Finance

Some lenders are issuing debt and preferred stock to provide an extra buffer for credit losses. Others are preparing for growth opportunities.

The comptroller of the currency will be replaced by his COO, Brian P. Brooks, on an acting basis; CEO James Gorman says the economy needs to be on steadier ground first.

British banks are confronting the European import of subzero interest rates that could damage profits already weakened by the coronavirus pandemic as the Brexit divorce rumbles toward its rocky end.

Craft Bank, which plans to open this summer, is in the final stage of raising $30 million in initial capital.

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

The Baltimore-area credit union crossed the latest threshold despite a dip in net income during the first quarter as many organizations struggle with the coronavirus fallout.

New Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry."

The central bank's Financial Stability Report said companies may face difficulties repaying debt given lower earnings, “which could trigger a sizable increase in firm defaults."

Congress authorized the Federal Deposit Insurance Corp. to intervene if the pandemic caused a liquidity scare, but nearly two months later deposits are through the roof and the agency has not acted on the expanded authority.

Wirecard AG said it still expects full-year earnings to rise, even as some business customers struggle with the lockdown.