Retail & Commercial

The all-stock transaction is slated to close in the second quarter of 2025. It would create a bank with more than $15 billion of assets.

A top executive at the auto lender said that more borrowers struggled to repay their loans over the summer amid inflation and a tougher job market. Late payments on auto loans rose by more than Ally expected in July and August.

Consumer Financial Protection Bureau Director Rohit Chopra will be looking at whether automation accommodates or undermines potential savings from refinancing.

The agency's recent proposal to redefine "brokered deposits" requires a debate over the performance of different kinds of bank deposits. The problem is that the necessary data isn't available yet.

BofA is taking the next step toward a 7-year-old goal of paying $25 an hour by 2025.

The bank has brought in mortgage industry veteran Ken Logan as senior managing director to oversee a broader range of financing it's offering to home lenders.

The Ohio-based bank said it would hire 350 people to operate retail banking and wealth management businesses in a region where it recently launched commercial banking.

The bank faced credit setbacks in the nation's capital and margin pressure this year. But it made a series of hires to reduce risk and diversify its loan portfolio, preparing for a new era of demand as the industry awaits interest rate cuts.

Branches are being closed at a record pace because of mergers and financial reasons. If a closed branch is in a good location and meets certain other conditions, it can represent a low-cost way for a community bank to expand.

The Dallas company, which has been in transformation mode for three years, recently took a series of actions to try to meet the profitability targets it set for itself.