Retail & Commercial

There is a tendency to assume that banks carrying a large commercial real estate loan portfolio need to diversify. But that ignores the fact that many of those institutions have much deeper knowledge of the market than their critics.

After NYCB streamlined its branch operations under the Flagstar name, the publicly traded company will begin trading under a new stock ticker symbol in late October.

The New York-based investment bank reported higher revenues across all business lines, with double-digit increases in wealth management and investment banking.

The regional bank's earnings were impacted by challenges in its office loan portfolio, though its overall results were a mixed bag, with its nascent private bank showing momentum.

Purchases on the company's credit cards fell 4% as some customers traded down to cheaper goods or skipped discretionary spending. But CEO Brian Doubles said consumers remain in "pretty good shape" as they manage their budgets.

As financial fraud becomes more and more sophisticated, banks need to get proactive about protecting their customers from scammers. This is particularly true of seniors, whose deposits are a key source of banks' core deposits.

The top five banks and thrifts had combined assets of more than $13 trillion as of June 30, 2024.

The investment banking giant is selling its General Motors credit card portfolio to Barclays, which is looking to grow and diversify its U.S. cards business. It's part of Goldman's retreat from consumer banking.

The Consumer Financial Protection Bureau and Department of Justice issued a consent order against Wisconsin-based nonbank mortgage originator Fairway Independent Mortgage over redlining allegations. Fairway is the country's fifth-largest mortgage originator by volume.

The Pittsburgh-based company's earnings fell 4% in the third quarter from a year ago, although noninterest income climbed 11%.