Finance

Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.

Credit Suisse Group Chief Executive Thomas Gottstein batted away questions on whether the bank is a takeover target and said he’s still holding out hope for a profitable second quarter.

Codat, a software startup that connects small businesses with financial institutions, raised $100 million in an equity funding round led by JPMorgan Chase’s growth-equity arm.

Some of the riskiest loans given to millennials and Gen Z shoppers for clothes and electronics — and neatly repackaged for investors — are dropping in value.

The credit card issuer Synchrony Financial recently used FICO’s top competitor in a $1 billion deal. The choice is significant for VantageScore, but FICO remains the dominant credit score in the securitization market, according to analysts.

The Federal Reserve is about to start shrinking its $8.9 trillion balance sheet, deploying a second tool along side higher interest rates to curb inflation, though officials don’t know just how effective it will be.

Executives at banks north of the border pointed this week to several potential U.S. economic snags, including inflation, the possibility of a housing market correction and soaring energy prices.

The government-sponsored enterprises will start releasing information similar to what large banks already do, starting in the first quarter of 2023.

Royal Bank of Canada posted earnings that topped analysts’ estimates as business loans and solid credit conditions powered its retail banking business.

Toronto-Dominion Bank’s U.S. personal-banking business benefited from continued strength in the housing market and robust credit conditions in the fiscal second quarter.

Goldman Sachs’ Marcus, Synchrony Financial, American Express and Capital One Financial are among the banks that have recently raised their five-year CD yields. The price competition arrives as the Federal Reserve acts quickly to rein in inflation, spurring expectations that rates will continue to rise.

Bank of Nova Scotia and Bank of Montreal, Canada’s third- and fourth-largest lenders, got a boost last quarter as the nation’s businesses increased borrowing to meet customer demand.

The amount of money parked at a major Federal Reserve facility climbed to yet another all-time high, surpassing the $2 trillion milestone for the first time, as investors struggled to find places to invest their cash in the short term.  

The Swedish buy now/pay later company Klarna Bank saw its borrowing costs rise to their highest level on record as rising rates hit the company’s debt and equity valuation. 

Click here for an overview of No. 1-10 on American Banker's annual list of the highest-performing banks with less than $2 billion of assets and a full breakdown of all the banks on the roster.

The Federal Reserve’s forceful moves to fight inflation are resetting expectations about how quickly banks will need to start raising their deposit rates.

Calls for “reform” in times of high liquidity ignore the scalability of the system, and the need to have it around in times of trouble.

The San Francisco-based online lender originated more than $2 billion in personal loans during the first quarter, a big jump from a year earlier. The surge made up for softness in the company's home loan and student loan businesses.

The banks have reportedly facilitated trades of Russian sovereign and corporate debt. Two Democrats in Congress want more information, saying that the dealings, though legal, may undermine efforts to hold Russian President Vladimir Putin accountable for the invasion of Ukraine.

Deserve, a credit card technology startup, said it secured a $250 million credit facility from banks led by Goldman Sachs Group.