PNC reports profit jump, sees growth opportunities in 2025
The Pittsburgh-based company’s fourth-quarter earnings increased more than 80% from the same period in 2023, beating analysts expectations and leaving CEO Bill Demchak excited about prospects for 2025.
National banks must continue exercising caution with cryptocurrencies
It’s no accident that national banks have, so far, been insulated from major crypto disasters. Congress and the incoming administration should take heed and avoid eliminating the guardrails that have kept banks safe.
U.S. Bancorp ‘confident’ in strategy after bumpy 2024
The $678 billion-asset bank highlighted its payments and investment management and trust business as fee generators in the recently ended quarter.
Sen. Tim Scott criticizes FHFA actions, eyes housing reform
The Senate Banking Committee Chair launched an agenda that puts agencies on a shorter leash and separately took aim at the FHFA recent moves.
Bank of America profit beats expectations, boosted by fees
In the final quarter of 2024, the nation’s second-largest bank saw its revenue and earnings per share grow beyond Wall Street’s estimates.
First Horizon’s earnings slip after securities portfolio restructuring
The Memphis, Tennessee-based bank had a $91 million loss related to its securities portfolio, which weighed on noninterest income.
Exclusive: Rep. Andy Barr to reintroduce de novo bank bill
The chairman of the financial institutions panel of the House Financial Services Committee said his newly reintroduced bill has a considerable chance of passing with Republicans in control of both chambers of Congress and the White House.
Citi’s Fraser defends expenses, long-term investments
Jane Fraser, CEO of Citigroup, told analysts she’s not going to sacrifice growth-related investments for short-term gains. “You shouldn’t want me to do that,” she said.
Trump team eyes hiring freeze, regulatory rollbacks for CFPB
The incoming Trump administration’s ‘agency review team’ has landed and is expected to name an acting director of the Consumer Financial Protection Bureau. Republicans on the Federal Deposit Insurance Corp. or the Federal Trade Commission are among the most likely candidates.
New EU cyber law for banks could reshape global standards
Banks must comply with a European Union law known as DORA by Friday. The law aims to improve cybersecurity and reduce tech failures in financial services.