Banking

The nation's largest bank has already completed many of the branch closings that can boost its earnings, leaving it with "less and less accretive opportunities to consolidate," according to a top executive.

The North Carolina-based bank is considering the idea of selling a portion of its securities portfolio as a way to build capital, CEO Bill Rogers said Tuesday. At the end of the third quarter, Truist's securities were worth about 20% less than what the company paid for them.

The passage of a Congressional Review Act resolution to rescind the Consumer Financial Protection Bureau's small-business data collection rule may be only symbolic, but the rule is designed to detect and stop discrimination — something everyone should support.

The Pennsylvania bank has agreed to sell its Exchange Underwriters subsidiary to World Insurance Associates for $30.5 million, saying that the deal will help pad its capital and liquidity.

The two companies announced the deal more than a year ago and had anticipated closing it in the first half of 2023. But advocacy groups have urged regulators to withhold approval, arguing that it will hurt consumers.

United Federal Credit Union plans to enter the state through a merger next year, and that could be a problem for Keystone-state banks and credit unions that are already struggling to grow.

A small bank stock index posted its biggest gain of the year in early November before that progress faded. What will it take for investors to sustain confidence in the sector?

Rep. Maxine Waters pressed executives from City National Bank, PNC Financial Services and Wells Fargo on opening branches in her California district and upholding promises made from recent merger agreements or consent orders.

The Toronto-based company is now forecasting more than $800 million USD in annual cost savings as a result of its Bank of the West acquisition in February. That's up nearly 20% from an earlier projection.

Republicans and a handful of Democrats in the House and Senate, which already had passed an identical bill, say the data-collection rule would be too onerous for lenders and small-business borrowers. President Biden is expected to veto the legislation.

Wells Fargo is expanding into New York City's Hudson Yards, Mastercard launches a new generative AI-powered shopping tool, Banc of California closes PacWest acquisition and more in the weekly banking news roundup.

Expenses at Canada's second-biggest bank are higher than they should be, and the layoffs are one part of a plan to control costs going forward, executives say. Other Canadian banks including CIBC, Scotiabank and BMO have also shed workers this year.

Los Angeles-based City National Bank recorded a $247 million loss during a tumultuous final quarter of its fiscal year. But executives at the bank's Canadian parent company say they expect a return to profitability in the first quarter.

Bakhshi looks back on her nearly four-decade career and reflects on what has changed in the industry over the years.

The Canadian bank reported a 70% decline in profits at its U.S. commercial banking and wealth management unit in the most recent quarter and boosted reserves amid distress in the commercial real estate market.

Real-time payments and a potential central bank digital currency are different initiatives, but many bank customers get them mixed up. To promote acceptance of FedNow, banks must distinguish between these new technologies as well as dispel the myths and fears linked to CBDCs.

After nearly a decade of regulatory headaches, Discover Financial Services is looking to sell its private student loan business. Its stock jumped 4% after the news.

Top tech news in November: The Office of the Comptroller of the Currency's appointee to the Office of Financial Technology comes into question, Mint's closure presents opportunities for banks, bank and fintech leaders look toward generative artificial intelligence for innovation and more.

In November's roundup of top banking news: Citigroup approaches newest wave of job cuts and managerial shifts, Truist Financial nearly doubles most-senior executive leadership team, JPMorgan Chase faces regulatory inquiries and more.

Texas-based RBFCU, the tenth largest credit union in the nation, promoted Mark Sekula from CFO to CEO, replacing Christopher O'Connor, who will retire in March.