Banking

JPMorgan Chase and Wells Fargo said the battle for deposits isn't over — a reality denting their ability to earn more interest income. Regional banks will likely report similar pains next week.

The giant custody bank convinced clients to park more money in accounts with the Boston-based company, prompting it to increase its full-year 2024 projections, Chief Financial Officer Eric Aboaf said.

First-quarter results at the companies were promising for other banks looking to reel in fees from capital markets activities as deposit costs put pressure on net interest income.

Third-party cookies will essentially disappear as a tracking tool on the internet by the end of 2024. Marketing to customers using first-party data may be a better tactic regardless.

KeyBank receives "outstanding" rating from the Office of the Comptroller of the Currency on its most recent Community Reinvestment Act exam; Georgia Bankers Association's board elects a new incoming president and CEO; BNY Mellon hires a former GEICO executive; and more in this week's banking news roundup.

Citigroup's earnings topped analysts' estimates as corporations tapped markets for financing and consumers leaned on credit cards.

The company reported net interest income that slightly missed analyst estimates, a sign the benefit of higher interest rates may be waning amid pressure to pay out more to depositors. Costs rose on higher compensation and an FDIC assessment.

The company missed estimates for net interest income in the first quarter, a sign that muted loan growth and increased pressure to pay out more for deposits are eating into the benefit of higher rates. 

New York Community Bancorp took a massive loan-loss provision and slashed its dividend to meet tougher capital and liquidity requirements after rocketing by that asset mark. A half dozen regionals face tough questions about whether they're better prepared than NYCB, which had to be rescued.

Launched last July, FedNow had enrolled more than 600 participants by mid-March, according to government officials. That marked a 100% increase from the start of the year, with more banks and credit unions viewing fast payments capabilities as essential. Fraud concerns linger, however.

Instead of painting unionization as a barrier to business success, we should consider it an opportunity to rebuild trust, integrity and responsibility within the banking sector.

Kinecta Wealth Management, the wealth arm of Kinecta Federal Credit Union, will switch firms by the end of the year.

Many assumed the advent of cryptocurrencies heralded a revolution in finance. The truth may be that crypto's overall impact on the financial services industry is more evolutionary than revolutionary.

Some online banks that offer high-yield savings accounts are making those products a little less high-yielding. Banks are also shortening the duration of new CDs, hoping that anticipated rate cuts by the Fed will enable them to start paying less to consumers.

The beleaguered Long Island bank has recently seen at least 16 teams walk out the door, according to announcements by Dime Community Bancshares and Peapack-Gladstone Financial.

As American Express has evolved with new products, its largest digital design team is rethinking how to finesse online and mobile design with the customer at the forefront.

A solid majority of decision-makers at these companies expect to expand their workforces again this year, a Citizens Financial survey found. Loan losses are normally low in eras of economic expansion.

The Ann Arbor, Michigan-based fintech is working with two Michigan credit unions to pilot a service that allows consumers to jointly save for purchases.