Commercial: Page 64
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Bank of America profit tumbles 16% despite consumer spending rebound
Profit has fallen 15% or more for the third straight quarter at the nation's second-largest bank, but loan-loss set-asides, at $1.4 billion, are down 73% from three months earlier.
By Suman Bhattacharyya • Oct. 14, 2020 -
PNC sees bump in Q3 revenue as bank reaches 'stable reserve levels'
After padding its loan-loss reserves over the past two quarters, the Pittsburgh-based lender set aside $2.4 billion less than it did in the previous three months.
By Anna Hrushka • Oct. 14, 2020 -
Explore the Trendline➔
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TrendlineArtificial intelligence
The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.
By Banking Dive staff -
U.S. Bank confirms branch closure acceleration
The Minneapolis-based lender originally sought to reduce its footprint by 10% to 15% by early 2021. Now the bank wants to close an additional 15% of its branches, on top of the 10% it has shuttered, in the same time frame.
By Ken McCarthy • Oct. 14, 2020 -
Wells Fargo rebounds with $2B Q3, tempered by jump in expenses
The bank set aside $961 million for customer remediation and $718 million for restructuring charges, mostly severance, as it resumed job cuts that might number in the tens of thousands.
By Dan Ennis • Oct. 14, 2020 -
JPMorgan's Q3 profit buoyed by 30% jump in trading revenue
The bank set aside $611 million in credit reserves in the third quarter — a precipitous drop for a figure that stood at $10.4 billion three months earlier.
By Anna Hrushka • Oct. 13, 2020 -
Sharp drop in set-asides pushes Citi to $3.2B net income
While net income has fallen 34% compared with this time last year, it's more than double what the bank reported last quarter.
By Dan Ennis • Oct. 13, 2020 -
Values-based Climate First Bank seeks Florida de novo charter
"I wanted to do something that would give back and not just make a bunch of people a bunch of money again, even though I have no opposition to that," said founder Ken LaRoe. "I just wanted there to be more meaning to life than that."
By Anna Hrushka • Oct. 9, 2020 -
JPMorgan Chase pledges $30B to fight racial wealth gap
The bank said it would spend $8 billion to originate 40,000 mortgages for Black and Latinx households over the next five years, and provide $14 billion in loans and investments to create 100,000 affordable rental units.
By Anna Hrushka • Oct. 8, 2020 -
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Morgan Stanley to buy fund manager Eaton Vance for $7B
The bank's second multibillion-dollar acquisition this year — after its purchase of E*Trade — nearly doubles its assets under management, hitting a goal CEO James Gorman set in 2018 in less than half his timeline.
By Dan Ennis • Oct. 8, 2020 -
How Bank of America's decentralized innovation approach conceives the future
The bank doesn't have a dedicated budget for its patent projects, but it relies on more than 5,600 inventors based in 42 states and 12 countries — and a philosophy that innovation is "part of everyone's job."
By Anna Hrushka • Oct. 7, 2020 -
Sen. Warren asks Fed to weigh Wells Fargo's mortgage missteps in asset cap evaluation
Of the 904 accounts for which forbearance was not requested, 344 told the bank they did not want the help, Warren indicated to the central bank.
By Dan Ennis • Oct. 5, 2020 -
Bank of America invests in 7 minority-owned institutions
The investments, which are part of a $50 million commitment to MDIs and CDFIs, will go toward lending, housing, neighborhood revitalization and other banking services.
By Anna Hrushka • Oct. 5, 2020 -
As Goldman, JPMorgan resume cuts, Bank of America reiterates no-layoff vow
Brian Moynihan, the CEO of the nation's second-largest bank, touted the Charlotte, N.C.-based lender's progress on diversity Thursday in perhaps a direct counter to comments that put Wells Fargo chief Charlie Scharf in hot water.
By Dan Ennis • Updated Oct. 2, 2020 -
Permission granted by Azlo
Azlo launches subscription-based banking service
The account is the main thrust of revenue diversification the challenger bank is introducing this year, CEO Cameron Peake said.
By Anna Hrushka • Sept. 29, 2020 -
Permission granted by Citi
Citi taps Morgan Stanley exec as new controller, accounting chief
The bank's latest executive hire comes as it tries to improve its risk management and controls, and follows reports that regulators have been pushing the bank for years to make such improvements.
By Anna Hrushka • Sept. 28, 2020 -
Permission granted by Citi
How Citi's innovation lab is tackling COVID-19 challenges
The unit, for example, built a digital whiteboarding solution to help job candidates and managers interact through an on-screen notebook when interviews can't take place face to face.
By Anna Hrushka • Sept. 23, 2020 -
Biden tax plan could cost top 10 banks $7B per year, report finds
The plan would raise the corporate tax rate from 21% to 28%, partially rolling back changes enacted under the 2017 Tax Cuts and Jobs Act.
By Anna Hrushka • Sept. 17, 2020 -
Deutsche extends remote option until July 2021 for NY-area employees
The bank laid out a tiered approach in calling its U.S. investment bankers back to the office. Risk takers "involved in committing the firm's capital" will likely return full time "Client-facing" staff can work remotely one day a week.
By Dan Ennis • Updated June 3, 2021 -
Citi's Fraser paves the way, but more needs to be done, experts say
Banks need to do more than just hope that female leadership will create a "trickle-down" effect on organizational culture, one consultant said.
By Anna Hrushka • Sept. 14, 2020 -
FinCEN business loan fraud reports jump 84% for 4th straight monthly record
Financial institutions filed 1,922 suspicious-activity reports in August, up from 1,044 in July and about 14 times the monthly average since the watchdog's database was established in 2014. July's total itself was more than double June's 489.
By Anna Hrushka • Updated Sept. 25, 2020 -
Permission granted by Citigroup
Citi taps Jane Fraser to be CEO when Corbat retires in February
Fraser will become the first woman to lead a major U.S. bank. Before stepping into Citi's No. 2 role last October, she served as CEO of the bank's Latin American operations.
By Anna Hrushka • Sept. 10, 2020 -
Fewer banks servicing pot businesses, FinCEN report finds
The agency attributed the decline to several factors, including new guidance for hemp-related businesses, as well as the impact of the coronavirus pandemic.
By Anna Hrushka • Sept. 8, 2020 -
Banks went all in on construction lending in Q2, despite delinquencies
Wells Fargo was by far the leading nonresidential construction lender. But Arkansas's Bank OZK boosted its nonresidential loans by the greatest percentage. Construction accounts for 36.4% of the bank's outstanding loans.
By Joe Bousquin , Jennifer Goodman • Sept. 4, 2020 -
City First-Broadway merger would create largest US Black-led bank
The combined institution will maintain bicoastal headquarters, as well as its CDFI status, which requires it to deploy at least 60% of its lending into low- to moderate-income communities.
By Anna Hrushka • Aug. 27, 2020 -
Wells Fargo resumes much-anticipated job cuts
Initial layoffs will affect employees who were told before the pandemic their roles would "ultimately go away," CEO Charlie Scharf previously said. "It's like an onion: The more we do, the more clearer the next round will become."
By Dan Ennis • Aug. 21, 2020
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