Finance

The Arkansas company, once a prolific acquirer, last bought a bank in 2017 but now has three M&A deals in the works as it seeks new sources of growth.

Organizers of Integrity Bank for Business must raise around $19.9 million before they can open the bank.

Zions Bancorp. CEO Harris Simmons says the Secured Overnight Financing Rate is more suited for derivative traders than regional banks as a replacement for Libor. His bank this week became the largest to say it would use the alternative developed by the American Financial Exchange.

An interactive dialogue with Founder and CEO of NorthOne on the fintech industry, the growing needs of challenger banks, and the future of SMB banking.

After just 45 days on the job, the Citigroup CEO is jettisoning uncompetitive overseas operations, vowing to ramp up wealth management and touting the long-term importance of the company’s Banamex unit. More moves are on the way, she says.

The company’s payments services business has struggled during the pandemic, but executives are counting on commercial clients’ embrace of real-time payments to help fuel the unit’s growth in 2021.

The San Antonio company will no longer charge fees on transactions of $100 or less that take checking account balances into negative territory, as long as the customer has a $500 monthly direct deposit set up.

BofA is awash in liquidity, but an uptick in credit card applications and heightened interest from commercial borrowers have executives hopeful that loan demand will soon rebound.

The Charlotte, N.C., company has shuttered 400 branches in the past year and intends to close nearly 500 more by early 2022. It’s also eliminating office space and reducing headcount as it aims to keep quarterly expenses under $3 billion.

The company will exit retail banking in 13 markets across Asia, Europe and elsewhere after a big drop in global consumer banking revenue. However, it far exceeded analysts' earnings estimates from dealmaking for special-purpose acquisition companies and other Wall Street operations.

Bank of America’s traders and investment bankers reaped another windfall, joining their Wall Street rivals in capitalizing on the stock market’s wild ride this year.

It was a rough quarter in retail banking for the bellwether bank, but a pickup in credit and debit card spending and a higher-than-expected release of loan-loss reserves bodes well for JPMorgan — and perhaps the industry as a whole.

Business owners have shown little interest in taking on debt during the pandemic. Will their attitudes change as the economy improves?

Loan growth and wealth management revenue drove a 53% increase in the San Francisco bank's profit from a year earlier.

Net income was boosted by a $1.6 billion release of loan-loss reserves.

Fees from investment banking and larger-than-expected reserve releases more than offset a sharp drop in loan volume.

The San Francisco company has now backed 11 minority-owned banks as part of a $50 million pledge it announced last year.

The Michigan-based institution has positioned itself for additional growth by making it easier to qualify for membership.

The Mississippi company has never done a deal this large. But buying Houston-based Cadence would take it into high-growth markets and reduce both companies' concentrations in sectors such as energy, dining and hospitality.

The agency has stepped up efforts to encourage those lacking banking relationships to choose an affordable account option for their pandemic relief funds. It will have to overcome distrust of financial institutions in communities of color.