Banking

Vikram Pandit, who led Citi for five years, and Ash Gupta, who helped lead American Express for 41 years, have collaborated on a risk decisioning program meant to help make digital lending more efficient and cost-effective at banks of all sizes.

Bank of America is keeping to its original hiring plans despite challenging economic conditions that have prompted others to pull back, Chief Executive Brian Moynihan said.

The Cleveland company says a second-quarter decline in investment banking and debt placement revenues won’t change its plans to keep hiring bankers to expand that business.

The National Credit Union Administration is considering a rule that would bring its cyber incident reporting framework into alignment with those of other regulators, but would still be more permissive than the 36-hour limit imposed on banks.

The Georgia bank said inflationary pressures and interest rate hikes could erode interest among borrowers, particularly in the commercial real estate business. Total loans grew at a 12% clip in the second quarter.

Kristy Kim, co-founder and CEO of TomoCredit, started out trying to help immigrants like herself access credit. With the latest funding round, she hopes to expand beyond credit cards.

Colorado Democratic Rep. Ed Perlmutter's pot banking bill would create legal certainty for banks to do business with the legal cannabis industry and reduce the industry’s reliance on cash. 

Banks in the U.S. and Middle East continue to do what self-sanctioning is stopping their European counterparts from doing: financing the trade of crucial Russian crops and fertilizers.

HSBC has agreed to sell its Russian unit to local lender Expobank, the latest international bank to exit the country following its invasion of Ukraine.

The Buffalo, New York, bank flagged urban hotels and construction projects as potential sources of trouble. “But there’s nothing that’s flashing red right now that says there’s a big crisis coming,” said a top executive.

Executives said Wednesday that more than half of the deposits that left the Chicago trust bank were “nonoperational” in nature, or excess funds that institutional investors are moving elsewhere for higher returns. The outflow wasn’t unexpected as interest rates rise.

Brooke Ybarra, who joined the organization in September 2021, will oversee the division that explores new technologies and the policy questions that arise.

Unlike some of its peers, the Dallas bank says the U.S. economy is strong, clients are upbeat and lending momentum continues.

To make up for slow growth on their home turf, some credit unions are looking to other states for new members and loans — a move that rankles banks that see such expansion as overreach.

The New York bank reported a double-digit increase in profits in the second quarter. But larger than expected deposit withdrawals — some by cryptocurrency-business customers — raised questions about its ability to fund growth and hurt its stock Tuesday.

This week in global news, Coinbase gets licensed in Italy, but Binance and Starling Bank face setbacks elsewhere in Europe.

NBT Bancorp’s planned $10 million commercial real estate fund could have a big upside for its CRA rating, while also improving housing in its communities.

The combination of UniWyo and Reliant Federal would bring together roughly $700 million of assets and 50,000 members.

The Detroit-based lender has been a major beneficiary of the auto market’s growth during the pandemic. Looking ahead, company executives expect demand to be particularly strong among higher-income customers who have little sensitivity to higher car prices and rising interest rates.

Chief Executive Bruce Van Saun said the Rhode Island bank doesn’t “need to be that greedy” after reporting a 34% rise in net interest income during the second quarter. He laid out plans to trim the bank’s sails in both commercial and consumer lending.