Corporate finance

The company adds to a growing list of banks shutting branches to invest in technology offerings.

A new report from McKinsey says that cost-cutting alone won’t make up for the steep revenue declines brought on by low interest rates and sluggish loan demand. “For some banks,” argues the report’s author, “mergers might be the best way out.”

U.S. consumers wanting to use cash for online payments will have the option to do so through a collaboration between Paysafe and Incomm Payments.

Management teams are forging ahead with technology projects and bonuses for some employees despite a deep slide in net income this year.

The Pittsburgh company also sold a portfolio of indirect auto loans and repaid a large amount of Federal Home Loan Bank borrowings.

Credit quality has remained strong at credit unions, but there are hints that some of them — especially the smallest ones — could report lackluster earnings well into next year, according to the National Credit Union Administration's latest intel on industrywide finances.

Thousands of institutions could lose a safety net on New Year's Day if Congress fails to act before leaving for the holidays.

The company is looking to shutter 10 of its 63 branches over coming months, reflecting a shift in customer preferences.

First Horizon, TCF and Webster are among the banks eyeing efficiency initiatives that could include more branch closings, layoffs and reduction of office space. Expect others to follow suit as low rates and tepid loan demand tied to the pandemic pressure revenue.

The Federal Deposit Insurance Corp.’s latest report on the industry’s health had positive news about the earnings recovery last quarter, but it also showed that low interest rates amid continuing economic uncertainty are putting downward pressure on asset yields.

The move comes a day after the Federal Reserve had balked at the Treasury Department's demand that it return funds meant for pandemic relief that have so far gone unused.

Democrats called the decision by Treasury Secretary Steve Mnuchin "misguided," arguing that it's too soon to shutter the Federal Reserve's emergency-lending programs. Republicans say the programs have run their course and should expire a the end of the year.

The pandemic has highlighted massive inequalities in American life but the financial services industry can play a role in reducing these divisions.

Joseph Lebel's promotion follows a third-quarter loss as the New Jersey company company looks to get ahead of credit issues by selling high-risk loans.

Community development financial institutions, which tend to be less digitally savvy than traditional banks and credit unions, are developing online-lending platforms and automating backroom processes with investments and technical assistance from big banks, high-tech firms and other sources.

The Virginia company, which shuttered 14 locations in September, will close another five branches early next year.

Global regulators are preparing to tighten restrictions on companies believed to have threatened the financial system at the height of pandemic-fueled volatility.

The chairman of the National Credit Union Administration said during his limited time in a Senate Banking Committee hearing that he hoped changes to the agency's Central Liquidity Facility would last for the duration of the pandemic.

The industry is calling for lawmakers to extend changes to NCUA's Central Liquidity Facility and more before Congress adjourns.

Executives from a half-dozen major financial institutions avoided detailed commercial lending forecasts and gave a mixed outlook on consumer credit at an industry conference. And they called on Washington to pass an aid package targeted at the most troubled business sectors as soon as it can.