Coronavirus

PNC sees steep decline in forbearance requests. Will it last?

07/15/20

The Pittsburgh bank says fewer borrowers are asking for help and that many borrowers who received assistance are making payments again. But with the coronavirus pandemic still raging in much of the country, CEO William Demchak and other bankers are tempering their optimism.

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U.S. Bancorp mulls more branch closings as customers flock to digital channels

07/15/20

The Minneapolis company said 75% transactions have been handled online since the pandemic hit.

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Capital relief is good for big banks and the economy

07/15/20

Some criticized the Fed’s decision to temporarily lift capital restrictions for megabanks, but the move will help ease the crisis.

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A grim outlook for Wells Fargo’s commercial loan book

07/14/20

The energy sector, retail and hospitality are among the industries that are faring poorly during the pandemic. The bank expects loan losses to remain elevated well into 2021.

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Big banks keeping consumer loan losses in check, at least for now

07/14/20

Net charge-offs fell at Citigroup and Wells Fargo, thanks to forbearance and federal stimulus. Leaders of those banks are warning that delinquencies could rise once the benefits of those programs wear off.

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Core conversions go virtual amid pandemic

07/14/20

Switching core banking systems has long been done face to face, but the coronavirus has driven the process into the digital arena. The change could be permanent.

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No bank should be paying dividends right now

07/14/20

The Fed’s recent action capping dividend payments might prove inadequate once the coronavirus crisis really hits banks’ capital.

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Wells Fargo posts first quarterly loss since 2008

07/14/20

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.

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Citi beats estimates as trading windfall offsets higher credit costs

07/14/20

The results show how Wall Street giants such as Citigroup leaned on volatile businesses in the second quarter to counter mounting signs of distress from lending operations.

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JPMorgan’s record trading helps ease pandemic’s toll on profit

07/14/20

The country's largest bank said second-quarter profit fell 51% to $4.69 billion, a smaller drop than forecast, as record trading revenue helped counter the biggest loan-loss provision in its history.

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