Banking

State Street Corp., the third- largest custody bank, reported operating earnings that missed analysts' estimates as expenses rose faster than revenue. The shares fell by the most in a year.

The sale represents roughly 73% of the private student loans held by First Marblehead's bank, Union Federal, according to the company's Thursday regulatory filing. Union Federal will receive 103.5% of principal in the deal.

California-based SVB Financial Group (SIVB) announced earnings Thursday of $58.8 million for the fourth quarter of 2013, a 16.7% increase from the same quarter in 2012.

KeyCorp may ultimately need to buy some niche business lines, or sell its operations in some fringe markets, to cure its efficiency woes.

Citibank is upgrading its ATM software in a bid to make the customer experience consistent across all digital touch points and to quicken the time to execute transactions on the channel.

Richard Davis, the head of U.S. Bancorp, criticized other banks that, he says, are overly dependent on releases of loan-loss reserves to boost earnings.

JPMorgan Chase & Co. (JPM) gave Chief Executive Officer Jamie Dimon a 74 percent raise to $20 million last year, bringing his pay closer to where it stood before the board faulted his oversight of botched derivatives bets.

Wells Fargo & Co. (WFC), the largest U.S. home lender, agreed to sell more than 40 percent of its insurance brokerage locations to focus bricks-and-mortar operations on higher-growth regions and bigger clients.

Western Alliance (WAL) in Phoenix reported a drop in quarterly profits largely because of debt valuation adjustments.

Prosperity Bancshares (PB) in Houston, riding its recent wave of acquisitions, posted higher quarterly profit.

The partnership positions the bank to acquire customers quickly by distributing its new Mobile Money prepaid card and associated mobile app at T-Mobile's physical stores and websites and through aggressive carrier-branded marketing campaigns.

Fair Debt Collection Practices Act lawsuits decreased for the second consecutive year in 2013, down 10 percent from 2012, which itself was down 7 percent from 2011. Telephone Consumer Protection Act litigation exploded in 2013, up 69 percent from 2012.

The online lender Western Sky and the online loan servicer CashCall agreed to pay $1.5 million in penalties and stop collecting interest on outstanding loans to New York borrowers in a proposed settlement with New York Attorney General Eric Schneiderman.

First Niagara Financial Group (FNFG) in Buffalo, N.Y., met quarterly estimates and announced a plan to invest heavily in technological improvements as it moves beyond its recent phase of rapid growth.

Hancock Holding (HBHC) in Gulfport, Miss., missed earnings estimates in the fourth quarter as the company took $17.1 million in charges related to cost-cutting measures.

New York regulators have reached a settlement with Western Sky Financial LLC, CashCall Inc., WS Funding LLC and their owners, Martin Webb and J. Paul Reddam, for violating the state's usury and licensed lender laws in connection with personal loans they made over the Internet.

Neiman Marcus Group Ltd., the luxury retailer, said about 1.1 million credit cards may have been compromised in a data breach that occurred last year.

Bank of Nova Scotia's ING Direct unit sees growth potential in wealth management after it completes efforts to add deposits and customers and introduces a credit card, said Peter Aceto, who heads the business.

Washington Federal (WAFD) in Seattle has agreed to buy 23 Bank of America (BAC) branches in Arizona and Nevada.

Texas Capital Bancshares (TCBI) in Dallas is planning to raise up to $102.4 million via a public offering of common stock. Texas Capital plans to sell 1.7 million shares at $60.25 per share.