Banking

Deposits at BNY Mellon stood at $281.3 billion, versus the average $277 billion forecast by analysts tracked by Bloomberg.

First-quarter net income rose 15% at Bank of America on strong fixed-income trading revenue and net interest income, which offset higher credit and noninterest expenses as well as an investment-banking slump.

The Boston-based custody bank reported a 9% decline in fee income from a year earlier and a shift away from non-interest-bearing deposits that cost it millions in net interest income. As a result, earnings per share fell 12 cents short of analysts' expectations.

The hotel, retail and multifamily residential sectors are all showing signs of recovery, which is helping the regional bank. But company executives acknowledged that the firm's relatively large exposure to the office segment figures to pose challenges for some time.

More credit unions are diversifying their investments and accessing federal funding from multiple sources to shore up against risk.

The bank's decision to allow former boss Jes Staley to leave on good terms is under fresh scrutiny as several U.S. legal cases reveal new details of his interactions with Jeffrey Epstein.

One of the architects of Britain's financial regulation has called for higher capital charges on banks as a "quid pro quo" if the government decides to strengthen deposit guarantees in the wake of Silicon Valley Bank's collapse.

Charles Schwab's underwater securities portfolio has prompted some analysts to lump it together with Silicon Valley Bank. CEO Walt Bettinger says those views are vastly mistaken.

The Connecticut bank joins Zions Bank and Leader Bank in recent upgrades to the technology they use to serve this market – and hopefully snag customers who fled Silicon Valley Bank after its failure.

Nathan Cox, who was most recently chief lending officer at Travis Credit Union, will replace Brooke Van Vleet-Pearson as the credit union's chief executive.

First-quarter customer deposits dropped to $325.7 billion year over year, Charles Schwab reports, roughly in line with analysts' estimates. They fell 11% since Dec. 31.

A 40-year-old limit of just 14 nondepository 7(a) lenders is set to expire May 12 despite concerns by lawmakers and opposition from banks and credit unions.

The San Francisco bank identified "signs of weakness" and increased its loan loss reserves substantially. Small and midsize banks have significantly larger exposures than Wells does to the office segment, which has been hit by changing work habits.

The Pittsburgh bank grew its deposits in the first quarter, even as the failure of two other regionals sparked outflows across the industry. But PNC executives warned Friday that rising funding costs could continue to eat into its net interest margin.

Regulators had their priorities backward when it came to overseeing SVB and allowed an obvious danger to go unmitigated.

Revenue from fixed-income, currencies and commodities trading unexpectedly rose 4% to $4.5 billion in the first quarter, as clients reacted to changing interest rates, the company says. Net income rose 7% to $4.6 billion.

The lender had $2.38 trillion of deposits at the end of March, compared with $2.34 trillion three months earlier. The influx more than offset drains from inflation and customers' seeking higher-yielding alternatives.

The firm reported $13.3 billion in NII in the first three months of the year, up 45% from a year earlier and more than the 42% jump analysts expected. That gain helped counter a surge in provisions for souring loans.

William Demchak of PNC, Brian Moynihan of Bank of America and William Rogers of Truist had their total compensation reduced last year, as stock prices across the industry fell. The previous year, pay for bank chief executives had soared by more than 20%.

Head of technology Saul Van Beurden will take over for Mary Mack, who plans to retire this summer. The appointment reflects the ever-increasing importance of digital channels in retail banking.