Commercial banking

The Pasadena, California, bank expects to spend more on hiring this year, including the addition of some former Silicon Valley bankers. Anticipated loan growth and an uncertain economic horizon prompted the bank to increase reserves for bad loans.

The bank said it would continue to make multifamily loans to current customers that have depository or other bank relationships. The move comes amid rising concerns about the impact of high interest rates on the apartment sector.

The Wall Street giant has more than $14 billion of real estate investments, and it took a $1.15 billion hit during the second quarter from writedowns of those bets.

The top five community banks have more than $2.7 billion in combined first mortgage loans as of March 31, 2023.

Bank of America's second-quarter profit soared after its core Wall Street businesses exceeded analysts' expectations.

The companies are both tapping the U.S. investment-grade primary market, kicking off a potential deluge of fresh bank bonds in the wake of second-quarter earnings.

Executives now see Wells Fargo's NII rising roughly 14% for the full year, more than the 10% jump they had earlier projected. 

JPMorgan Chase's revenue soared to a record in the second quarter, boosted by the Federal Reserve's interest rate hikes and its acquisition of First Republic Bank.

The six biggest banks in the U.S. are expected to sell between $28 billion and $32 billion of new bonds after they report quarterly earnings, and regional banks — seeking to raise more capital — could be right behind them.

Tom Drake is joining Wells from Barclays as a managing director in its mergers-and-acquisitions group focusing on health care services and medical-technology deals. Chris Norman, most recently at Citigroup, is joining as a managing director in M&A focusing on technology in San Francisco.