Finance

A sharp increase in credit card account write-offs, a slowdown in consumer spending and heavy compliance costs triggered a 62% decline in fourth-quarter earnings.

The acting comptroller of the currency said regulators should give "serious consideration" to enacting a rule requiring banks to have enough assets pledged to the Federal Reserve's discount window to cover "ultra short term, acute outflows."

After the Rhode Island-based company eliminated 650 positions, severance-related costs contributed to a 71% decline in quarterly net income.

The Minneapolis company's balance sheet is still feeling the weight of higher funding costs, but CEO Andrew Cecere gave several reasons why he anticipates revenue growth will begin to outpace noninterest expense growth and efficiency will improve after midyear.

The Wall Street giant did a lot of backtracking last year, abandoning its plans to become a bank for everyone. Now it's refocusing on growing its tried-and-true businesses of dealmaking and asset management.

The Pittsburgh-based regional bank reported a jump in soured commercial and consumer credits during the fourth quarter. Still, PNC executives said the company is appropriately reserved for a mild recession.

Two weeks after Ted Pick rose to CEO, the company slightly revised its long-term targets for efficiency, return on tangible common equity and other metrics. Yet, Pick says, "there's not a change in strategy" after the departure of his predecessor, James Gorman.

The Seattle bank's stock price fell in 2023 amid concerns over rising interest rates and its concentration of multifamily loans. The buyer is FirstSun Capital Bancorp, which raised $175 million as part of the deal.

The Federal Reserve governor was one of two to vote against issuing the so-called Basel III endgame proposal. He says work is being done to address issues with the operational risk framework, but that regulators may need to go back to the drawing board for an adequate fix.

The custody bank is managing expectations about its 2024 performance while assuring investors that profits will improve significantly in the medium term. AI is one path it's pursuing.