Banking

JPMorgan Chase now tops Wells Fargo in third-party servicing, origination volume and on-balance-sheet home loans, according to company filings.

The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.

The recent round of terminations comes after the neobank cut 225 employees in January.

The FDIC launched a campaign Wednesday to educate the public about the importance of deposit insurance, a move designed to counter lingering concerns arising from this spring's bank failures and the resurgence of imitation banks.

Amplify Credit Union in Austin provided funding for the construction of 28 tiny homes to create more affordable housing in Round Rock, Texas. Several banks had previously shot down the project.

A pending new rule from the Consumer Financial Protection Bureau on customer data will force banks to improve customer service and be more competitive in their pricing.

The San Francisco-based bank reported $13.1 billion in net interest income in the third quarter, up 8.3% from a year earlier, and raised its full-year guidance. Noninterest expenses rose more than expected, though, totaling $13.1 billion in the quarter.

Net interest income was $22.9 billion in the third quarter, above analysts' expectations. The biggest U.S. bank says it now expects to generate $88.5 billion from the revenue source this year.

The consulting giant's annual global banking review highlights a stark trend: Over a seven-year period, more than 70% of the net increase in financial assets ended up not on U.S. banks' balance sheets, but instead at insurance and pension funds, sovereign wealth funds, in private capital markets and elsewhere.

The San Antonio-based lender is introducing new products targeted at borrowers who make less than 80% of their county's median income. The loans, which will qualify for Community Reinvestment Act credit, could help expand access to the state's increasingly expensive housing market.

In a tough commercial real estate market, sellers are stepping up efforts to entice buyers before plummeting property values force them to accept deeper discounts. 

After Archegos' collapse, Nomura had lost almost $3 billion, one of the biggest losses in the history of the prime-broker industry that caters to investment funds.

The Consumer Financial Protection Bureau and the Justice Department warned banks and other lenders that credit applicants cannot be rejected due to their immigration status.

The credit bureau is embedding its Experian Boost feature in the new account, which aims to help people strengthen their credit profiles through on-time bill payments.

Regulators should consider whether additional investor protections are needed for the fast-growing market, Caroline Crenshaw, an SEC commissioner, said in a speech Wednesday.

The job cuts came after CEO Bill Demchak said in July that he was "taking a hard look" at opportunities to reduce expenses. PNC joins a growing list of banks that have laid off workers amid declining growth prospects.

Jeffrey Brown, who's been Ally Financial's top executive for nearly nine years, plans to leave the company by early next year. His exit comes as deteriorating credit quality and rising interest rates are biting into Ally's profits.

With US banks facing a fresh wave of capital restrictions, some are searching for ways to trade out of risky loan portfolios and free up their balance sheets. The solution may very well lie with capital-rich lenders in the booming $1.5 trillion private credit market.

Corporate One Federal Credit Union is working with CU*Answers to simplify other credit unions' integration with The Clearing House's RTP network.

Goldman is offloading the lending platform less than two years after acquiring it as part of a broader retreat from the mass market.