Organization Root Tag

The Cleveland-based regional bank was not well positioned for the sharp rise in interest rates last year. But executives say the year ahead will be different, pointing to strong credit quality and a repricing of Key's securities portfolio.

Despite a surge in quarterly expenses in the fourth quarter and a projected uptick in the first quarter, the North Carolina company is standing by its expense guidance for 2024.

Fourth-quarter net income at the Buffalo, New York, bank fell 37% because of higher funding costs and a special deposit insurance assessment. But lower interest rates and a stronger economy are expected to strengthen profits this year and into 2025, its CFO says.

The retail giants are testing the limits of what customers will allow a generative AI system to do before making a payment.

After the Rhode Island-based company eliminated 650 positions, severance-related costs contributed to a 71% decline in quarterly net income.

The Minneapolis company's balance sheet is still feeling the weight of higher funding costs, but CEO Andrew Cecere gave several reasons why he anticipates revenue growth will begin to outpace noninterest expense growth and efficiency will improve after midyear.

The central bank granted 15 large banks eight additional months to prepare their resolution plans. Federal regulators are currently weighing changes to their resolution planning framework.

Worldline and Google partner team up for cloud computing; Global Payments works with Commerz in Germany.