PNC profit drops 29% as bank prepares for coronavirus-related loan losses

The bank will likely increase its reserve build in the second quarter because the pandemic's impact on the economy has worsened since Q1 wrapped up, PNC CEO Bill Demchak said.

By Anna Hrushka • April 16, 2020

Small-business relief program hits limit

Republican and Democratic lawmakers are at an impasse over how they would want any additional funds allocated.

By Anna Hrushka • April 16, 2020

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M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

Bank of America profits drop 45% as it builds reserves amid pandemic

The bank expects loan losses to increase dramatically this year as social distancing orders enacted in response to the pandemic continue to slow the economy.

By Anna Hrushka • April 15, 2020

Citi's jump in Q1 fixed-income trading can't offset net income drop

The world's largest credit card issuer more than tripled its safeguard against defaults. In the last week of the quarter, card spending dropped as much as 30%, the bank's CFO said.

By Dan Ennis • April 15, 2020

Wells Fargo's net income plummets 89% from a year ago

Much of the drop stems from $3.1 billion in reserves the bank set aside in case loans sour — a reflection of newly implemented accounting standards and of the tenuous position in which the coronavirus crisis has put clients.

By Dan Ennis • April 14, 2020

JPMorgan profits plunge as bank reserves funds for 'severe recession'

The bank attributed the massive earnings drop to a $6.8 billion addition to its credit reserves, a move it said it took in response to a potential economic downturn.

By Anna Hrushka • April 14, 2020

PayPal, Square, Intuit approved to participate in coronavirus relief program

The ability to provide the loans is a major step for fintechs, which have been lobbying Congress for weeks for the opportunity to assist in the program.

By Anna Hrushka • April 13, 2020

PPP portal gets Amazon makeover as nonbanks get seat at table

The Treasury Department released a hotly anticipated PPP form for nonbanks. Meanwhile, JPMorgan Chase temporarily stopped taking non-PPP small-business loans, and Citi's portal appears to be up and running.

By Dan Ennis • April 9, 2020

Midsize-business loan vehicle is among Fed's $2.3T rollout of initiatives

Companies with up to 10,000 workers or less than $2.5 billion in revenue can get four-year loans, with principal and interest payments deferred for a year under the Main Street Lending Program.

By Dan Ennis • April 9, 2020

TD Bank sees remote work in new light amid 9,500-employee transition

The Canadian lender is shifting 500 call center employees a day into a work-from-home capacity, offering them 10 extra personal days to help with day care, and the ability to change schedules and do split shifts.

By Dan Ennis • April 9, 2020

Kabbage finds partner bank for SBA loans, awaits guidance to become direct lender

The online lender, which has been lobbying Congress to help with the SBA's loan program since the start of the coronavirus crisis, has had to retool its business model because of the pandemic.

By Anna Hrushka • April 8, 2020

Mnuchin seeks extra $250B for SBA loans as AML rules, access issues slow aid

The application process has been fraught with delays, including a four-hour outage to the agency's loan processing system Monday and the need to comply with anti-money laundering regulations.

By Dan Ennis • April 8, 2020

Fifth Third hiring 950 employees amid higher loan, mortgage demand

The Cincinnati-based bank joins Bank of America in boosting its headcount during the coronavirus outbreak.

By Dan Ennis • April 7, 2020

Fed alters Wells Fargo's asset cap to continue support of SBA loans

Lifting the cap, instituted after a 2016 fake-accounts scandal, would help the bank lend to more small businesses affected in the coronavirus pandemic, CEO Charlie Scharf has argued.

By Anna Hrushka • Updated April 8, 2020

Wells Fargo cites asset cap in closing SBA loan portal

The bank said it would lend up to $10 billion as part of the U.S. government's coronavirus relief program but estimated it had hit that ceiling two days after the effort launched.

By Anna Hrushka • April 6, 2020

Crush of demand, hurried timeline plague SBA program launch

The $350 billion Paycheck Protection Program rolled out hours after the agency issued more guidance. The setup leaves banks reallocating resources and questioning risk.

By Dan Ennis • April 3, 2020

Kabbage cuts credit to small businesses, shifts focus to SBA loans

The online lender is dealing with the loss of loan origination revenue, as well as losses on the performance of existing loans as the coronavirus pandemic brings the economy to a near standstill.

By Anna Hrushka • Updated April 2, 2020

Barclays aims for net-zero carbon emissions by 2050

The commitment represents a step back from what investors sought when they pressured the bank to phase out fossil fuel lending in a resolution filed in January.

By Dan Ennis • April 1, 2020

North Carolina de novo organizers buy bank in Tennessee

Community Bank of the Carolinas failed to raise enough money to open, but its investors found a path forward in Brighton Bank.

By Dan Ennis • March 31, 2020

Banks, fintechs prepare for flood of SBA loan applications

As small businesses across the country shutter amid the pandemic, many fintech lenders are concerned traditional lenders won't be able to process loans quickly enough to get business owners the cash they need.

By Anna Hrushka • March 31, 2020

Standard Chartered pledges $1B toward pandemic relief, freezes hiring

The bank's backing will come in the form of loans to drug companies, health care providers and non-medical firms that have volunteered to make ventilators, face masks, sanitizers and protective equipment.

By Dan Ennis • March 31, 2020

BNY Mellon names interim CEO to top role permanently

Todd Gibbons' long tenure at the bank — he's worked there since 1986 — should act as a stabilizing force. He has served as interim chief since Charlie Scharf left to become CEO of Wells Fargo.

By Dan Ennis • March 30, 2020

BofA CEO: Capital levels allow us to focus on operations amid crisis

"It’s much different than walking down 6th Avenue in 2007-08 and being worried about risk," said Brian Moynihan. "Now it’s much more about how do we operationalize and help the economy get back on its feet?"

By Anna Hrushka • March 30, 2020

Morgan Stanley pledges no job cuts in 2020 — and several banks follow

Citi, Wells Fargo and Bank of America all vowed to maintain staffing levels throughout the coronavirus crisis, while European lenders such as HSBC and Deutsche Bank, which were planning layoffs, put them on hold.

By Dan Ennis • March 27, 2020

Regulators urge banks to offer responsible small-dollar loans

Five agencies promise future guidance on the lending vehicle, which some trade groups advocated long before the coronavirus pandemic sent the economy into a spiral.

By Anna Hrushka • March 27, 2020