News Topic: Earnings

Deposits are soaring while loan demand lags and mortgage-backed securities offer weak returns. So the Alabama company has parked loads of cash at the Fed in hopes the economy will pick up steam before profit margins suffer. ... Read full article

The Columbus, Ohio, company plans to close nearly 200 branches in the state — including more than 90 in Meijer grocery stores — after it acquires TCF Financial. It also intends to significantly boost its technology spending to improve its digital ... Read full article

The auto finance company, which had stumbled in forays into the credit card business, is now seeing rapid growth in mortgage and unsecured consumer lending. ... Read full article

The upstate New York company unloaded three loans, joining a short list of lenders that have purged problematic credits during the pandemic. ... Read full article

The Eugene-based institution joined a small but growing number of credit unions that have raised their entry-level pay in recent years. ... Read full article

The Cleveland company will launch the service in March to broaden relationships its Laurel Road student loan refinancing unit has built with health care professionals. ... Read full article

The bank's nonaccrual loans have been soaring as the pandemic continues to roil the hospitality sector. M&T executives said they've been working with borrowers to keep them out of foreclosure. ... Read full article

The Green Bay, Wisc., company will consider both inside and outside candidates to replace Flynn, who plans to step by the end of the year. ... Read full article

The investments, part of a post-merger effort to wring out more profits, include new commercial and mortgage lending platforms. ... Read full article

Consumers have largely kept up with their payments during the pandemic, but Discover chief Roger Hochschild says he expects defaults to rise as structural changes in the economy lead to more layoffs of white-collar workers. ... Read full article

Providence, R.I.-based Citizens Financial has largely focused on nonbank deals in recent years, but CEO Bruce Van Saun said the race for scale in the industry is prompting more banks — including his own — to consider mergers. ... Read full article

Hundreds of branches temporarily shuttered during the pandemic are now permanently closed. ... Read full article

Payments activity “snapped back” in the fourth quarter and should lift revenue the next few quarters, CEO Brian Moynihan said. ... Read full article

The Dallas bank says reserves could return to pre-pandemic levels by the end of 2021— a year earlier than analysts were predicting — if vaccines prove effective at slowing the spread of the coronavirus. ... Read full article

Goldman Sachs' dealmakers capped their record year with a fourth-quarter revenue jump that helped profit more than double. ... Read full article

Revenue from sales and trading rose 7% to $3.06 billion in the fourth quarter, missing analysts' $3.15 billion forecast. The division, helmed by Jim DeMare, was hurt by unexpected weakness in fixed-income trading. ... Read full article

Weeks away from succeeding Michael Corbat, Jane Fraser said she’d consider streamlining some units or divesting others as part of her effort to kick-start return on equity. ... Read full article

CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors. ... Read full article