Banking

Goldman Sachs said that its partnerships with Apple and General Motors are hard to exit in the short term. So the investment banking giant is concentrating on making the deals profitable, even as it acknowledges that they may not be a long-term fit.

Higher interest rates, deposit flight and looming credit losses were roiling the banking industry a few months ago, but so far banks seem to be weathering the storm. That doesn't mean things can't get worse.

The movement of cash to money market funds from bank accounts will diminish lenders' ability to finance small and midsize firms, BlackRock Investment Institute said in a new paper. BlackRock and other money managers have spent much of this year readying to fill that void.

Net income was $2.06 billion in the third quarter, down 33% from a year earlier, amid sluggish banking activity, real estate write-downs and questions about whether dealmaking will rebound.

Far more than most people, financial services professionals ought to understand the compounding crisis of climate change.

The second-largest U.S. bank says net interest income, a key source of revenue for the bank, rose 4.5% to $14.4 billion in the third quarter.

Billy Beale joined the small Virginia bank in May, several months after its fintech partnership strategy landed it in hot water with regulators. "There's still a lot of just blocking and tackling that we've got to do to get the bank to work the way it's supposed to," he says.

It's been a rocky few years for senior housing as the sector recovers from its COVID occupancy drop and its profitability takes a hit. But bankers see long-term opportunities amid an aging U.S. population and say their portfolios are healthy.

Mark Smith, most recently head of the firm's treasury and trade solutions division in Europe, the Middle East and Africa, will take on the treasurer role on an interim basis. 

The deal, first announced in September 2022, would have given Taichung Commercial Bancorp a foothold in several U.S. markets.

The biggest U.S. bank is selling green bonds for the first time in over two years as sales of the debt accelerate at a record pace. 

Mitsubishi UFJ Financial Group has mandated banks to sell dollar-denominated additional tier 1 bonds, in what looks set to be the first such offering in the U.S. currency by any Japanese lender. 

The Westlake, Texas, firm said deposits fell 28% to $284.4 billion in the third quarter from the year prior, beating the $268.8 billion average estimate of analysts surveyed by Bloomberg.

The issuances may be driven by the companies' needs to meet their total loss-absorbing capacity requirements, which require banks to hold a certain amount of debt at the level of their holding companies that can be converted to equity in an emergency.

The simple act of disclosing their sensitivity to interest rate changes would bring market discipline to the banking industry's choices about interest rate risk.

California-based Star One is sharing its experience with smaller banks and credit unions, in an effort to get more to offer the government-backed real-time payment rail.

The longtime Most Powerful Women in Banking honoree looks back on her four-decade career and how the industry has changed for women.

Net interest income rose sharply at Wells Fargo and especially JPMorgan Chase last quarter, thanks to lighter-than-expected deposit costs. But questions linger about how long both companies can keep a lid on those expenses and whether smaller competitors can do the same.

Jane Fraser defended Citigroup's recently announced organizational overhaul and specific performance targets, saying the plan is different from prior restructurings because it's designed to fundamentally change how the company operates.

The Security Traders Association conference in D.C. led a panel about the SEC's proposal to scale back robo-advisors and AI in markets.