Banking

Executives from three of the largest U.S. banks declined to pledge to eliminate overdraft fees when asked if they would do away with them.

Wall Street banks are poised to realize roughly $600 million of losses after offloading financing commitments for the buyout of Citrix Systems to investors Tuesday, the culmination of months of work to try and mitigate the damage from underwriting pledges made early in the year before a sharp repricing of risk assets.

Geoff Bullock will succeed Phil Jones, who is retiring after 15 years of leading Harborstone.

The number of U.S. banks has dropped by two-thirds since the mid-1980s. Everyone expects this trend to continue for the foreseeable future. But at what point does M&A cool?

Jennifer Borowy, Michigan First Credit Union's chief operations officer, will take over as chief executive when Michael Poulos, the longtime CEO, retires in October.

The changes, which follow similar moves by other large banks, occur as Bank of the West seeks to close a $16.3 billion merger with BMO Harris Bank.

The country's largest banks should deepen partnerships with minority depository institutions and community development financial institutions, and regulators should facilitate that process.

The buyer said it would pay $140 million in cash and stock to acquire Citizens Bancshares. It would gain about $1 billion of assets in and around Missouri's largest city.

So far this year, banks have reported that borrowers continue to repay their loans and delinquency rates remain low. But there are signs that this may change.

People Trust Community Federal Credit Union in Arkansas will provide depository services not offered by its sponsoring community development financial institution, the People Trust Community Loan Fund.

Celina Philpot will succeed interim chief executive Neil Cooper as head of the Canadian credit union on Sept. 26.

Stephens Inc. found only 19% of bankers expect deal volume to pick up over the next 12 months. It was the lowest percentage since the firm's surveys started in 2017.

Banks including Wells Fargo, Bank of America and JPMorgan Chase have pulled back on financing for offices and other commercial real estate following a record burst of lending in the first half of this year. 

Wells Fargo remains committed to turning itself around following a series of scandals that have plagued the bank since the middle of the last decade, but it will take "several years of work" to satisfy U.S. regulators, Chief Executive Charlie Scharf said.

American Express is on the hunt for software engineers, coders and developers, part of a 1,500-person hiring spree for its sprawling technology arm.

The additional data that will become available as the economy slows should reveal the true strength of the technology companies some banks are working with and that should inform whether more regulation is required.

A new group called MoreThanFair aims to establish the lines between fair and unfair lending, to set best practices for the use of AI in lending and to lessen the stigma of fintech lenders.