing from banks' balance sheets.
February 2 -
Wages, marketing spending and technology investments are all on the rise. While higher interest rates should eventually help tame inflation, it's not clear how quickly banks will be able to limit their spending increases.
February 1 -
The North Carolina company will also eliminate nonsufficient-funds fees as it aims to keep pace with larger rivals, including Bank of America, that have revised their overdraft policies.
January 26 -
The expenses jumped 33% last quarter, which was generally in line with trends elsewhere in the credit card industry. The battle for new customers is “intense,” CEO Richard Fairbank told analysts.
January 26 -
The Florida company spent nearly $7 million in the fourth quarter on the payouts, which were made in recognition of work done during the pandemic.
January 24
