The San Francisco bank said Friday that it plans to close at least 400 branches over the next two years, part of an effort to reduce annual expenses by $2 billion.
JPMorgan Chase, Bank of America and PNC reported lackluster revenue growth as higher trading fees and increases in commercial lending barely compensated for consumer-side challenges.
Violations of Bank Secrecy Act and anti-money-laundering compliance remains a hot topic for financial institutions as regulators can bar them from branch building and bank acquisitions. Here are some notable regulatory actions that are still unresolved.
The San Francisco private bank reported double-digit gains in originations and noninterest income that led to a nearly 30% increase in profits last quarter.
Bank of America, the second-largest U.S. lender by assets, said fourth-quarter profit rose 43% as revenue from fixed-income trading increased and expenses dropped.
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