Finance

Executives at the Dallas company said they feel positive about the remainder of the year, though declining deposits could create issues going forward.

Yet the Detroit company's stock fell more than 8% after its earnings report, indicating the market "seems more tentative" than Ally about the credit outlook, one analyst said.

The Federal Reserve sounded a note of caution on the U.S. economy, which expanded "modestly" through early October with slowing activity raising recession concerns amid some indications of easing inflationary pressure.

Profits, revenue and net interest income fell short of expectations for the Buffalo, New York, company. It stashed away $50 million of reserves, pointing to worsening forecasts for the global economy and growth in its consumer portfolio.

Silvergate Capital shares slumped 23% after the cryptocurrency-focused bank's third-quarter results missed consensus estimates and a much-anticipated stablecoin launch was delayed.

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.

The Boston company said Tuesday that its $3.5 billion acquisition of Brown Brothers Harriman's investor service business is facing pushback from regulators. The deal's completion is now in doubt even though State Street has come up with a number of modifications, including lowering the purchase price.

Some regional Federal Reserve bank directors last month favored raising a key interest rate by a smaller or larger amount than the 75 basis points that policymakers ultimately decided was needed to curb persistent inflation.

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.

The biggest U.S. banks are continuing to add to their workforces even as executives from Wall Street firms Goldman Sachs Group and Morgan Stanley talk of scaling back amid a slump in dealmaking and capital markets.