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Wells Fargo executives received a host of questions Tuesday about the effect of rising interest rates on its deposits and other risk factors, but they said they cannot let uncertainty restrain their short-term actions and think some predictions about rates especially on Treasuries may be wrong.
July 14 -
Banks better get ready for a quick, steep increase in deposit costs after the Fed raises rates. Technology, new regulations and other factors have changed the slower-paced retail-banking game of old, JPMorgan Chase executives say.
July 14 -
Bank of America said second-quarter profit more than doubled as the mortgage business rebounded and expenses fell to the lowest since 2008.
July 15
PNC Financial Services Group in Pittsburgh said its second-quarter profit declined, citing lower yields on loans and securities.
The $354 billion-asset company said
Net interest income fell 3.6%, to $2.05 billion, because of lower loan and securities yields and a decline in purchase accounting accretion. The net interest margin narrowed 39 basis points to 2.73%.
Fee income rose 7.9% to $1.81 billion on higher corporate service fees, asset management revenue and consumer service fees. PNC also recorded higher gains on sales of Visa class B common shares, compared with a year earlier.
Noninterest expense rose 1.6%, to $2.37 billion, on costs associated with upgrades to technology and business infrastructure, and higher employee compensation costs. The efficiency ratio remained 61%.
