Finance

Fourth-quarter net interest income rose 11% from a year earlier to $11.4 billion at Bank of America, though its average loan balances edged up just 1% over the same period.

The nation’s sixth-largest bank will offer a $750 line of credit to customers who need short-term liquidity, and will gradually become less reliant on older accounts that charge the controversial fees. With the plans, Truist is moving in the same direction as many large and midsize banks.

The companies originally hoped to complete the deal in late 2021. The buyer chalked up the delay to an overburdened Federal Reserve, rather than any problems with its application.

An uptick in commercial borrowers’ credit line utilization rates bodes well for loan growth in 2022, PNC Financial Services Group CEO William Demchak said Tuesday.

While money market fee waivers ate into the company’s revenue last quarter, as low interest rates led asset managers to make concessions to customers, executives predict a turnaround in 2022 after the Federal Reserve starts monetary tightening.

The New York bank attributed the gains to its aggressive hiring of banking teams on both coasts and robust loan demand from private equity and venture capital firms.

Citigroup CEO Jane Fraser is nearing the end of her organizational overhaul after deciding to cut loose retail-banking operations in Mexico. She will make the case at an upcoming investor day that the company is on the verge of producing stronger shareholder returns.

Auto loans, credit cards and corporate lending all showed strength in the fourth quarter, and the San Francisco bank predicts more consumers and businesses will borrow this year.

Following the recent resignations of the San Francisco bank’s co-CEO and chief operating officer, executives sought to project stability during an earnings call Friday. Employee morale is strong, and finding a leader who’s the right fit is more important than filling the job quickly, they said.

Shares fell sharply Friday after the company said spending increased 14% in the fourth quarter and will climb by another 8% in 2022. But CEO Jamie Dimon said the investments in marketing, technology and talent are necessary to ward off threats from traditional banks and upstart fintechs.

Overall the company reported fourth-quarter profits of $3.17 billion, which fell short of analysts' forecasts as borrowing declined on Citi-branded cards, fixed-income trading tumbled and one-time charges mounted.

Despite that year-over-year decline, the company beat analysts' expectations with fourth-quarter net income of $5.8 billion. Stronger commercial lending and lower expenses cushioned the blow in consumer credit.

The company's fourth-quarter trading revenue declined notably more than analysts had expected, while its business and consumer lending each dropped 1% year over year.

Mizuho Financial Group, the large Japanese bank, has agreed to buy U.S.-based Capstone Partners to expand in the business of helping private equity firms raise funds.

Toronto-Dominion Bank Chief Executive Bharat Masrani said additional share repurchases would be a possible use of the lender’s excess capital if it doesn’t deploy those funds in a major acquisition.

The payout will help the Delaware bank recover legal costs that stemmed from its 2010 purchase of Christiana Bank & Trust. It expects a 23-cent boost to earnings per share in the most recently completed quarter.

The government-sponsored enterprise also unveiled two new tranche slices for investors to purchase.

On Sep. 30, 2021. Dollars in thousands.

The Secured Overnight Financing Rate has benefited — amid the phaseout of Libor — from positive comments by regulators. Is a multirate environment, which some banks would prefer, still possible?

Germany’s finance watchdog fined Deutsche Bank 8.66 million euros ($9.8 million) over its handling of submissions for Euribor, a reference rate at the heart of a scandal that rocked the industry.