Major U.S. banks shaved about $21 billion from their tax bills last year — almost double the IRS’s annual budget — as the industry benefited more than many others from the Republican tax overhaul.
The combination of their convenient branch networks and strong digital offerings makes large, national banks tough to beat in dispensing financial guidance, consumers say.
The new leadership of the House Financial Services Committee appears intent on subjecting Wall Street to a harsher spotlight, but banks shouldn’t be too sure the new minority has their backs, either.
The leaders of the biggest U.S. banks are likely to be summoned to face questions from the Financial Services Committee, an early sign that the financial industry will endure tougher scrutiny under a Democratic-controlled House.
The bank-led P2P network Zelle saw its strongest quarterly growth during the fourth quarter of 2018, as payment volume rose nearly 60 percent to $119 billion for the year. But a significant amount of this volume comes from just one bank.
Bank of America Chief Executive Officer Brian Moynihan predicted another round of consolidation in the U.S. that could lead to the emergence of a new competitor.
In letters to the Treasury secretary and CEOs of the largest banks, the Massachusetts Democrat questioned why Mnuchin was trying to quell liquidity fears that had not previously been mentioned by regulators.
Sen. Elizabeth Warren questioned the five largest U.S. retail banks in a letter on what they are doing to reduce the impact of the government shutdown on customers.
Bank of America CEO Brian Moynihan and his fellow executives said they see nothing to suggest a slowdown is imminent. Their outlook was far more upbeat than that of JPMorgan chief Jamie Dimon.
Retail banking loans rose 5% at Bank of America, which also reported a 3% increase in consumer deposits and a 12% leap in net interest income in consumer banking.
