Finance

The second year of the pandemic unleashed unprecedented exogenous challenges for financial companies heading into 2022. What core trends will shape the industry moving forward?

With prices increasing faster than they have since the 1990s, the Federal Reserve appears poised to tighten monetary policy. Top industry executives are worried about the chances of either a recession or runaway inflation, depending on whether the central bank moves too quickly or too slowly.

Lawmakers approved legislation designed to protect trillions of dollars of assets when the London interbank offered rate expires.

Figure Technologies, the startup co-founded by Mike Cagney, created a platform to help private companies raise and trade equity using its blockchain technology.

Investment activity that takes place outside the banking system requires a new, broad-based set of global regulations to tackle inherent instability, the Bank for International Settlements said.

Bank of Montreal’s heavy focus on commercial lending is paying off as businesses in the U.S. and Canada ramp up borrowing. 

Canadian Imperial Bank of Commerce is having a harder time keeping costs in check as inflation picks up and the lender invests in its domestic consumer franchise.

Toronto-Dominion Bank’s Canadian operation is getting a boost from a rebound in consumer spending and the continued strength of the country’s housing market. The company’s U.S. retail operations haven’t gained the same momentum as the Canadian division.

Higher interchange fees and a giveback of loan-loss provisions helped banks overcome rising expenses and other headwinds in the third quarter, according to the Federal Deposit Insurance Corp.'s Quarterly Banking Profile.

Borrowers expect the Federal Reserve to raise interest rates next year to contain soaring prices and are locking in favorable terms now, bankers say.

Canadian Imperial Bank of Commerce Innovation Banking hired Ryan Enriquez from JPMorgan Chase as executive director, part of an expansion of the unit’s New York office.

The partnership with the e-commerce giant could help PayPal overcome muted fourth-quarter sales due to supply-chain issues and other factors changing consumer spending.

The Florida bank's agreement with the core provider FIS is expected to reduce annual expenses by $12 million. Analysts expect more banks to make similar moves.

Jack Dorsey's payments company wants to reach a younger demographic while also giving adults more reasons to use its peer-to-peer service.

The mortgage giant’s net worth of $42 billion at the end of the quarter was more than double what it was a year earlier. CEO Hugh Frater said that financial strength puts the company on better footing to support affordable housing goals outlined by the Federal Housing Finance Agency.

The combined refinance and purchase total was nearly double the average quarterly volume logged before the pandemic, the company said in its third-quarter earnings call.

The Texas bank, which has spent six years reducing its exposure to fossil fuel companies, aims to bottom out at around 5% of its total loan portfolio.

Steve Steinour, the Ohio bank’s CEO, said the slowdown in car manufacturing due to the global chip shortage will continue to stifle loan demand in the months ahead.