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JPMorgan profit drops 51% as bank braces for loan losses

Record trading revenue from the bank's investment arm, however, helped minimize balance sheet impact from COVID-19.

Citi profit falls 73% as bank sets aside $7.9B over loan concerns

A 68% jump in fixed-income trading balanced out a 24% drop in credit card spending for the world's largest card issuer.

Don't use coronavirus as excuse to close branches, OCC says

Some industry observers have questioned the future of bank branches in light of the pandemic, as customers grow accustomed to digital channels and banks rethink the viability of brick and mortar amid a recession.

Column

Main Street's measured approach could help it avoid PPP pitfalls

It's unclear what the Boston Fed will get from publishing its lender list, but the attempt at transparency is at least starting early.

Wells Fargo may start cutting tens of thousands of jobs this year

The bank vowed to pause staff reductions as the pandemic escalated. Any announcement — not expected with Tuesday's earnings — could tell other banks that window is over.

SoFi files for national bank charter with OCC

A national charter would let SoFi operate under a unified set of national regulations instead of the "patchwork of varying requirements" it follows to comply with regulations across 50 states, the company said.

JPMorgan, Bank of America, Wells Fargo, Goldman Sachs back launch of climate finance center

Banks are increasingly seeing the value — not just in optics but in revenue — of environmentally responsible investment.

Deep Dive

How community banks plan to keep their new PPP customers

Community banks participating in the PPP have pulled their weight among some of their larger competitors while showcasing flexibility, technology and personal touch during the pandemic.

Wells Fargo donates $400M in PPP fees to help Black-owned businesses

A June report from the National Bureau of Economic Research found COVID-related conditions eliminated 41% of Black small-business owners between February and April.

Colorado credit union adds lending to pot banking effort

The move completes a "huge piece of the puzzle" that's missing for cannabis businesses, most of which don't have access to government funding, such as the PPP, the credit union's president says.

JPMorgan Chase holds off on returning Ohio employees to office

The nation's largest bank was set to welcome up to half of its Columbus-based workers July 13, but a jump in coronavirus cases pressed the company to reconsider.

UPDATED: July 8, 2020 at 3:51 p.m.

CFPB rolls back 'ability-to-repay' portion of payday lending rule

The provisions would have limited the number of consecutive, short-term loans a borrower could take out, and would have required lenders to verify borrowers' income.

Q&A

KeyBank's digital strategy: Let the client choose

The Cleveland-based bank has spent the past decade strategizing how it can digitize its products to provide remote self-service capabilities for its clients while maintaining in-person options.

Indiana deal marks 4th credit union purchase of bank this year

Including Heritage Federal Credit Union's deal to buy The Elberfeld State Bank, the pace of credit union-bank tie-ups has slowed to half of what it was at this point last year.

SBA follows through on promise to disclose PPP loan recipients

The move comes days after President Donald Trump signed into law a five-week extension of the deadline to file new applications for the program.

UPDATED: July 7, 2020 at 8:20 a.m.

Investment company Edward Jones files for ILC charter

"Given market conditions, we believe the need for enhancements to our financial services is more important than ever to our clients as they look to reach their financial goals," Edward Jones Principal Ken Cella said.

Column

German banks are having a moment right now

The proposed resignations of Commerzbank's CEO and board chairman come little more than a week after the collapse of the country's biggest challenger bank and amid restructuring by its largest lender.

UPDATED: Aug. 4, 2020 at 8 a.m.

RBC joins Bank of America, U.S. Bank, PayPal, Netflix in pledging millions toward racial equality

Canada's largest bank is committing $111 million over the next five years toward diversity initiatives. Two-thirds of that total will come in the form of small-business loans to Black entrepreneurs.

UPDATED: July 7, 2020 at 10:38 a.m.

BBVA brings 'banker bar' to new branches in Texas expansion

The bank seeks to do away with the traditional teller role, replacing it with an employee who can onboard customers to digital channels and originate accounts.

Citi delays office-return plan in 13 states

Workers' reluctance to take public transport will keep offices below 40% capacity until a vaccine is available, a Citi executive said. The rollback comes as Bank of America indicated its employees would stay remote until Labor Day.

UPDATED: July 5, 2020 at 10:11 a.m.

Wells Fargo cuts back on auto, student loans to minimize risk

Concern over credit quality — and not just a desire to stay under the bank’s Federal Reserve-mandated asset cap — is driving the lender's step back from independent car dealers.

UPDATED: July 5, 2020 at 10:38 a.m.

Kabbage nearly doubles customer count through PPP participation

The Atlanta-based online lender said it approved $5.8 billion in loans under the program for 209,000 customers — 97% of whom are new to its platform.

Chime, Apple debut credit score-boosting products

The challenger bank's entry into the credit card market comes a day after Goldman Sachs and Apple launched an initiative that gives rejected Apple Card applicants suggestions as to what they can do to be approved.

Senate passes PPP extension as Fed chair cites middling Main Street demand

The five-week addendum comes amid waning interest in the program — and a slow start for another government-backed vehicle, the Main Street Lending Program, about which Fed Chair Jerome Powell testified Tuesday.

UPDATED: July 6, 2020 at 11:48 a.m.

Bank profitability at risk as pandemic slows economy, OCC says

Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.