Finance

An uptick in so-called operating losses helped drive up noninterest expenses excluding M&A costs at Truist Financial by 2% year over year, complicating its efforts to achieve positive operating leverage. The cost of reimbursing customers hurt by fraud seems to have been a contributing factor.

The Boston company said Tuesday that its $3.5 billion acquisition of Brown Brothers Harriman's investor service business is facing pushback from regulators. The deal's completion is now in doubt even though State Street has come up with a number of modifications, including lowering the purchase price.

Some regional Federal Reserve bank directors last month favored raising a key interest rate by a smaller or larger amount than the 75 basis points that policymakers ultimately decided was needed to curb persistent inflation.

Rather than trying to reach the masses, which proved to be expensive, Goldman is focusing on marketing its online banking platform to its existing pool of wealth management clients. The investment bank has learned that it's "better to play to our strengths," CEO David Solomon said Tuesday.

The biggest U.S. banks are continuing to add to their workforces even as executives from Wall Street firms Goldman Sachs Group and Morgan Stanley talk of scaling back amid a slump in dealmaking and capital markets.

Goldman Sachs Group's traders once again helped rescue results from a sharp slowdown in investment banking just as the firm prepares for a reorganization that will combine the two business units

Almost two-thirds of banking executives believe the U.S. will see its highest interest rates this cycle in the first half of next year. And close to 60% of executives said they are concerned the Federal Reserve is hiking rates too quickly.

The megabank set aside a larger provision for credit losses during the third quarter as delinquency rates in its credit-card business ticked higher. Still, executives argued that the U.S. consumer outlook remains strong.

The custody bank recorded a 59% drop in net income as a result of the goodwill impairment charge. New CEO Robin Vince sought to assure analysts that the one-time item does not reflect either a change in strategy or the well-being of the company's investment management business, which took the hit.

Bank of America reported its highest quarterly net interest income in at least a decade thanks largely to the Federal Reserve's interest rate hikes. Meanwhile, debt traders beat analysts' estimates.

Its investment banking and corporate lending revenues dipped during the third quarter, while treasury services and branded cards were bright spots. That formula will be tested by "rolling, country-level recessions" across the globe, CEO Jane Fraser predicts.

The San Francisco bank reported a near-record volume of loan originations, as well as stellar credit quality, in the third quarter. But investors sold off shares after the company's net interest margin fell.

Third-quarter results at the Minneapolis bank were powered by loan growth and rising interest rates, partially offset by lower noninterest income. Shortly after the company released its earnings report, it received regulatory approval for its acquisition of MUFG Union Bank.

The Pittsburgh company's finance chief expects more gains in interest income, though he conceded rising deposit costs could curb the pace of advances.

The San Francisco bank tallied $2.2 billion in net operating losses, higher than in any quarter since late 2017. The charges offset what otherwise would have been a strong third-quarter performance.

The nation's largest bank by assets cited a weakening economic outlook as one reason it added to its allowance for loan losses for the third straight quarter. But its third-quarter results beat analysts' expectations.

While Citigroup's Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation.

The company generated $17.6 billion in third-quarter net interest income. Expenses also came in lower than analysts expected, driving a profit beat. 

Wells Fargo set aside an additional $2 billion to resolve a variety of legacy regulatory and legal woes as Chief Executive Charlie Scharf continues wrestling with the costly fallout from scandals he was hired to resolve.

The average interest rates that banks pay to commercial clients jumped at the end of the summer, according to survey data. Industry executives are likely to face questions about the outlook for 2023 during upcoming earnings calls.