Finance

Third quarter profits at JPM, Wells Fargo and Citigroup got a boost from consumer banking; the company tells Fed it will remain a passive investor.

Even the homeless are getting on board with contactless payments, through a new U.K. wide initiative between Swedish payments company iZettle and the Big Issue Foundation, which enables homeless people to become street vendors by selling its its Big Issue magazines.

Perhaps the biggest test that Charles Scharf will face when he starts next week will be how to control expenses while still trying to make the necessary investments in risk management to satisfy regulators.

Its quarterly results show lower rates and emerging credit risks can be overcome. Whether most banks have all the same levers to pull is another matter.

During the firm's earnings conference call, Chairman and CEO David Solomon attempted to reassure investors about the costs of Marcus, declining to say when the investment bank might break even on the initiative.

On Jun. 30, 2019. Dollars in thousands.

Investors got a reminder that the bank isn’t past its problems even as it seeks a fresh start under a new leader.

Better-than-expected trading results also helped to boost net income.

A healthy increase in consumer banking revenue also helped drive an 8% jump in profits at the nation's largest banking company.

Consumer banking is expected to offset the banks’ underperforming Wall Street units; the defections of Visa, Mastercard and Stripe threaten the cyrpto project’s viability before it starts.

Federal regulators should amend a capital buffer requirements for certain derivatives to avoid economic damage.

The company has rolled out an online platform for firms considering marketplace loans as an asset class.

OUR Community Bank would focus on small-business loans with an emphasis on underserved Hispanic and Latino communities in South Florida.

MetroCity Bankshares has said it could use the proceeds to open branches or pursue acquisitions.

A strong economy, low-cost deposits and disruption from M&A are presenting opportunities.

The state's Democratic-controlled Legislature has enacted laws establishing data privacy rights, giving municipalities the ability to set up public banks, and requiring standardized disclosures on small-business loans, among other issues. Lawmakers elsewhere are taking notice.

The challenge with cash is its nature makes it hard to transition away from it. On the other end of the scale, digital-only businesses may never accept cash, meaning they may always exclude the cash-based consumer.

Community banks will likely face questions about mortgage lending, deposit gathering and M&A during earnings calls.

On Jun. 30, 2019. Dollars in thousands.

The decision is a blow to Facebook's digital currency plans; the reduction is the bank’s “most ambitious attempt to rein in costs in years."