Bank of New York Mellon sets 3-5 year targets for profit growth
The custody bank is managing expectations about its 2024 performance while assuring investors that profits will improve significantly in the medium term. AI is one path it’s pursuing.
CEO Fraser calls 2024 a ‘turning point’ year for Citi
Jane Fraser says this year will be “critical” for the megabank, which is engaged in a massive, multiyear restructuring that involves cutting 20,000 jobs by the end of 2026.
Industry says Basel rule violates law if it isn’t revised
A coalition of financial trade groups issued a joint comment letter asserting that the federal bank regulators’ proposed capital rule lacked justification and evidence required by the Administrative Procedure Act, threatening legal action if regulators don’t delay and significantly amend the rule.
Wells Fargo is ‘still early in the cycle’ as soured office loans rise
The San Francisco-based bank warned for months that chargeoffs were likely to start rising as some office-related loans went bad. It began to happen in the fourth quarter, which could be an omen for regional banks that have larger concentrations in the office sector.
House Financial Services Committee forms AI working group
Led by Congressmen French Hill and Stephen F. Lynch, the council will explore how artificial intelligence is influencing the development of new products and services, fraud prevention and other areas across the financial services and housing industries.
What dulled the luster of Bank of America’s consumer results
Personal spending chugged along in the fourth quarter, thanks to the resilient job market. But loan charge-offs rose, and higher interest rates suppressed loan demand, executives say.
Many trading apps embrace bitcoin ETFs, some still crypto shy
Robinhood and a few other trading app providers immediately announced support for the newly approved spot bitcoin ETFs. But Vanguard announced this week it would not allow customers to invest in them.
Morgan Stanley to pay $249 million to end block trade probes
A nonprosecution agreement with federal prosecutors in Manhattan allows the bank to avoid criminal charges. Its former senior-ranking equities executive Pawan Passi has entered into a deferred-prosecution agreement over his handling of confidential information.
Circle’s plan to go public, Amazon’s new payments tech for health care
Tech company Circle files for an IPO; Amazon wants to extend its Just Walk Out technology to hospitals; Pacific Financial expands in suburban Oregon; and more in the weekly banking news roundup.
JPMorgan Chase lays plans to build on last year’s success
After a record-breaking year of reeling in business from failed banks and scared customers defecting from rivals, the largest U.S. bank expects it will keep getting larger.