It’s about to get much easier for consumers to break up with their banks
A pending new rule from the Consumer Financial Protection Bureau on customer data will force banks to improve customer service and be more competitive in their pricing.
How Visa and Mastercard are fighting friendly fraud
As false credit-card disputes spike, the networks have updated policies to provide merchants and issuers with more data to combat false chargebacks.
Citigroup trading desk’s windfall drives higher-than-expected profit
Net income — which analysts estimated would fall 22% — rose slightly, the New York-based firm said Friday.
Wells Fargo tops estimates and boosts interest income, expense forecasts
The San Francisco-based bank reported $13.1 billion in net interest income in the third quarter, up 8.3% from a year earlier, and raised its full-year guidance. Noninterest expenses rose more than expected, though, totaling $13.1 billion in the quarter.
JPMorgan notches another net interest income record, lifts guidance
Net interest income was $22.9 billion in the third quarter, above analysts’ expectations. The biggest U.S. bank says it now expects to generate $88.5 billion from the revenue source this year.
Banks in Europe get world’s first ESG add-on to capital rules
The goal is to reflect the increasing threat to financial stability that regulators now see from ESG factors such as climate change and inequality.
Banks are at a ‘tipping point’ amid broad shift to nonbanks: McKinsey
The consulting giant’s annual global banking review highlights a stark trend: Over a seven-year period, more than 70% of the net increase in financial assets ended up not on U.S. banks’ balance sheets, but instead at insurance and pension funds, sovereign wealth funds, in private capital markets and elsewhere.
As house prices soar, Frost offers mortgages to lower-income Texans
The San Antonio-based lender is introducing new products targeted at borrowers who make less than 80% of their county’s median income. The loans, which will qualify for Community Reinvestment Act credit, could help expand access to the state’s increasingly expensive housing market.
Banks boost incentives to lure buyers with office deals frozen
In a tough commercial real estate market, sellers are stepping up efforts to entice buyers before plummeting property values force them to accept deeper discounts.
Archegos ‘friendship’ with Nomura ended in $3 billion loss
After Archegos’ collapse, Nomura had lost almost $3 billion, one of the biggest losses in the history of the prime-broker industry that caters to investment funds.