Banking

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.

The latest expense guidance also stems from rising operating losses at the North Carolina bank. Cost-cutting was a key rationale for the 2019 merger of BB&T and SunTrust, which created Truist.

Gov. Kathy Hochul’s latest effort to increase affordable banking access directs New York’s banking regulator to examine total overdraft fees paid in the state, the percentage of fees reduced through negotiations and other related matters.

Until last year, Laurentian Bank of Canada didn't have a mobile app. It shared the task with a credit union-owned vendor that has built a network to help smaller financial institutions work with fintechs.

Bank of America officials say the boost to loan income from rising rates combined with its overhaul of its loan book since the financial crisis will help it weather any potential economic challenges ahead. Analysts had a lot of questions about the bank’s reasoning.

In a quarter filled with economic and geopolitical uncertainty, the New York investment firm’s digital consumer bank achieved record-high revenues. Executives have said they plan to drive up revenues in that segment to $4 billion by 2024.

Investors have grown concerned that 40-year highs in inflation may take a bite out of consumers and lead to credit troubles, but Synchrony executives say consumers are continuing to manage “incredibly well.”

Apple was accused by Affinity Credit Union of using its market power in the mobile device industry to fend off competition from other payment card issuers and charging them fees to boost its bottom line.

Goldman Sachs Group, Morgan Stanley, JPMorgan Chase and Citigroup each reported a substantially larger workforce in the second quarter compared with a year earlier. Across the six biggest U.S. banks, the average gain in employment was 5.5% compared with mid-2021.

Octane Lending is among the financial companies that have begun adopting software that the startup FairPlay calls "fairness as a service" as regulators scrutinize banks' artificial intelligence-based loan decisions.

Data as of Mar. 31, 2022. Dollars in thousands.

The combined institution would have more than $4 billion of assets and 36 branches across Oregon and Washington.

If the agency’s treatment of Bank of America is extended to the rest of the industry, it will cause widespread confusion and excessive regulatory burden.

Chris Conway will step down as president and CEO of Educational Systems Federal Credit Union early next year. He will be replaced by Chief Financial Officer Girado Smith.

Net interest income at Bank of America rose 22%, exceeding expectations even in a higher-rate environment. However, net income fell as expenses rose and investment banking revenues fell amid market tumult.

Amplify Credit Union in Austin, Texas, started thinking about removing all banking fees two years ago. First, it had to overhaul its online account-opening process.

The bank’s Business Essentials platform offers digital accounting management to smaller commercial clients. It comes at a time when banks are hunting for sources of fee income.

The New York megabank has a long way to go on its path toward simplification of its business, but some early investments — such as technology upgrades in the treasury unit, which serves commercial customers — are starting to pay small dividends.

Like other mortgage lenders, the San Francisco megabank has been cutting staff since refinancing volumes started to fall. Additional layoffs are expected over the next couple of quarters, according to the bank’s chief financial officer.

Some scrutinize quarterly reports for details that can help better compete against banks. Others are motivated by schadenfreude.