Retail & Commercial

The Justice Department's legal case against American Express will not benefit consumers and will weaken competition, said Jeff Campbell, executive vice president and CFO of American Express.

WEX Inc. is working to finalize several key acquisitions to bring the corporate payments provider into new markets.

First Data Corp. has agreed to buy Gyft Inc., which sells digital gift cards, in a move to advance the Atlanta-based processor's mobile payment offerings.

Tighter margins held back BOK Financial in Tulsa, Okla., last quarter. The $28 billion-asset company reported a profit of $76.7 million, down 4% from the same period last year.

Bank owners can make more objective decisions about whether it's the right time to sell by comparing the value of holding onto the bank to its private market price and instating an external review process, writes consultant J.V. Rizzi.

Lenders aren't keeping pace with a mounting backlog of applications for federal mortgage aid, placing some borrowers at increasing risk of losing their homes to foreclosure, according to the Special Inspector General for the Troubled Asset Relief Program.

BBVA Compass in Houston reported a drop in second-quarter earnings, partly because of a larger loan-loss provision.

Valley National Bancorp in Wayne, N.J., reported that second-quarter earnings declined because of a significant drop in noninterest income.

Community banks are disappearing and big banks' global power is on the wane. Regulators should take steps to reverse these trends so that all Americans have access to the financial services they need, according to the American Bankers Association's Wayne Abernathy.

A federal court has shut down a mobile phone cramming scheme that piled more than $100 million in charges on consumers’ mobile phone bills without permission.