Retail & Commercial

Discover Financial Services reported a slowdown in growth in its credit card business but vowed to take steps to reverse the trend.

East West Bancorp in Pasadena, Calif., said higher income taxes and lower interest income were partly to blame for a 3.87% drop, to $91.8 million, in its fourth-quarter profit.

TCF Financial in Wayzata, Minn., reported higher profits on lower provision costs and a pickup in lending in the fourth quarter.

Discover Financial Services reported a slowdown in growth in its credit card business but vowed to take steps to reverse the trend.

Unless banks devote the same amount of investment as standalone incubators, the innovation labs launched by financial institutions will be a short-term fad.

C.K. Hong used his resignation letter to issue a scathing rebuke of the Los Angeles company's $1 billion acquisition, while claiming that he had been on a "dysfunctional board … characterized by factionalism and a lack of transparency." BBCN strongly disagreed, claiming that Hong was upset that plans were already in place to remove him from the board.

DeVry Education Group responded Wednesday to a complaint filed by the Federal Trade Commission alleging that consumers were deceived about the chances of students finding jobs in their areas of study.

First Citizens BancShares in Raleigh, N.C., said Wednesday that its fourth-quarter profit fell 32.1% from a year earlier, to $42.7 million.

Kevin Thompson, who had been selected for the post in November, notified the $6 billion-asset company that he will remain at Zions Bancorp. in Salt Lake City to be near members of his immediate family who were involved an accident shortly after he accepted the WSFS post.

Discover Financial Services reported a slowdown in growth in its credit card business but vowed to take steps to reverse the trend.