Banking

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. 

Mitsubishi UFJ Financial Group plans to accelerate lending to global funds and other institutional investors in the U.S., as it moves to overtake Goldman Sachs Group this year in loans syndicated in the world's biggest economy. 

The American consumer is "in good shape" and spending more this month than a year earlier, even amid inflation, jittery markets and international tensions, according to Bank of America Chief Executive Brian Moynihan.

Postal banking in the U.S. hasn't gotten off the ground, partly because of strong resistance from American banks. But a successful trial offering of affordable consumer loans by Toronto-Dominion and Canada Post, and their plans to take them nationwide, are a reminder that the idea persists.

The Rhode Island bank has launched a program that allows companies to use interest earned on their deposits to purchase credits. It's a way for companies to address climate change without reducing their own hard-to-abate emissions.

Sterling Bancorp is suing its founder and former CEO, Scott Seligman, to get him to repay dividends it alleges are tied to his influence over its problematic Advantage Loan program. The lawsuit claims Seligman was so controlling he even used a robot — nicknamed the "Scott Bot" — to surveil employees.

Royal Bank of Canada expects to gain more market share in the U.K. wealth management business in the years ahead, with its technological capabilities key to attracting clients.

Some of the Revlon creditors who were accidentally sent more than $900 million by Citigroup were denied a bid for a wider review of an appeals court ruling that they had to give the money back.

Minority farmers who sought to take advantage of a U.S. debt-assistance program claim in a lawsuit that the government failed to provide any of the promised relief and reneged on a deal to resolve their discrimination claims.

Inflation, war in Ukraine and the fallout from the pandemic have all had companies calling their bankers to discuss M&A and other corporate moves. Here's how the geopolitical landscape is affecting banks and the clients they serve.