Finance

The card network said that recent weeks' cold snap in key cities had a chilling effect on U.S. spending, and reaffirmed its sunny outlook for the year.

Steve Squeri said flatness in the segment is an industry-wide trend, and the company is dedicated to the segment.

The Los Angeles company has sold $6 billion of loans and securities since buying PacWest in November. CEO Jared Wolff said it might get smaller still as it strives to boost profitability.

Economic headwinds causing charge-offs and rising delinquencies — along with potential credit card late-fee restrictions — darken the company's 2024 forecast.

The private student loan market is in flux after one major lender, Discover Financial Services, said it's leaving the sector. Sallie Mae is gearing up to compete for that business, much as it did when Wells Fargo pulled up stakes in 2020.

Activity from the Bank Term Funding Program has spiked by roughly $50 billion since November, when its rate fell below the level where institutions could earn money by keeping reserves at the central bank.

The Bank Term Funding Program, established during last year's liquidity crunch, will stop issuing new loans on March 11. Until then, banks can still borrow from the facility, though at less favorable terms.

The Oklahoma-based regional bank expects 6%-7% loan growth in the year ahead. Executives are also projecting that net interest income will start to improve after the metric hits a trough early this year.

After California was hit hard by the banking crisis of 2023, tens of thousands of commercial and consumer customers turned to East West, helping the company achieve record full-year revenue, its CEO says.

Banks and Congressmen alike see U.S. regulators' version of Basel III as overly stringent for the securitization market.