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Biden to nominate Treasury vet Barr for Fed supervisory role

Barr helped craft the Dodd-Frank Act and was floated as a candidate to lead the OCC early in Biden's term. Some progressives, however, have said his regulations could have been tougher on banks.

Truist posts flat Q1 profit, completes transition to 'one brand'

The bank completed its largest merger-related conversion during the quarter, transitioning nearly 7 million customers to the Truist ecosystem and rebranding more than 6,000 branches and ATMs, CEO Bill Rogers said Tuesday.

Bank of America sees 12% Q1 profit dip

The bank, however, saw a 9.5% surge in equity trading revenue and set aside far less than its competitors — $30 million — to cover potential Russia exposure.

Citi sets aside $1.9B to counter Russia exposure

The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

Wells Fargo sees 21% Q1 profit drop amid weaker home lending

The home lending results came a day after the bank pledged $210 million in two programs aimed at narrowing a much-publicized mortgage refinancing gap along racial lines.

U.S. Bank profit dips 31% on buildup for credit losses

At the same time, the bank reported a 2.3% jump in revenue year over year, and 6.5% growth in loans and average total deposits.

BBVA addition gives PNC earnings a dual picture

Profit either dropped 21% or jumped 9%, depending on the vantage point. The deal, as inflation swells and interest rates rise, came at the right time for the bank — at least for year-over-year optics.

JPMorgan Chase sees 42% drop in Q1 profit

The bank reported a $902 million net build in credit reserves tied to potential Russia losses and trepidation over inflation. It also took $524 million in losses related to commodities trading and further Russia exposure.

AmEx takes on banks in bid for new generation of clients

With the launch of its new checking service, the payment network aims to expand its relationship with cardholders — and not miss out on attracting consumers drawn to debit cards.

Fifth Third CEO Greg Carmichael to step down in July

Carmichael, who joined the bank in 2003 as executive vice president and chief information officer, will be replaced by Fifth Third President Tim Spence.

Bank deposits could decrease for the first time in 80 years

Businesses and consumers alike have been depositing at a greater clip since the COVID-19 pandemic began. And, according to a Barclays analysis, the banking industry has $8.5 trillion more in deposits than loans.

Proxy adviser bemoans Goldman's 'excessive' compensation

Stock awards the bank gave many executives could "undermine the integrity" of regular incentives and spark brief but unsustainable "spikes" of growth, Glass Lewis said. Wells Fargo's pay packages are also facing proxy pushback.

Neobank Step to launch crypto, stock investing product for users under 18

The teen-focused challenger bank claims the new offering will make it the first financial app to enable customers under the age of 18 to buy, sell, hold and receive crypto.

NYC halts new account openings with Wells Fargo, citing mortgage race gap

The city removed Wells from its designated banking list in 2017 over concerns about the bank's lending practices but re-added it last year after its CRA rating improved.

Needham Bank sees 'cross sell' opportunity in cast-off cannabis unit

After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.

Ex-Goldman banker Ng found guilty in 1MDB scandal

He faces 30 years in prison on charges of conspiracy to commit both bribery and money laundering. His attorney has indicated he would challenge the conviction before appealing to a higher court.

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

AGs: Why can't you be more like Citi (on overdrafts)?

Top lawyers in 17 states and D.C. urged JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bank in letters this week to adopt the same timeline as Citi to eliminate the fees.

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

TD joins Bank of America in setting large-scale office returns for June

"After more than two years, it's time to come together again," TD's human resources chief wrote in a memo. "While [COVID-19] will be with us for the long term ... public health units are much better equipped to handle new waves."

Updated April 7, 2022

Fed bans ex-Goldman banker over document leak, 6 others in EIDL fraud

Thursday's penalty, resolving a 2014 matter, comes two days after the central bank barred former employees of Regions Bank and Merrill Lynch for allegedly pocketing between $9,000 to $21,600 each in COVID-19 aid.

Updated April 7, 2022

Citi abortion policy spurs lawmakers to want bank's contract terminated

Dozens of House Republicans said in a letter that by covering travel expenses for employees seeking abortions, the bank has "forfeited its privilege of doing business" with the chamber of Congress.

Dimon: Russia exposure could cost JPMorgan $1B

Despite the conflict's impact on the bank's bottom line, the CEO called for tougher sanctions against the invading country — and added that because of a confluence of factors, mergers in banking are inevitable this decade.

Wells Fargo names its first chief sustainability officer

Robyn Luhning will ensure transparency in the bank's environmental, social and governance disclosures. Wells Fargo said it aims to set interim financed emission targets for its oil, gas and power portfolios by the end of 2022.