Finance

The Dallas company plans to move aggressively to recruit customers and employees of rival banks involved in mergers that are shaking up the banking landscape in two of its key markets.

At Fifth Third, Synovus and Zions, third-quarter loan growth and improved outlooks indicate that businesses are finally more open to borrowing. Industrywide data further suggests “a much hoped-for rebound” has begun, according to analysts at Piper Sandler.

Strong growth in loans to private equity and venture capital firms fueled a 74% increase in third-quarter profits — and helped the New York bank hit a new milestone.

The company created through the combination of BB&T and SunTrust Banks expects to hit two final milestones in the first quarter of 2022. The bank is now turning its focus to performance, CEO Bill Rogers said.

The lender will take a $21.6 million charge related to damage a customer sustained from Hurricane Ida, leading analysts to predict a major drag on earnings. So far, there is little indication that other banks have been similarly affected.

Bill Demchak, whose company plans to allow crypto trading through a mobile app, nonetheless expressed concern that digital currencies pegged to the dollar could affect central banks’ ability to control the money supply.

Goldman Sachs Group posted a surprise jump in its trading business, rounding out a stellar quarter for Wall Street’s biggest banks.

Charlie Scharf faced tough questions Thursday in the wake of a recent $250 million fine. Analysts did not get the clarity they sought on how much longer the bank will be constrained by a three-year-old consent order with the Fed.

In a bid to boost fee income, the Minneapolis company is upgrading its payments technology to allow businesses to manage inventory, payroll and other functions — as well as make payments — all in one place. The tech is modeled after an offering from Square.

Jane Fraser told analysts the company will spend what’s necessary to satisfy regulators’ concerns about risk management and internal controls. That includes incentives to encourage senior executives to resolve the problems promptly.

The company posted a 58% increase in net income, fueled by increased loan demand from both consumers and businesses, as pandemic fears ease. It expects strong GDP growth through next year.

Citigroup’s equities traders surpassed analyst estimates for a fifth straight quarter, adding to signs that investments in expanding the business are starting to take hold.

Wells Fargo beat analysts’ expectations for third-quarter profit, another positive sign for Chief Executive Charlie Scharf’s turnaround efforts, but expenses were higher than anticipated and loans fell.

Bank of America beat analysts’ earnings estimates as fees climbed at the company’s dealmaking unit, boosted by a record-breaking period for mergers and acquisitions.

Spending on cards continued to increase during the third quarter, while loan balances rose slightly and payment rates began to return to more normal levels. A top company executive expressed confidence that loan growth will pick up but said, “It’s going to take time.”

The San Francisco bank reported a 26% increase in its third-quarter earnings, thanks to robust single-family, multifamily and commercial real estate loan activity in New York, Boston and its home city.

Total loans increased 6% from a year earlier, driven by gains in the company's asset- and wealth-management arm and corporate and investment bank, though consumer and commercial lending fell. Fees from advising on merger and acquisition deals almost tripled.

The country's biggest financial companies are well represented in the ranking. Citigroup leads the way, followed by JPMorgan Chase and Bank of America.

In 2020, a year marked by deep economic crisis, Pedroso led her team to execute $16.9 billion of lending overall, up 9% from the previous year.

Erdoes has seen huge gains in diversity throughout her 25-year tenure. Now, she says it's time for the industry to help shape the same sort of change in the broader world.