Finance

The nation's second-largest bank reported strong growth in net interest income, revenue and profits. But analysts continued to express concern about unrealized losses, which swelled to $131.6 billion.

Executives of the $405 billion-asset bank say that they have completed 40% of a cost-cutting strategy begun earlier this year.

Goldman Sachs said that its partnerships with Apple and General Motors are hard to exit in the short term. So the investment banking giant is concentrating on making the deals profitable, even as it acknowledges that they may not be a long-term fit.

The movement of cash to money market funds from bank accounts will diminish lenders' ability to finance small and midsize firms, BlackRock Investment Institute said in a new paper. BlackRock and other money managers have spent much of this year readying to fill that void.

Net income was $2.06 billion in the third quarter, down 33% from a year earlier, amid sluggish banking activity, real estate write-downs and questions about whether dealmaking will rebound.

The second-largest U.S. bank says net interest income, a key source of revenue for the bank, rose 4.5% to $14.4 billion in the third quarter.

While the latest change applies specifically to COVID forbearances, the agency is looking at more options for alternatives that can be offered on a regular basis, Director Sandra Thompson said.

The Westlake, Texas, firm said deposits fell 28% to $284.4 billion in the third quarter from the year prior, beating the $268.8 billion average estimate of analysts surveyed by Bloomberg.

The issuances may be driven by the companies' needs to meet their total loss-absorbing capacity requirements, which require banks to hold a certain amount of debt at the level of their holding companies that can be converted to equity in an emergency.

The simple act of disclosing their sensitivity to interest rate changes would bring market discipline to the banking industry's choices about interest rate risk.