Banking

The lender will take a $21.6 million charge related to damage a customer sustained from Hurricane Ida, leading analysts to predict a major drag on earnings. So far, there is little indication that other banks have been similarly affected.

Combined, the two would have over $11 billion of assets and nearly 80 branches serving members of the armed forces across five states and in Italy.

The bank, which acquired General Electric’s health care lending business in 2015, is looking to expand its presence amid a merger boom in the sector.

The new ATMs deter card-skimming fraud through encryption, individually paired card readers and a design that requires users to dip their cards at an angle.

Goldman Sachs Group posted a surprise jump in its trading business, rounding out a stellar quarter for Wall Street’s biggest banks.

The cryptocurrency exchange, which has been embroiled in a dispute with the Securities and Exchange Commission, says the federal government should create a stand-alone body to supervise the marketplace for digital assets.

In a bid to boost fee income, the Minneapolis company is upgrading its payments technology to allow businesses to manage inventory, payroll and other functions — as well as make payments — all in one place. The tech is modeled after an offering from Square.

The bank looks at every opportunity to expand in the U.S. through organic growth or acquisition and will consider them all as they become available, the head of Toronto-Dominion Bank’s U.S. operations says.

Jane Fraser told analysts the company will spend what’s necessary to satisfy regulators’ concerns about risk management and internal controls. That includes incentives to encourage senior executives to resolve the problems promptly.

U.S. consumers have been more punctual than ever before in paying back debts as the economy rebounds from the pandemic. 

Talwar, who is leaving his job as chairman of Goldman's consumer bank this month, explains his philosophy on innovating within a large organization, making a digital-only unit work within a 150-year-old institution, and how he deals with skeptics.

The company posted a 58% increase in net income, fueled by increased loan demand from both consumers and businesses, as pandemic fears ease. It expects strong GDP growth through next year.

After extending its deadline for request for comment on cryptocurrency by a month, the National Credit Union Administration heard from credit unions and other organizations that want clarity on the boundaries the agency plans to set.

Wells Fargo beat analysts’ expectations for third-quarter profit, another positive sign for Chief Executive Charlie Scharf’s turnaround efforts, but expenses were higher than anticipated and loans fell.

Bank of America beat analysts’ earnings estimates as fees climbed at the company’s dealmaking unit, boosted by a record-breaking period for mergers and acquisitions.

Spending on cards continued to increase during the third quarter, while loan balances rose slightly and payment rates began to return to more normal levels. A top company executive expressed confidence that loan growth will pick up but said, “It’s going to take time.”

Cybersecurity teams are using scoring systems, standard formats and other tactics to prioritize the deluge of alerts they're receiving about commonly used programs.

The San Francisco bank reported a 26% increase in its third-quarter earnings, thanks to robust single-family, multifamily and commercial real estate loan activity in New York, Boston and its home city.

Even financial institutions that have updated their practices still don’t hit the basic benchmarks of transparency and fairness.

The Tampa, Florida-based credit union stuck to its roots in the railroad industry to select its new name.