JPMorgan Chase earnings hit by credit costs
The megabank’s provisions for credit losses more than doubled from a year ago, while net income fell 2%
Wells Fargo profit falls after debt investment restructuring
The San Francisco bank posted a $447 million net loss on its debt securities and saw net interest income drop 11%.
Banker-led group shares advice on gen AI’s hallucinations, other risks
Experts at Citi, Morgan Stanley and the London Stock Exchange have written a governance framework banks can use to mitigate the risks of generative AI.
Survey finds small business confidence on upswing
While companies trust banks and typically maintain their core relationship with them, the industry’s dominant position is hardly set in stone, experts say.
TD to exit certain U.S. businesses after being hit with asset cap
The Canadian bank’s stateside retail operations will be hamstrung by a massive anti-money-laundering settlement. But executives said the company can lean on both its Wall Street business and lines of revenue north of the border.
TD Bank settlement shows that asset caps are here to stay
The Canadian bank is indefinitely prohibited from growing assets at its two U.S. subsidiaries as the result of a sweeping settlement over money laundering violations. While only the second imposition of such a penalty ever, experts say it will not be the last.
What Mastercard and Citigroup get from their global payments partnership
The giant card network and the global bank are combining their scale to boost real-time cross-border transfers as fintechs target the market.
Sunshine Meeting Notice: FDIC Board of Directors Meeting
SUNSHINE ACT NOTICE | OCTOBER 10, 2024 The FDIC Board of Directors will meet in open session: Time and Date: 10:00 a.m. on Thursday, October 17, 2024. Place: This Board meeting will be open to public observation only by webcast. FDIC Board Members and staff will participate from FDIC Headquarters, 550 17th Street, NW, Washington, […]
In the wake of Hurricane Milton, Biden urges SBA fund replenishment
President Joe Biden in a press conference called on Congress to return to Washington to make sure Small Business Administration loans don’t run out after Hurricanes Milton and Helene devastated large swaths of the southeast.
State regulators push back on Treasury call for federal payments rules
The Conference of State Bank Supervisors cast doubt on an initiative unveiled by Treasury Under Secretary for Domestic Finance Nellie Liang that would establish a federal regulatory framework for domestic payments, saying that state-level supervision “does not … constitute a regulatory gap.”