Banking

The Minnesota bank was able to realize a large net tax benefit in the same quarter it took a big charge to exit auto lending, so in the end its profits doubled.

The Detroit company recorded an 11% increase in car loans and leases originated during the fourth quarter, as well as a jump in yields. Ally appears to be benefiting from Wells Fargo's substantial retrenchment in auto lending.

If the company they plan to establish comes together and works — still a big if — it could give JPMorgan an edge in competing with other banks, lead to innovative payments and other products and create unforeseen issues.

Hadley Robbins had a difficult task stepping in after Melanie Dressel's unexpected death last year. Now he must find ways to keep expanding without disrupting a system that has proved successful.

Wells has tapped Sarah Dahlgren for a newly created position overseeing regulatory relations as the megabank tries try to remove the cloud of its phony-accounts scandal.

The pioneering brand re-enters a market where fintechs now account for over 30% of personal loan originations.

The Mobile Act would allow financial institutions to scan or copy a customer’s photo ID when opening an account remotely, while another bill contained provisions that would protect bankers from lawsuits if they report suspected elder financial abuse.

Michael DeVito, who was named Wells Fargo's interim head of home lending after the bank fired consumer lending head Franklin Codel, is now officially leading the residential mortgage unit.

The Mobile Act would allow financial institutions to scan or copy a customer’s photo ID when opening an account remotely, while another bill contained provisions that would protect bankers from lawsuits if they report suspected elder financial abuse.

Retracting an Obama administration policy that shielded banks servicing marijuana companies threatens financial firms and makes the pot industry too reliant on cash.

The credit union’s members want products to help with cash flow, working capital and business expansion

The results included a $222 million goodwill impairment charge and other one-time items.

The bank said it plans to use proceeds from the placement to expand its operations.

Federal Home Loan banks have significantly increased their lending to large financial institutions in the post-crisis years, but it’s doubtful this activity will create undue systemic stress because it has displaced other, riskier forms of bank funding.

The company will add $600 million in assets under management when it buys a Roanoke, Va., firm.

JPM CEO is expected to remain at the bank for another five years; Michael DeVito had been serving on an interim basis since his predecessor was fired late last year.

The online lender to small businesses is expanding its business deeper into traditional banks’ territory with larger loans.

The information you need to start your day, from PaymentsSource and around the Web. Today: Amazon, Buffett and JPMorgan Chase team on health care; VoiceLabs launches new retail tech; Lenovo fixes a security gap; Card fraud's wide impact; Young people struggle with passwords; UnionPay adds to its mobile reach.

Speculation has existed for a while that JPMorgan Chase could be the first of the megabanks to name a woman chief executive, but the elevation of executives Daniel Pinto and Gordon Smith to co-presidents and co-COOs seemed to put them in the lead to succeed Jamie Dimon.

The divestitures are necessary to get the Justice Department to sign off on First Financial's $1 billion purchase of MainSource Financial.