BankThink

Toronto-Dominion Bank said it will close 82 bank branches in the U.S. as part of a “store optimization” in its American unit, where net income dropped in the fiscal first quarter.

Shared national credit balances rose 5% last year, and the percentage of at-risk loans nearly doubled. Regulators point out that banks have stashed away extra capital, but a lot will depend on the speed of the economic recovery and the performance of nonbank loans.

The Federal Reserve imposed the restrictions after conducting supplemental stress tests tied to the pandemic. But Vice Chair of Supervision Randal Quarles says it is now clear banks would have had sufficient capital regardless.

Bank of America cut some of its staff in the global banking and markets division this week. The latest cuts mark an end to BofA's pledge not to eliminate any jobs in 2020 as the global pandemic flared.

JPMorgan Chase is stepping up its search for acquisition targets as competition intensifies from financial technology firms and other new rivals.