Commercial banking

Goldman Sachs CEO David Solomon said the Wall Street firm wouldn’t abruptly stop working with fossil fuel companies, stressing the need for a balanced transition to green energy that avoids higher energy prices.

The company created through the combination of BB&T and SunTrust Banks expects to hit two final milestones in the first quarter of 2022. The bank is now turning its focus to performance, CEO Bill Rogers said.

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.

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

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.

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.

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.

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.

Total loans increased 6% from a year earlier, driven by gains in the company's asset- and wealth-management arm and corporate and investment bank, though consumer and commercial lending fell. Fees from advising on merger and acquisition deals almost tripled.

Executives at Umpqua Holdings and Columbia Banking System said the deal could progress more slowly than usual because of a perceived approval backlog at the Federal Reserve. The two Pacific Northwest-based banks are seeking to combine into a $50 billion-asset company.

More banks are boosting salaries to lure and keep workers in a highly competitive hiring market, but the pressure is on to trim expenses elsewhere to offset the pay hikes.

Columbia Banking System would be the surviving holding company and retain its Tacoma, Washington, headquarters and the banking unit would be based in Portland, Oregon, and operate under the Umpqua Bank brand.

Climate First Bank in St. Petersburg, Florida, is offering loans for condominium improvements that will reduce carbon emissions while fortifying buildings against serious weather events. More banks may implement similar programs in the years ahead.

Risk managers are generally not seen as innovators, but Houston's team is playing a critical role in supporting the development of groundbreaking new products aimed at improving customers’ financial health.

Seven months into her new role, Fraser is leading a corporatewide restructuring aimed at unifying and simplifying business operations, improving profitability and returning more capital to shareholders.

Finucane aims to establish BofA as a global leader in financing the transition to a greener economy.

As head of global liquidity and cash management, Reyes oversees an operation that has 9,000 employees serving 40,000 large corporate and midmarket companies and 1.5 million business banking clients.

The president and CEO is building a pipeline of top female talent by placing more women in revenue-producing roles.