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Bank of America reported its highest quarterly net interest income in at least a decade thanks largely to the Federal Reserve's interest rate hikes. Meanwhile, debt traders beat analysts' estimates.

Its investment banking and corporate lending revenues dipped during the third quarter, while treasury services and branded cards were bright spots. That formula will be tested by "rolling, country-level recessions" across the globe, CEO Jane Fraser predicts.

The San Francisco bank reported a near-record volume of loan originations, as well as stellar credit quality, in the third quarter. But investors sold off shares after the company's net interest margin fell.

Third-quarter results at the Minneapolis bank were powered by loan growth and rising interest rates, partially offset by lower noninterest income. Shortly after the company released its earnings report, it received regulatory approval for its acquisition of MUFG Union Bank.

The Pittsburgh company's finance chief expects more gains in interest income, though he conceded rising deposit costs could curb the pace of advances.

Federal Reserve Bank of Atlanta President Raphael Bostic said his asset managers made trades that broke central bank rules, leading Chair Jerome Powell to open a probe in the latest chapter of an broader Fed ethics scandal.

The regulators laid out several measures that would change how large but not global systemically important banks capitalize and structure themselves.

The San Francisco bank tallied $2.2 billion in net operating losses, higher than in any quarter since late 2017. The charges offset what otherwise would have been a strong third-quarter performance.

New operating chief, and new operation, for TD Bank and more in banking news this week.

Federal Reserve Gov. Christopher Waller deconstructed fellow board members' arguments that a central bank digital currency would further the dollar's status as the global reserve currency.