Banking

Its reputation tarnished by revelations that employees opened roughly 2 million phony accounts in order to meet sales targets, Wells Fargo last month suffered a steep decline in new retail checking accounts and credit card applications.

Consumers voted with their feet in September, as the embattled bank said Friday that new checking accounts were down by 25% from a year earlier.

Community banks need profit and diversification opportunities, while marketplace lenders may find mergers to be the easiest route into the banking system.

JPMorgan Chase is conducting a "deep dive" investigation into its cross-selling practices, in light of the fallout from the phony account scandal at Wells Fargo.

Strong revenue growth powered First Horizon in Memphis to a 7% increase in third-quarter earnings.

Warren's voice is powerful in criticizing big banks, but she could play a more active role in providing relief to community banks to help boost job creation.

Wells Fargo, the lender whose chief executive officer stepped down this week amid a scandal in its branch network, said third-quarter profit fell 2.6% as expenses climbed and the bank set aside more money for soured loans.

Citigroup posted third-quarter profit that beat analysts' estimates as bond-trading revenue surged 35% from a year earlier, helped by interest-rate and currencies trading.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

Third-quarter profit at PNC Financial Services Group in Pittsburgh declined on a yearly basis as a higher tax rate and increased expenses ate into improved revenue in both lending and fee-based products.

If people can send e-mails and other data instantly to others, the ability to do the same with payments shouldn’t be far behind.

WASHINGTON — The government should encourage the development of the fintech sector, but should not grant a safe harbor for such firms, Sen. Mark Warner, D-Va., said Thursday.

Some analysts are suggesting Wells Fargo should start closing branches, in order to move beyond the phony-accounts scandal, make up for an expected drop in fee income from reduced cross-selling — and position itself for a digital future.

California Bank of Commerce in Lafayette has hired a veteran credit administrator to help expand its small-business lending.

Goldman Sachs' newly launched consumer lending website is aimed at some of the very same customers that big banks and marketplace lenders covet, yet there are plenty of questions about its business plan, its ability to manage credit risk and the prospects of online lenders in general.

Small businesses often need a short-term cash infusion to make purchases and pay bills due immediately, but the paperwork, timing and fees surrounding short-term loans can be prohibitive.

Cybercrime evolves constantly, and it can take humans some time to identify new strains of cyberattacks. Software can identify new patterns in seconds.

Geena Davis made a rousing speech on unconscious bias at the annual gala for our "Most Powerful" honorees. Sheila Bair writes about the importance of hiring and promoting women, while Ghela Boskovich warns that doesn't necessarily give women a voice in their organizations. Also, Avid Motjtabai, Jamie Dimon, Julie Stackhouse and a real-life Peggy Olsen.

A nearly double-digit increase in net interest income helped third-quarter profit increase by 12.9% at VSB Bancorp in New York.

West Town Bancorp in Illinois has revved up its government-backed lending to small businesses, making it a good example of how community banks can outhustle big lenders in the quest for new sources of fee income.