Finance

Supreme Court will hear challenge to card company’s anti-steering rules; Anthony Alexis has been in the role for most of the agency’s six years of existence.

Morgan Stanley’s net income rose 12% to $1.8 billion, or 93 cents a share, from $1.6 billion, or 81 cents, a year earlier.

The banking crisis in 2008 has created a generation of consumers that will always carry some mistrust of traditional banking, making them more agreeable to alternative payment models.

In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.

The Tennessee company reported 6% growth in loans, which included strong C&I and CRE grains. However, revenue shrank thanks partly to a steep falloff in fixed-income fees.

The embattled company has begun offering cash bonuses to certain customers who open accounts, but at least for now pricey deposit rates would not ensure that customers stick around, executives said Friday.

Third-quarter results from PNC, Bank of America, First Horizon and others suggest that demand for commercial loans may not be as weak as bankers and investors had feared. Or maybe some banks are just getting really good at poaching rivals’ customers.

Bank of America set aside $100 million in its reserves for representation and warranty claims ahead of a pending settlement to resolve legacy mortgage issues.

Fee income also surged as the San Francisco bank reached the $100 billion mark in wealth management assets.

Santander Group's fintech venture capital fund is investing in ePesos, a Mexican mobile funding and payments startup targeting underbanked small businesses.

The Pittsburgh company benefited from loan growth and higher interest rates, though fee income fell and expense rose in the third quarter.

The company agreed to buy Commercial Bancshares for $59 million in stock.

Wells Fargo took a surprise $1 billion charge in the third quarter for previously disclosed pre-crisis, mortgage-related regulatory investigations. It contributed to a 19% fall in profits.

The ratings agency said its systems were not compromised, but it is taking precautions on reports of an attempted hack; new MIT-backed comapny to rate financial firms on vulnerability to financial crime.

Total revenue rose less than 1% to $21.8 billion, but expenses declined 2.5% to $13.1 billion. That computed to the highest profit at Bank of America in six years.

Consumers are looking for high-tech services, not just higher deposit rates, in deciding where to park their cash, a top JPMorgan executive said in discussing the company's explosive deposit growth in the third quarter — and whether it will continue.

The company had strong gains in construction lending and trust fee income, but its business lending operation had flat results.

Omnyway wants to boost its global reach, necessitating a geographically diverse range of investors for its $12.75 million funding round, led by Nyca, CommerzVentures and CEFIF.

John Flint, HSBC's current retail chief, will take the helm next February; asset manager BlackRock has added $1 trillion of assets in the past year, or more than $1.5 billion every business day.