Finance

Royal Bank of Canada is optimistic that new U.S. leadership, including former Fifth Third CEO Greg Carmichael, can rejuvenate its struggling City National Bank.

A group of former FTX and Alameda Research employees plan to use the venture money to build out a cryptocurrency exchange called Backpack. It's one of the startups seeking to fill a gap left by the collapse of Sam Bankman-Fried's crypto empire. 

The Toronto-based company wrung out $800 million USD in cost savings in connection with last year's acquisition of Bank of the West, a bright spot in an otherwise tough quarter across most business segments.

After his aggressive cost-cutting raised profits above analysts' expectations, Block's CEO aims to retool several features of Square and Cash App to enable them to operate like a "social bank."

Lenders collected an estimated $25 billion in additional interest income last year by raising the average margin on annual percentage rates, or the amount above the prime rate, according to the Consumer Financial Protection Bureau.

Community Bank System in Syracuse faced claims it failed to properly pay some branch-level employees, making it one of a growing number of banks forced to confront compensation-related disputes in recent months.

The company was able release credit reserves because of actual and forecasted prices that boosted net income, CEO Priscilla Almodovar said.

Federal Reserve Vice Chair for Supervision Michael Barr Wednesday downplayed the significance of recent turmoil at New York Community Bank, noting that liquidity and stability in the banking system is in "much better shape than it was last spring."

The lending fintech is increasing its reliance on third-party funding arrangements as its revenue slides. Analysts are wondering how much risk is embedded in the deals.

The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.

The city's pilot program enables asylum seekers to pay for food and baby products — reducing government overhead while introducing newcomers to the local economy.

CEO Alex Chriss told analysts the company's AI-heavy product rollouts won't improve financial results in the near-term.

Just weeks ago, prospects seemed strong for bank stocks to regain ground after a volatile 2023. But renewed credit concerns stemming from issues at New York Community Bancorp, and the increasing odds that interest rates will remain high for months, have dampened that outlook.

Ant, the company that operates Alipay, saw its quarterly profit fell 92% as the fintech pioneer founded by Jack Ma struggles to revive a business wracked by an economic downturn and more than a year of regulatory scrutiny.

Bankers during recent earnings reports predicted lower deposit costs as 2024 wears on. But with inflation still elevated and the jobs market strong, the Federal Reserve probably won't begin lowering rates — and thus easing the drag on lenders' profits — until May at the earliest.

The senior vice president for capital markets at the Housing Policy Council died Saturday after sustaining critical injuries a week prior.

A day after the regional bank's stock tumbled on tough fourth-quarter results and some austerity moves, observers debated whether management just needs time to build enough capital to catch up with growth or if it is still too overexposed in multifamily lending.

The Birmingham, Alabama bank cut down its workforce across divisions as higher interest rates put pressure on its business.

The embattled bank said it reviewed and then turned down a $3.25-per-share bid from Dream Chasers Capital. Carver called the offer "unrealistically low" given the bank's "intrinsic value."

Large and regional banks are taking different approaches to buybacks in light of the proposed new capital rules. Some plan to buy back stock at moderate levels this year, while others say they will to remain on the sidelines until there is more clarity about the reforms.