Banking

The top five have combined portfolios of first mortgages of more than $900 million as of September 30, 2022.

The Canadian banking giant also announced that Nandita Bakhshi, the San Francisco bank's CEO, will join the board of directors of its U.S. holding company and serve as a special advisor on integration.

Many bank CEOs see the end of work from home coming soon, but other industry leaders are not so sure. Meanwhile, much empty office space lies waiting in limbo.

The state of Colorado has reached a $4 million settlement with Canvas Credit Union and Bellco Credit Union after the companies were accused of failing to pay refunds of guaranteed automobile protection fees due to borrowers.

The Pittsburgh bank posted a solid profit and said that it expects continued loan growth. But the pace of business expansion could slow alongside an economic downturn.

The Mississippi bank said it fell short of funding its loans with deposits in the fourth quarter of 2022. This year, it plans to narrow its focus to core relationship lending.

The digital bank for small businesses is partnering with the financial software company Ramp to help its customers apply for corporate cards and access expense management and bill pay software.

Citigroup is raising compensation for its junior investment bankers by as much as 15% even as many Wall Street peers are cutting jobs and slashing bonuses after last year's industrywide deals slump.

Community bankers already have decades of experience managing concentration risks and responding to extreme weather events and natural disasters in their communities.

CEO Bruce Van Saun said that any potential recession will likely be "subdued," as the Rhode Island bank projected a rebound in noninterest income.

Goldman Sachs provided more details on its pullback from its once-grand ambitions to expand into consumer finance. Though parts of that strategy will remain, the New York bank will halt its personal loan business and postpone offering a checking account for its wealth management customers.

The New York bank reported a 17% drop-off in deposits during the fourth quarter as it sought to reduce its concentration in the digital currency realm. It expects its balance sheet to stabilize in the second half of 2023.

Rising deposit costs and the likelihood of a slowdown in loan growth could stifle earnings, credit union executives say.

Citigroup and Bank of America have done more to support the expansion of fossil-fuel companies than any other lenders claiming to target net-zero financed emissions, according to a new analysis comparing industry pledges to action.

Mike Abbott, global banking lead at Accenture, predicts the trends that will change the way banks operate in the coming year, including a rate environment that hasn't been seen in more than a decade, a comeback for branches and soaring credit delinquencies.

Interacting with ChatGPT is like hanging out with the best-informed, brainiest acquaintance you've ever had. Surprisingly, it's that characteristic that makes it a boon to the banking industry.

The Inclusiv Network and the National Association of Latino Credit Unions and Professionals opened the Juntos Avanzamos-NLCUP regional chapter in California last month. It's the first part of a campaign to address financial inclusion on a local level.

Further interest-rate hikes by the Federal Reserve will force Bank of America to continue repricing deposits, which fell 6.5% in the fourth quarter compared with a year earlier, executives said.

JPMorgan Chase, Wells Fargo and the Bank of New York Mellon all announced plans to restart or increase their buybacks this year after a sharp drop-off in 2022. Bank of America's CEO also said the company is "back in the game."

For the fourth straight quarter, the nation's largest bank boosted its loan-loss reserves, this time setting aside $1.4 billion to cover potentially souring loans. Other big banks made similar moves as the industry braces for a potential recession.