Retail & Commercial

The Illinois company will shutter 17 locations, or about 15% of its branches, early next year.

Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.

Duncan-Williams, which serves institutional clients, will help South State expand its correspondent lending operations.

Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation.

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

The New York bank, which is conducting a search for its next leader, also said it expects to report strong third-quarter earnings.

One could change how commercial property is taxed, the other could change rent control policies. Both might affect financing.

Spending is up and deferrals are down sharply, signaling that the economy has turned a corner, CEO Brian Moynihan said. The outlook stood in stark contrast to JPMorgan Chase, which set aside more funds to address potential exposure in consumer banking.

The Minneapolis company says the majority of branches earmarked for closing have already been shuttered for months due to the pandemic. Some of the savings will be plowed back into digital expansion.