Profits soar at JPMorgan, Wells Fargo as they defy deposit pressures
Net interest income rose sharply at Wells Fargo and especially JPMorgan Chase last quarter, thanks to lighter-than-expected deposit costs. But questions linger about how long both companies can keep a lid on those expenses and whether smaller competitors can do the same.
Citi CEO pledges ‘relentless execution’ of restructuring plan
Jane Fraser defended Citigroup’s recently announced organizational overhaul and specific performance targets, saying the plan is different from prior restructurings because it’s designed to fundamentally change how the company operates.
SEC proposal could slow innovation in trading, panel says
The Security Traders Association conference in D.C. led a panel about the SEC’s proposal to scale back robo-advisors and AI in markets.
Women in Banking Gala celebrates, advances diversity in finance
Banking leaders were honored and offered motivating wisdom for women to ascend the corporate leadership ranks at American Banker’s Most Powerful Women in Banking Gala this year.
Wells Fargo cedes bank mortgage crown to JPMorgan after pullback
JPMorgan Chase now tops Wells Fargo in third-party servicing, origination volume and on-balance-sheet home loans, according to company filings.
PNC details its job-cut plan, cites a slowdown in lending
The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.
JPMorgan says bank regulations will add $50 billion in required capital
Under the proposals, banks with at least $100 billion in assets would have to boost the amount of capital set aside by an estimated 16%.
LendingClub lays off 172 employees, blames rising interest rates
The recent round of terminations comes after the neobank cut 225 employees in January.
FDIC launches deposit insurance awareness campaign for general public
The FDIC launched a campaign Wednesday to educate the public about the importance of deposit insurance, a move designed to counter lingering concerns arising from this spring’s bank failures and the resurgence of imitation banks.
After banks balked, a credit union helped establish a tiny home village
Amplify Credit Union in Austin provided funding for the construction of 28 tiny homes to create more affordable housing in Round Rock, Texas. Several banks had previously shot down the project.