Finance

Deposits at BNY Mellon stood at $281.3 billion, versus the average $277 billion forecast by analysts tracked by Bloomberg.

First-quarter net income rose 15% at Bank of America on strong fixed-income trading revenue and net interest income, which offset higher credit and noninterest expenses as well as an investment-banking slump.

The Boston-based custody bank reported a 9% decline in fee income from a year earlier and a shift away from non-interest-bearing deposits that cost it millions in net interest income. As a result, earnings per share fell 12 cents short of analysts' expectations.

The hotel, retail and multifamily residential sectors are all showing signs of recovery, which is helping the regional bank. But company executives acknowledged that the firm's relatively large exposure to the office segment figures to pose challenges for some time.

More credit unions are diversifying their investments and accessing federal funding from multiple sources to shore up against risk.

The asset manager on Tuesday is set to begin a monthslong process to help the Federal Deposit Insurance Corp. offload $114 billion of assets it picked up from Silicon Valley Bank and Signature Bank. 

Charles Schwab's underwater securities portfolio has prompted some analysts to lump it together with Silicon Valley Bank. CEO Walt Bettinger says those views are vastly mistaken.

First-quarter customer deposits dropped to $325.7 billion year over year, Charles Schwab reports, roughly in line with analysts' estimates. They fell 11% since Dec. 31.

Though revenue growth remains a challenge, Citigroup is still committed to its global wealth management expansion plan, CEO Jane Fraser said Friday. Andy Sieg is joining the bank from Merrill Lynch in September as head of global wealth management.

The San Francisco bank identified "signs of weakness" and increased its loan loss reserves substantially. Small and midsize banks have significantly larger exposures than Wells does to the office segment, which has been hit by changing work habits.