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The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.

As the Federal Reserve mulls whether to establish its own digital currency, Chair Jerome Powell told lawmakers that cryptocurrencies designed to have the stability of bank deposits and money market funds should be regulated accordingly.

The global company says that a quicker-than-expected economic recovery is creating some opportunities to invest in businesses that will generate returns over time.

Bank of America expects interest income to rise as stronger borrowing outweighs the impact of low rates. The upbeat forecast is in contrast with remarks from JPMorgan Chase executives.

PNC’s recent acquisition of BBVA's U.S. operations won quick approval from regulators, but a recent presidential directive promises more scrutiny of such deals, according to CEO Bill Demchak.

The card brand is working with 70 cryptocurrency companies to meet consumer demand for paying in bitcoin and other digital currencies at the point of sale. It had little choice given that most retailers don't accept crypto directly and are in no rush to do so.

The organizations that received charters this year emphasize digital access and remote work, and aim to address the economic disparities highlighted by the pandemic and the nationwide wave of racial justice protests.

Wells Fargo’s average loans tumbled in the second quarter as consumers and businesses, buoyed by pandemic stimulus programs, refrained from more borrowing.

Fiscal restraint, the reversal of enormous amounts of monetary stimulus, smarter regulation and job retraining are among the public policy steps that could interrupt the long U.S. tradition of boom-and-bust cycles.

Income from stock trading and investment banking trounced analyst estimates in the second quarter and made up for weaknesses in the company's much bigger fixed-income and credit card divisions.

The company fell short of net interest income projections as loans and leases in the consumer banking unit dropped 12% from a year earlier. However, loan balances grew from the first quarter — the first sequential increase in a year.

The president has a chance to make his mark on the central bank as the terms of Federal Reserve Chair Jerome Powell and Vice Chair of Supervision Randal Quarles near their end. He will face pressure from progressives to pick reform-minded leaders, while moderate Democrats and Republicans in the narrowly divided Senate might favor reappointing Powell.

The credit card issuer’s move will increase the pay of more than 5,000 employees. Numerous banks have recently raised their minimum wages in a competitive labor market.

While customers of the nation’s largest bank are spending more, an unusually small percentage of their purchases are becoming debt. Executives warn that the bank’s predicament could persist for the rest of the year.

Citigroup will let retail customers bet on stocks without paying fees as the bank tries to expand its wealth business in the face of fierce competition from Silicon Valley ventures, discount brokerages and big-banking peers.

PNC, Regions and TD are among the banks that have taken steps to reduce their reliance on charges that disproportionately hit consumers living paycheck to paycheck. The changes come at a time when the Biden administration is expected to take a tougher stance on overdrafts.

JPMorgan Chase’s investment bankers posted their best quarter ever as a record first half in dealmaking bolstered the bottom line at the nation’s largest bank. But expenses climbed in the second quarter and loan growth remained out of reach.

The card network and telco are designing systems that use 5G to support more payment processes hosted in the cloud rather than on local hardware. The goal is to make services such as autonomous checkout available to small businesses.

Fintech companies with narrow-purpose banking charters pose a safety-and-soundness risk and should be denied access to the payment system and other perks unless they meet the same strict regulatory criteria as traditional financial institutions, trade groups for banks and credit unions told the Federal Reserve.

Citigroup plans to exit Venezuela by selling its remaining business there, ending more than a century of operating in the South American country.