Finance

In the 11 months after Fifth Third completes its acquisition of Comerica, the Cincinnati bank plans to send 13 million-to-14 million pieces of paper mail to retail customers. CEO Tim Spence says the old-fashioned method "still works," and actually has some advantages over more modern modes of communication.

The Cleveland-based bank announced changes Tuesday to its board of directors, including the appointment of a new lead independent director. Last month, activist investor HoldCo Asset Management urged the bank's board to not re-nominate its longtime lead independent director.

The Huntsville, Alabama-based regional bank is well positioned to defend its Southeast footprint, according to CEO John Turner. It's hiring more bankers in growth markets, it has strong brand recognition and it has a long history in its core markets, he said.

"We're coming into your market," PNC Chief Executive Bill Demchack said Friday. "If you're not coming into our market to come fight us, we're coming to your market to come fight you, and we're going to get some percentage of your market."

During the fourth quarter, the Buffalo, New York-based bank reported its lowest ratio of nonperforming loans to total loans since 2007.

Federal Reserve Vice Chair for Supervision Michelle Bowman warned that labor market conditions could weaken further and said the central bank should avoid signaling a pause in monetary policy.

First Horizon's loans to mortgage companies in the fourth quarter rose at the fastest clip in more than two years, as the housing market showed small signs of revival.

The fintech investment firm Portage is now managing a $280 million portfolio acquired from the venture arm of Mets owner Steven Cohen's firm Point72.

Goldman Sachs' fourth-quarter earnings far exceeded analysts' forecasts, overcoming losses from its consumer-focused Platform Solutions unit.

The investment banking giant reported an 18% increase in net income for the fourth quarter and stuck to its 2-year-old financial targets, even as it exceeded some of them.

A week after President Trump demanded a 10% cap on credit card interest rates, top executives at big banks protested the idea in blunt terms.

The San Francisco-based banking giant reported solid gains in credit card and auto lending as credit remained in check and quarterly operating costs declined from a year ago.

The megabank's net income declined by 13% during the fourth quarter as a result of a $1.2 billion pretax loss on sale related to the divestiture of its remaining operations in Russia.

In the fourth quarter of 2025, America's second-largest bank posted earnings that came in just above Wall Street's forecasts.

The custody bank reported a strong fourth quarter, as it continued to push forward with its new operating model. The momentum contributed to the bank's decision to lay out new financial targets, including a goal to achieve a return on tangible common equity of 28% in the next three to five years.

Top executives at the nation's largest bank spoke Tuesday about shifting dynamics in the credit card business, Federal Reserve independence, the bank's plan to increase spending in 2026 and its large portfolio of loans to nonbank financial institutions.

The largest bank in the country bulked up its reserves by $2.2 billion for potential credit hits from the Apple card portfolio, which JPMorgan is taking over from Goldman Sachs.

Banks will start reporting their fourth-quarter earnings on Tuesday. But it's what bankers say about the next 12 months that will probably attract the most interest from industry observers.

Employers added 50,000 jobs in December, with gains in service industries while broader sectors remained mostly flat, supporting the Fed's cautious stance on further rate cuts.

Investors in alternative assets like private equity, private capital and venture capital often lock their money in for years, but Pluto's founders say its marketplace matches these wealthy investors who need cash with banks and investment firms willing to lend against those illiquid assets.