Finance

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.

Goldman Sachs Group's traders once again helped rescue results from a sharp slowdown in investment banking just as the firm prepares for a reorganization that will combine the two business units

Almost two-thirds of banking executives believe the U.S. will see its highest interest rates this cycle in the first half of next year. And close to 60% of executives said they are concerned the Federal Reserve is hiking rates too quickly.

The megabank set aside a larger provision for credit losses during the third quarter as delinquency rates in its credit-card business ticked higher. Still, executives argued that the U.S. consumer outlook remains strong.