Retail & Commercial

Investment gains helped M&T Bank Corp. in Buffalo, N.Y., record a spike in quarterly profits.

Bank of America (BAC) said profit rose 63% in the second quarter, beating analysts' estimates as the company kept expenses in check.

U.S. Bancorp (USB) said second-quarter profit rose 4.9% as the firm cut expenses and set aside less for soured loans.

PNC Financial Services (PNC) said second-quarter profit more than doubled, beating analysts' estimates, as fee revenue surged and the firm set aside less for bad loans.

Profit rose 37% at Pinnacle Financial Partners (PNFP) in Nashville, Tenn., on the strength of its lending and fee income.

Spain's Banco Santander abruptly replaced the chief executive of its U.S. operations Tuesday.

Robert Wahlman will become CFO of the $3.8 billion-asset company and its bank on Aug. 13, Customers announced Tuesday.

Florida Community Bank in Naples is partnering with Raymond James Financial (RJF) to offer its customers asset management services.

The Senate's approval of Richard Cordray's nomination to run the Consumer Financial Protection Bureau does more than give the agency a permanent director: it also removes Republicans' biggest bargaining chip in their longstanding push to force key structural changes at the agency.

Opus Bank in Irvine, Calif., has formed a commercial real estate banking division made up of Opus' income-property banking division and its newly formed structured finance unit.