Ally Financial names an interim CEO
Douglas Timmerman, the company’s president of dealer financial services, will step in when Jeffrey Brown departs at the end of January. Ally continues its hunt for a permanent CEO.
Banks say 2023 was the peak after $250 billion interest haul
In 2023, the four giant banks raked in $253 billion in NII , about $80 billion higher than 2021’s total. Now, most banks see rate cuts coming, all while they have to pay more on deposits or risk losing customer savings to higher-yielding options.
Wells Fargo’s costs exceed estimates on FDIC, severance
The company spent $15.8 billion in the fourth quarter, down 2% from a year earlier, while analysts had estimated an 11% drop. Severance expenses and a special deposit insurance assessment contributed $3 billon to that total.
Citi to cut 20,000 roles in Fraser’s bid to boost returns
Ultimately, firmwide headcount will decline by 60,000 jobs to 180,000 by the end of 2026, Chief Financial Officer Mark Mason said.
Senate Democrats ask regulators to probe Navy Federal
Navy Federal, the nation’s largest credit union, is facing a lawsuit about its allegedly discriminatory mortgage lending practices.
How Mastercard is using AI to boost minority business owners
The card network is creating a generative AI-powered chatbot to give small-business owners personalized assistance, emphasizing ‘inclusive’ resources and mentorship for minority entrepreneurs.
CFPB issues advisories on background checks
The guidance also underscores consumer rights to obtain access to their own information as well as identities of sources providing data.
Bank of America’s earnings fall short on charges
The decline in profit came mainly from a $2.1 billion FDIC assessment and a $1.6 billion charge tied to the shift away from LIBOR.
What are stablecoins good for, other than enabling speculation?
While stablecoins do find utility as a base currency for navigating between volatile cryptocurrencies, their broader application as a fiat money alternative remains elusive.
JPMorgan posts record net interest income and predicts more growth
JPMorgan Chase closed out the most profitable year in U.S. banking history with its seventh consecutive quarter of record net interest income and a surprise forecast that the windfall may continue this year.