Finance

The nation's largest bank by assets cited a weakening economic outlook as one reason it added to its allowance for loan losses for the third straight quarter. But its third-quarter results beat analysts' expectations.

While Citigroup's Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation.

The company generated $17.6 billion in third-quarter net interest income. Expenses also came in lower than analysts expected, driving a profit beat. 

Wells Fargo set aside an additional $2 billion to resolve a variety of legacy regulatory and legal woes as Chief Executive Charlie Scharf continues wrestling with the costly fallout from scandals he was hired to resolve.

The average interest rates that banks pay to commercial clients jumped at the end of the summer, according to survey data. Industry executives are likely to face questions about the outlook for 2023 during upcoming earnings calls.

The American consumer is "in good shape" and spending more this month than a year earlier, even amid inflation, jittery markets and international tensions, according to Bank of America Chief Executive Brian Moynihan.

The crypto custodian Copper Technologies has obtained $196 million in fresh funding this year, as part of an ongoing series C investment in the business.

Behavioral finance is increasingly influencing how wealth managers serve their clients. How is the field evolving, and what are the freshest insights?

During a visit to Buffalo on Friday, New York Federal Reserve President John Williams said the central bank may need to keep cranking up interest rates to gain greater control over high inflation.

The bank's CIO says the emerging technology will let it run market simulations at a much faster pace.