Regional and community banks are carving out niches as asset managers by offering perks and personal services to affluent customers whom bigger rivals often overlook.
Banks are looking to the relative safety and profitability of their wealth management divisions to boost earnings. But with that strategy comes increased regulatory and ethical scrutiny of this business line.
The Treasury Department terminated the lease for the Consumer Financial Protection Bureau's Washington, D.C., headquarters; HSBC's Gerry Keefe, head of banking in Europe and the Americas, quit to take a role outside of the financial services industry; Deutsche Bank has reported potential sanctions breaches involving Russian clients to German financial regulator Bundesbank; and more in this week's banking news roundup.
Federal Reserve Gov. Christopher Waller said Friday that the length of time the Strait of Hormuz remains blocked will be a key factor in the longer-term inflation outlook — and, by extension, the Federal Reserve's monetary policy path.
Nationwide, Americans are falling behind on their car loans. But among Ally Financial's customers, delinquencies fell during the first quarter.
The international messaging network is attempting to standardize consumers' cross-border payment experience as other payment rails such as Visa Direct, Mastercard Send and stablecoins pressure the correspondent banking system.
The Birmingham, Alabama-based company also benefited from improved credit quality, with declines in nonperforming assets and criticized loans paving the way for a reduced provision
CEO Tim Spence said folding in the acquired bank has gone to plan so far, but the biggest point of risk is still on the horizon.
