Economy

The custody bank reported a strong fourth quarter, as it continued to push forward with its new operating model. The momentum contributed to the bank's decision to lay out new financial targets, including a goal to achieve a return on tangible common equity of 28% in the next three to five years.

President Trump Tuesday told reporters he would not delay announcing his pick to fill a new vacancy on the Federal Reserve Board despite threats from Republican Senators to block any Fed nomination until a recently-disclosed Justice Department investigation into Fed Chair Jerome Powell is resolved.

Top executives at the nation's largest bank spoke Tuesday about shifting dynamics in the credit card business, Federal Reserve independence, the bank's plan to increase spending in 2026 and its large portfolio of loans to nonbank financial institutions.

One of the leading makers of pre-packaged salads has acquired a 16.3% stake in Salinas, California-based Pacific Valley Bank. "It's a real vote of confidence," the bank's CEO said.

President Trump said he would prohibit large institutional investors from buying single-family homes. While the executive couldn't bar such investments on its own, a legislative ban could gain bipartisan support.

Federal Reserve Bank of Richmond President Tom Barkin said economic uncertainty should ease in the coming year as businesses gain confidence in sustained demand and adapt to the new policy environment.

Even as oil stocks jump and lawmakers clash over Trump's decision to intervene in Venezuela, experts say U.S. banks face little short-term risk, and any energy payoff is years away.

Just a handful of de novo banks opened in 2025. But there are signs of renewed activity, with eight banks currently actively in formation and more than 10 charter applications on file with the FDIC.

Last year highlighted the risks for banks in lending to nondepository financial institutions. A new approach by Trump-era regulators could change the playing field.

The Bureau of Labor Statistics Thursday indicated that the Core Consumer Price Index indicated that inflation rose by only 2.7% in November versus a year ago, a pace that is the slowest rate of price increases since 2021.

The Birmingham-based lender is opening its first branch in Houston, following a wave of banks rushing into the Lone Star State as its economy continues to boom.

The Bureau of Labor Statistics Tuesday reported that the economy added 64,000 jobs in November after posting a loss of 105,000 jobs in October, which was largely attributable to the onset of the government's deferred resignation program. Unemployment also ticked up to 4.6% from 4.4% in November.

A new report from the Basel, Switzerland-based Financial Stability Board found that nonbank financial institutions grew considerably faster than banks in 2024 and now control more than half of the world's financial assets.

The payments company submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to create PayPal Bank. If approved, Mara McNeill, the former president and CEO of Toyota Financial Savings Bank, will serve as PayPal Bank's president.

The bank is increasing monthly and transaction fees on a business checking account for the first time since 2017.

The National Defense Authorization Act will be voted on by the House without the housing package that passed through the Senate Banking Committee unanimously.

Through a nonprofit called Greater NY, early career analysts at banks can apply their financial skills at charities and other civic-minded organizations. The partnerships give free help to nonprofits, but provide surprising benefits to the banks as well.

A bipartisan housing provision has emerged as a critical negotiating point for passage of an uncommonly bank-relevant defense authorization bill.

For banks, construction projects not only produce new branches and offices, but can build an image with the public — or tear it down.