Citi’s revenues rise amid growth across all business lines
Each of the megabank’s five business lines reported an uptick in profits for the second quarter of 2024. Growth in Citi’s banking segment, which includes investment banking, was particularly robust, up 30% year over year, the company said Friday.
Interest costs weigh on Wells Fargo’s profits again
Wells Fargo’s rising interest expenses showed little signs of letting up, pinching its net interest income below $12 billion for the first time since 2022.
JPMorgan sees investment banking fees up, loans flat in second quarter
Chairman and CEO Jamie Dimon said while the economic outlook is ‘benign,’ the bank remains ‘vigilant about potential tail risks.’
Growth in core business lines produces improved profits for BNY
The New York-based company saw assets under custody and management jump, driving strong increases in both fees and overall revenues for the quarter ending June 30.
HUD fair housing complaint against Appraisal Foundation settled
As part of the three-year agreement, the group will fund a $1.22 million scholarship fund to recruit minorities into the appraisal profession.
Bets on a September Fed cut help reduce mortgage rates
Positive signs on jobs and inflation help drive the 10-year Treasury yield lower, and lead investors to forecast a short-term rate cut sooner than later, Freddie Mac said.
Appeals court delivers big win to CFPB in Townstone redlining case
A federal appeals court ruled that the Equal Credit Opportunity Act prohibits not just outright discrimination but also the discouragement of prospective applicants for credit.
Effort to overturn Biden veto on crypto banking rule SAB 121 fails
The House didn’t meet the two-thirds threshold needed to overturn President Joe Biden’s veto of a resolution nullifying staff accounting bulletin 121, which requires that banks hold cryptocurrency held in custody on their balance sheet as liabilities.
This fintech launched weeks after Synapse failed. Its CEO is undaunted.
Evergreen Money offers affluent savers both high returns and ready access to their money. The startup’s founder, former PayPal CEO Bill Harris, says that increased regulatory scrutiny of bank-fintech partnerships is a positive development.
Patelco faces multiple lawsuits over ransomware attack
The four lawsuits allege that attackers stole members’ Social Security numbers, among other data. Patelco has not yet confirmed whether any data was stolen.