Industry News

Boston-based Eastern Bankshares says its premium on the sale of Eastern Insurance Group will help fund the acquisition of Cambridge Trust and build a wealth management powerhouse. But some analysts point out more revenue is being sacrificed than gained.

The $223 billion-asset bank said it will train its commercial bankers to work with clients to develop decarbonization transition plans. It also committed to reaching carbon neutrality within 12 years.

PayPal's new stablecoin offering should be setting off alarms at traditional banks, because it could seriously challenge their dominance in the payments space.

Revenue challenges are driving the Utah bank's plan to reduce expenses, according to CEO Harris Simmons. "I talk to our peers, and everybody's looking for ways to cut costs," he said.

Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.

The avoidance of one of the harsher economic scenarios is good news for banks, which are also contending with tighter profit margins and increasing competition for customers. But loan growth and credit quality could be at risk.

Bank of America and TD Bank are finding that new employees and interns respond well to onboarding and training that takes place in the magical worlds of virtual reality.