Finance

The company says it’s making progress on other parts of its business-model revamp — including a shift to lower-cost deposit sources — while regulators weigh its application to buy Flagstar Bancorp in Troy, Michigan.

Energy loan balances at the Oklahoma bank grew 6% from the prior quarter, and unfunded commitments to companies in the sector increased 11%. “This has been a really historic opportunity for BOK Financial Financial to take market share,” said CEO Stacy Kymes.

Indiana-based Old National Bancorp says it has invested $1 billion in floors, collars and other credit hedges in case of a sudden shift in interest rate policy.

Credit Suisse Group plans to announce the departure of Chief Executive Thomas Gottstein, The Wall Street Journal reported, part of efforts to turn around the struggling company. 

Executives said the company may take a more conservative approach when it comes to adding new loans to its books in anticipation of an economic slowdown.

During the bank’s second-quarter earnings call, Cort O'Haver, president and CEO, said Umpqua and Columbia still hadn’t received an approval yet but were hoping to complete the integration next year.

Huntington Bancshares' net charge-off rate was 0.03% on June 30, which may be the 156-year-old company's lowest quarterly level ever, according to Chief Executive Steve Steinour. That contributed to its record $539 million 2Q profit.

The McLean, Virginia, company is starting to “trim around the edges” of its auto portfolio, CEO Richard Fairbank said. That move stands in contrast with Capital One's leaning into its credit card business, which helped push marketing spending above $1 billion.

The Cincinnati bank plans to lean into its retail expansion in the southeastern U.S. after its deposits fell by $6 billion from the first quarter.

The Pittsburgh company beat analysts’ expectations and reported double-digit loan growth even excluding assets added in a recent acquisition. A pending deal in North Carolina would provide it a ready source of low-cost deposits in a rising-rate environment, the CEO says.

New types of financial products designed for the underserved can also be susceptible to scamsters, Juniper Research found, mirroring the Federal Trade Commission's concerns.

Bank of America is keeping to its original hiring plans despite challenging economic conditions that have prompted others to pull back, Chief Executive Brian Moynihan said.

The Cleveland company says a second-quarter decline in investment banking and debt placement revenues won’t change its plans to keep hiring bankers to expand that business.

The Georgia bank said inflationary pressures and interest rate hikes could erode interest among borrowers, particularly in the commercial real estate business. Total loans grew at a 12% clip in the second quarter.

The Buffalo, New York, bank flagged urban hotels and construction projects as potential sources of trouble. “But there’s nothing that’s flashing red right now that says there’s a big crisis coming,” said a top executive.

Executives said Wednesday that more than half of the deposits that left the Chicago trust bank were “nonoperational” in nature, or excess funds that institutional investors are moving elsewhere for higher returns. The outflow wasn’t unexpected as interest rates rise.

The payments giant Visa is in talks to join an extension of the fintech startup Airwallex’s latest funding round, according to people familiar with the matter.

Unlike some of its peers, the Dallas bank says the U.S. economy is strong, clients are upbeat and lending momentum continues.

The New York bank reported a double-digit increase in profits in the second quarter. But larger than expected deposit withdrawals — some by cryptocurrency-business customers — raised questions about its ability to fund growth and hurt its stock Tuesday.

The Detroit-based lender has been a major beneficiary of the auto market’s growth during the pandemic. Looking ahead, company executives expect demand to be particularly strong among higher-income customers who have little sensitivity to higher car prices and rising interest rates.