Economy

Bank of America’s consumer clients made $294 billion of total payments last month, up 16% from a year earlier, as the U.S. economy continued its recovery from the coronavirus pandemic.

The Federal Reserve's models assume interest rates will decline if the economy falls into a recession, but as big banks prepare for their annual stress tests, they should also be considering the impact of rising rates and higher inflation on their operations.

New research shows that young Americans are finding it increasingly difficult to buy a home of their own. The co-author of a series of reports will delve into discoveries around the factors why.

Citigroup offers both institutional and consumer banking services in Russia, but has been working to exit the consumer business as part of a larger strategy.

No one liked it when interest interest rates hit 21% in the early 1980s, but the actions of the Federal Reserve under Paul Volcker helped save the U.S. economy from true catastrophe. That kind of leadership is lacking in today’s Washington.

Chief Financial Officer Emily Portney said Bank of New York Mellon would be interested in buying more custody assets if an opportunity arises and the price is right. In the meantime, it continues to eye deals for small tech companies.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

Year to date Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

In an open letter to Sandra L. Thompson, President Biden’s nominee for director of the Federal Housing Finance Agency, two longtime advocates of the Federal Home Loan banks suggest a new path forward.

In this fireside chat, Ida Liu, the global head of Citi Private Bank, covers a range of topics, including how digital client engagement is evolving.

Year to date through Sep. 30, 2021. Dollars in thousands.

Full-time equivalent, as of Sept. 30, 2021. Dollars in thousands.

Year to date through Sep. 30, 2021. Dollars in thousands.

John D. "Jerry" Hawke had already established himself as a preeminent banking lawyer when he took the helm of the Office of the Comptroller of the Currency in 1998. Hawke, who died Monday, ran the agency for six years and issued a controversial regulation shielding national banks from state regulatory oversight.

A gauge of U.S. firms extending credit climbed in December to the highest level in almost 18 years, signaling a strong bet on the economy’s prospects and heavy investment in automation.

On Sep. 30, 2021. Dollars in thousands.