Finance

Primis Financial in McLean believes its multimillion-dollar investment in a subsidiary that makes online loans to doctors, dentists and veterinarians will begin paying off this year, after build-out costs weighed on the bottom line in 2021 and 2022.

Goldman Sachs Group raised $5.2 billion for a private equity fund that will buy early-stage companies that are typically small in size, a sign of confidence in an industry that's confronting strong headwinds.

The New York Stock Exchange busted more than 4,000 trades in 251 symbols due to an opening auction malfunction two weeks ago. Market participants and analysts recommend automating systems and upgrading technologies.

Mike Cagney, the former chief executive of the lending giant SoFi, is searching for investors for his latest startup, Figure Technologies. The company, which builds financial products on a blockchain, is also seeking to spin off some product lines as it navigates a dramatic industry downturn.

After soured loans rose above the private student lender's expectations in 2022, its stock price fell 16% on Thursday. One analyst wrote that "persistent credit issues have damaged management's credibility."

It's been less than three months since FTX collapsed in what U.S. prosecutors called one of the biggest financial frauds in American history — and a former top executive is eager to get it all behind him and move on to his next big thing.

The bank, which is beleaguered by digital-asset portfolio forced loan charge-offs that led to a loss in the third quarter and for the full year, climbed to a net income of $2.7 million for the fourth quarter.

The Long Island company is closing 69% of the retail home lending offices previously operated by Flagstar Bancorp. New York Community recently acquired Flagstar for $2.6 billion.

The company reported its seventh consecutive quarter of record adjusted net revenue.

Uncertainty surrounding the regulatory approval process and overall economic conditions will act as a brake on bank mergers and acquisitions in 2023, says John Corbett, CEO of Florida-based SouthState.

Goldman Sachs Group cut Chief Executive David Solomon's compensation by about 30% to $25 million for 2022, a year in which the share price and profit tumbled and the firm retreated from a highly public effort to create a consumer bank.

The National Credit Union Administration has held the rate cap for loans issued by federally-chartered institutions in place since 1987, despite recent calls to raise it.

CEO Steve Squeri says many of these companies still employ more people than before the pandemic.

While not committing to any specific strategy, the card network may find opportunity in the merger and acquisition market, CEO Al Kelly said.

The San Antonio bank reported an 89% spike in net income, aided by rising interest rates and the company's expansion into Dallas and Houston.

The company formerly known as Alliance Data Systems produced strong fourth-quarter sales, but was unable to report a profit due to factors such larger loan-loss reserves for its acquisition of the American Automobile Association's credit card portfolio.

North Carolina-based First Citizens blamed a rise in problem credit on certain office loans that it acquired in the CIT Group merger. Connecticut-based Webster also expressed caution about the segment, which has been impacted by remote work policies.

As deposits grow scarcer, the Stamford, Connecticut-based bank's acquisition of interLINK earlier this month promises to yield billions of dollars in core funding it can put to work paying down borrowings or purchasing securities, CEO John Ciulla says.

The company will also slow investments in new products this year as it copes with economic uncertainty.

The Oklahoma bank grew fourth-quarter loans at a steady rate and said its regional economy is solid. But it is closely watching the impact of rising senior-care costs.