News Topic: Commercial banking

The Pittsburgh company reported a 39% gain in retail banking profits amid a lot of strong first-quarter numbers, yet it still fell short of analysts' earnings expectations by a penny and wants to push for stronger loan growth. ... Read full article

The Kansas City, Mo., company also benefited from higher yields on its loans and flat funding costs. ... Read full article

In addition to his highly publicized comments on trade and other political issues, the CEO of JPMorgan Chase used his annual letter to underscore the importance of job training for low-wage workers and call attention to an FDIC proposal that encourages ... Read full article

Efforts by financial institutions to track "beneficial ownership" data in advance of a regulatory deadline next month is complicated by the challenge of getting customers to cough up the information. ... Read full article

The San Francisco Fed chief, an economist, is seen as a complement to Fed chair Powell; the proposal would make it easier for banks to comply with the law. ... Read full article

U.S. banks lag the technology, telecommunications and energy sectors in what they pay employees, according to new data. The gap suggests that the industry may not be the acting aggressively enough to remake itself for the digital age. ... Read full article

Morgan Stanley also reported a wide disparity in gender pay, reflecting the greater proportion of men in top executive posts. ... Read full article

The holding company for Union Bank — itself a unit of the Japanese giant Mitsubishi UFJ Financial Group — is on a mission to double its size and become one of the nation's 10 largest banks. Under Steve Cummings, its first-ever American CEO, MUFG ... Read full article

The bank said it won’t do business with clients who sell guns to minors or those who fail background checks; JPM, B of A and Wells now hold nearly one-third of U.S. deposits. ... Read full article

CEO Michael Corbat all but called out his counterparts at other banks to join Citigroup in setting limits on what kinds of firearms businesses it is willing to serve. The response was muted, but the pressure to act is tremendous. ... Read full article

The bank, which has branches in eight state and operates a nationwide real estate business, said that the proposed new name, Bank OZK, would better reflect its geographic reach. ... Read full article

CEO Tim Sloan was paid $17.4 million, though he was denied a cash bonus, as the San Francisco bank continued to contend with scandal fallout. ... Read full article

As it expands to the West Coast, the bank will first target car dealers at which it is already an indirect consumer lender. ... Read full article

The online giant has succeeded in disrupting every area of retail, but in banking it faces a high barrier to entry and fierce determination from banks like Citizens Financial and Bank of the West to keep upping their games. ... Read full article

Wells has helped gun and ammunition companies access $431 million in loans and bonds since the 2012 Sandy Hook shooting. Other financial firms that are active as bookrunners for gunmakers include Morgan Stanley, TD Securities, Bank of America and JPMorgan ... Read full article

Since stepping down as CEO of Webster Bank last month, James Smith has spent much of his time co-chairing a panel tasked with solving his home state’s fiscal and economic woes. Banks, and perhaps even fintechs, could be a part of its comeback story, he ... Read full article

With the state only months away from allowing the sale of pot for recreational use, its top cannabis regulator is urging policymakers to consider creating a public bank to provide services to growers and dispensaries that might otherwise have nowhere else ... Read full article

Canadian Imperial Bank of Commerce’s push to be less domestically focused is showing signs of success, thanks to its June takeover of Chicago-based PrivateBank. ... Read full article