Finance

On Dec. 31, 2021. Dollars in thousands. (Dec. 31, 2021)

Increased interest income would boost banks’ lending profitability, but inflation and mounting expenses, along with the specter of potential recession, loom large.

Esther George, president of the Federal Reserve Bank of Kansas City, says changes in the office sector and monetary policy pose potential risks to property owners and their lenders.

JPMorgan Chase’s fledgling digital bank is going after more customers in the U.K. with a new savings account.

Federal Reserve Chair Jerome Powell said the central bank will take the “necessary steps” to get inflation down even if that means increasing interest rates more rapidly than currently anticipated and eventually to levels that slow the broader economy.

Ramp, a startup that offers corporate cards and other finance tools to businesses, raised $750 million in a funding round that valued the fintech at $8.1 billion.

The move away from the scandal-plagued London interbank offered rate is going smoothly, according to a new survey of lenders and corporate borrowers. But many customers still face operational challenges ahead of a mid-2023 deadline for switching older loans.

In response to the war in Ukraine, the custody bank is no longer pursuing new business in Russia. Citigroup, JPMorgan Chase and Goldman Sachs have all announced similar moves.

The Federal Reserve Board voted to lift the benchmark rate to target range of 0.25% to 0.5% and signaled more hikes at all six remaining meetings this year.

Gauntlet, a financial-risk modeling platform for crypto lending, raised a new round of funding that pushed its valuation to $1 billion.

Revolut’s Chief Revenue Officer Alan Chang is leaving the U.K. financial technology startup for a new cryptocurrency venture and is seeking to raise roughly $100 million in financing.

The industry is contending with trading volatility, the economic effects of soaring energy prices and the risk of prolonged high inflation following Russia’s Feb. 24 invasion. Citigroup, TD and Comerica are among the banks that have commented on how their businesses may be affected.

Pay for the leaders of Canada’s five largest banks rose an average of 28% as the lenders’ earnings increased and shares gained.

Zeta Services, a banking and credit card technology unicorn, has raised $30 million from investors including Mastercard, and the two announced a five-year collaboration to help customers launch credit card services.  

The misclassification of certain cash flows in 2021 was a “material weakness,” according to a securities filing. Management restated the relevant financial statements and promised to lay out a “plan to remediate” the issue.

The Canadian banking giant cited labor shortages, rising inflation and the economic fallout from Russia’s invasion of Ukraine as reasons for keeping loan-loss allowances above pre-pandemic levels.

Toronto-Dominion Bank, which earlier this week announced a $13.4 billion acquisition to expand in the U.S., got a lift from loan growth at home.

New research shows that young Americans are finding it increasingly difficult to buy a home of their own. The co-author of a series of reports will delve into discoveries around the factors why.

Citigroup said profitability will fall as the bank pursues a strategy shift that it said will raise expenses in the near term.

Bank of Nova Scotia and Bank of Montreal got an earnings boost with commercial clients ramping up their borrowing as economies emerged further from the pandemic.