Economy

Banks around the world have spent the past few years preparing for competition from small, nimble technology startups. It turns out the real threat may be Jeff Bezos, according to McKinsey & Co. In its annual banking report.

Provision costs surged to $44.5 million from $1.2 million. The company attributed that increase to higher chargeoffs in its taxi book.

Consolidation has led to too few community banks, which is amplified in areas where capital is needed most.

Loan growth drove the New York bank’s 20% increase in third-quarter earnings, and those results don’t include its acquisition of Astoria Financial this month.

Giving merchants direct access to third-party software isn’t new—First Data’s Clover unit introduced the concept three years ago—but Vantiv is giving its approach a custom-development spin with an app marketplace.

The mutual, which agreed to buy First Colebrook Bancorp, had recently opened a limited-service branch in Portsmouth, N.H.

Banks are swapping out long-term holdings for short-term securities to manage interest rate risk. But in the process, they are sacrificing yield — and ammo they might need to pay more for deposits to retain customers.

The Cincinnati bank's total loans fell 2% and its adjusted fee income dropped 4%, but its top line was strong because of higher interest rates and the gain from a sale of more Vantiv shares.

You might need to call on different strategies to help you advance at each stage of your career, says Linda Verba of TD Bank.

The Salt Lake City bank reported strong 3Q results despite unexpected expenses tied to hurricane damage in its Texas market, and it vowed to stay on track in meeting its cost-savings goals.