Commercial banking

The top five banks and thrifts have combined total assets of nearly $13 trillion as of September 30, 2023.

The Columbus, Ohio-based bank expects to hike expenses by about 4.5% this year as it ramps up investments in geographic areas and specialty banking verticals where it sees growth opportunities.

The Alabama bank's executives said commercial borrowers remain cautious amid high rates and economic uncertainty. During the fourth quarter, flat lending and higher deposit costs weighed down the company's net interest income.

The top five banks and thrifts have a combined first mortgage loan volume of more than $1 trillion.

The Cleveland-based regional bank was not well positioned for the sharp rise in interest rates last year. But executives say the year ahead will be different, pointing to strong credit quality and a repricing of Key's securities portfolio.

The Dallas bank's full-year results showed progress toward its long-term strategic goals despite a fourth-quarter drop-off in net interest income heavily tied to its mortgage business, executives said on an earnings call.

Despite a surge in quarterly expenses in the fourth quarter and a projected uptick in the first quarter, the North Carolina company is standing by its expense guidance for 2024.

Fourth-quarter net income at the Buffalo, New York, bank fell 37% because of higher funding costs and a special deposit insurance assessment. But lower interest rates and a stronger economy are expected to strengthen profits this year and into 2025, its CFO says.

The Wall Street giant did a lot of backtracking last year, abandoning its plans to become a bank for everyone. Now it's refocusing on growing its tried-and-true businesses of dealmaking and asset management.