Banking

The megabank set aside a larger provision for credit losses during the third quarter as delinquency rates in its credit-card business ticked higher. Still, executives argued that the U.S. consumer outlook remains strong.

The custody bank recorded a 59% drop in net income as a result of the goodwill impairment charge. New CEO Robin Vince sought to assure analysts that the one-time item does not reflect either a change in strategy or the well-being of the company's investment management business, which took the hit.

The prepaid card and digital banking company promoted its chief financial and operating officer, George Gresham, to chief executive.

Local Government Federal Credit Union in Raleigh, North Carolina, has relied on State Employees' Credit Union's guidance — and branch network — since the smaller institution's inception in 1983. But that relationship was never supposed to be permanent.

Goldman Sachs Group's David Solomon is embarking on his third major reorganization in just four years as chief executive, undoing some of the signature moves he made as recently as 2020.

Bank of America reported its highest quarterly net interest income in at least a decade thanks largely to the Federal Reserve's interest rate hikes. Meanwhile, debt traders beat analysts' estimates.

Its investment banking and corporate lending revenues dipped during the third quarter, while treasury services and branded cards were bright spots. That formula will be tested by "rolling, country-level recessions" across the globe, CEO Jane Fraser predicts.

The San Francisco bank reported a near-record volume of loan originations, as well as stellar credit quality, in the third quarter. But investors sold off shares after the company's net interest margin fell.

Third-quarter results at the Minneapolis bank were powered by loan growth and rising interest rates, partially offset by lower noninterest income. Shortly after the company released its earnings report, it received regulatory approval for its acquisition of MUFG Union Bank.

The Pittsburgh company's finance chief expects more gains in interest income, though he conceded rising deposit costs could curb the pace of advances.

The nation's largest bank by assets cited a weakening economic outlook as one reason it added to its allowance for loan losses for the third straight quarter. But its third-quarter results beat analysts' expectations.

For some bankers, net zero is like a new year's resolution — a pledge one makes and often breaks before a year has passed.

While Citigroup's Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation.

The company generated $17.6 billion in third-quarter net interest income. Expenses also came in lower than analysts expected, driving a profit beat. 

The average interest rates that banks pay to commercial clients jumped at the end of the summer, according to survey data. Industry executives are likely to face questions about the outlook for 2023 during upcoming earnings calls.

Huntington Bancshares in Ohio has recruited its new managing director of commercial specialty banking as well as its new corporate treasurer from rival regional banks.

The Southern California branches will be sold to HomeState Bank, a Seattle-based community bank. The Department of Justice required the sale as part of U.S. Bancorp's pending acquisition of MUFG Union Bank.

Even legal dispensaries can be risky business partners, so Southern Chautauqua Federal Credit Union is working with Green Check Verified to make sure everything is above board. "Just because somebody has a license from the state, they can't show up with a duffel bag full of cash like Scarface and say let's do business together," Green Check CEO Kevin Hart said.

There were 37 deals announced in the third quarter, well below the 64 announced in the same period of 2021, according to a Raymond James analysis. Uncertainty over the November election is just the latest factor slowing mergers and acquisitions.

The main goal of Frsh is to help people protect their earnings from the fees of check-cashing facilities and predatory loans.