The Minneapolis company says the majority of branches earmarked for closing have already been shuttered for months due to the pandemic. Some of the savings will be plowed back into digital expansion. ... Read full article
CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan. ... Read full article
The Pittsburgh company has reservations about the business model and staying power of online-only banks. ... Read full article
Third-quarter net income dropped nearly 16% from a year earlier as revenues at the company's consumer unit declined at about the same pace and trading revenue gains were below estimates. ... Read full article
Revenue at each of Goldman’s four divisions rose from a year earlier, pushing earnings per share to a record that was almost twice as high as analysts predicted. ... Read full article
The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges. ... Read full article
CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions. ... Read full article
The San Francisco bank reported record loan originations thanks to explosive growth in single-family home loans, and profits beat analysts' expectations. ... Read full article
The banking giant may be sitting pretty with plenty of money reserved for bad loans — or it could have to set aside billions more in coming quarters. It hinges on an ongoing U.S. recovery and the passage of a new stimulus package. ... Read full article
The California-based institution joins a small group of CUs that represent only about 7% of institutions but hold about 70% of industry assets. ... Read full article
Citigroup posted its biggest quarterly profit of the pandemic after reaping another windfall from trading bonds and expressing newfound confidence in the resilience of its loan book. ... Read full article
The company defied expectations by cutting its reserve for loan losses by $569 million, after adding $20 billion to the allowance in the first half. ... Read full article
The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission. ... Read full article
Many sectors are concerned about making money in an economic downturn, but those fears are higher in the financial sector, according to a study from Arizent. ... Read full article
Robert D. Ramirez has accepted the top job at the South Florida credit union as it attempts to turn around following a steep decline in earnings and a jump in charge-offs. ... Read full article
Second-quarter figures from the credit union regulator paint a grim picture for many states across a variety of key earnings metrics. ... Read full article
The post was vacant since Kristy Fercho left to run Wells Fargo Home Loans in July. ... Read full article
A new report from the National Credit Union Administration shows how hard the industry was hit during the second quarter as businesses closed and consumer spending dropped. ... Read full article
Record profits from trading and other capital markets activities helped to offset steep revenue declines in personal and business banking. ... Read full article
New data from the state regulator showed that CUs in the Badger State grew assets by 28% during the first half of this year, up from 14% during the same period in 2019. ... Read full article
