Commercial banking

Walmart adds BNPL to self-checkout via Affirm, Uber integrates with payment firms Brex and Ramp, Fulton Financial announces next president and more in the weekly banking news roundup.

Banks large and small are selling some or all of their insurance subsidiaries, enticed by the high prices they're being offered. Here's a rundown of the deals that were struck in 2023.

The industry needs to get to a 4-to-1 ratio of clean energy versus fossil-fuel financing. At the end of last year, it was 0.73 to 1— little changed from 2021.

Analysts agree that the Long Island-based bank will probably absorb some losses due to its exposure to struggling segments of the commercial real estate market. But they differ on the extent of the likely damage.

The top five community banks averaged a return on average equity of 75.37% as of June 30, 2023.

JPMorgan Chase is running into some pushback over fees and control as it aims to pull together a group of lenders to help fund private credit deals it originates, according to people with direct knowledge of the discussions.

The Toronto-based company is now forecasting more than $800 million USD in annual cost savings as a result of its Bank of the West acquisition in February. That's up nearly 20% from an earlier projection.

The Canadian bank reported a 70% decline in profits at its U.S. commercial banking and wealth management unit in the most recent quarter and boosted reserves amid distress in the commercial real estate market.

Real-time payments and a potential central bank digital currency are different initiatives, but many bank customers get them mixed up. To promote acceptance of FedNow, banks must distinguish between these new technologies as well as dispel the myths and fears linked to CBDCs.

Morais, who leads the auto lender's consumer and commercial banking divisions, is preparing to leave as Ally Financial conducts a search for its next chief executive officer. She had been seen as a potential candidate to replace outgoing CEO Jeffrey Brown.