Corporate finance

The economic picture for its customers is good, according to Jason Wilk, who leads the Los Angeles fintech. He sees no need for new products or capital raises in the coming year to break even.

The results came a day after it emerged that Canada's second-largest bank doesn't anticipate regulators will approve its deal for Memphis, Tenn.-based First Horizon Corp. by May 27, as it previously projected.

Banks reported record growth in net interest margins in 2022, but net income still fell, and the industry "continues to face significant downside risks" from inflation and other factors, Martin Gruenberg says.

The Canadian bank now expects loan growth in the mid-single-digit range this year, down from a high-single-digit forecast three months ago. "We're not slowing, but the economy is," one executive said.

Net income for the country's six largest banks is expected to fall 15% in the fiscal first quarter, according to data compiled by Bloomberg. That would be the largest drop since the third quarter of 2020.

A pullback by the buyers of Upstart's consumer loans led to a "challenging year," CEO Dave Girouard told analysts. But he added that the company is in "late-stage discussions" with partners that are looking to make longer-term commitments.

Schulman, president and CEO of PayPal since 2014, will leave at the end of 2023. He will continue to serve on the company's board and will join in its search for a successor, the company said.

The buy now/pay later lender posted larger-than-expected losses, and following its layoffs it will deemphasize products with an uncertain short-term outlook, such as crypto trading.

Primis Financial in McLean believes its multimillion-dollar investment in a subsidiary that makes online loans to doctors, dentists and veterinarians will begin paying off this year, after build-out costs weighed on the bottom line in 2021 and 2022.

After soured loans rose above the private student lender's expectations in 2022, its stock price fell 16% on Thursday. One analyst wrote that "persistent credit issues have damaged management's credibility."

The bank, which is beleaguered by digital-asset portfolio forced loan charge-offs that led to a loss in the third quarter and for the full year, climbed to a net income of $2.7 million for the fourth quarter.

The Long Island company is closing 69% of the retail home lending offices previously operated by Flagstar Bancorp. New York Community recently acquired Flagstar for $2.6 billion.

The company reported its seventh consecutive quarter of record adjusted net revenue.

Uncertainty surrounding the regulatory approval process and overall economic conditions will act as a brake on bank mergers and acquisitions in 2023, says John Corbett, CEO of Florida-based SouthState.

Goldman Sachs Group cut Chief Executive David Solomon's compensation by about 30% to $25 million for 2022, a year in which the share price and profit tumbled and the firm retreated from a highly public effort to create a consumer bank.

CEO Steve Squeri says many of these companies still employ more people than before the pandemic.

While not committing to any specific strategy, the card network may find opportunity in the merger and acquisition market, CEO Al Kelly said.

The San Antonio bank reported an 89% spike in net income, aided by rising interest rates and the company's expansion into Dallas and Houston.

The company formerly known as Alliance Data Systems produced strong fourth-quarter sales, but was unable to report a profit due to factors such larger loan-loss reserves for its acquisition of the American Automobile Association's credit card portfolio.

North Carolina-based First Citizens blamed a rise in problem credit on certain office loans that it acquired in the CIT Group merger. Connecticut-based Webster also expressed caution about the segment, which has been impacted by remote work policies.