The central bank's Financial Stability Report said companies may face difficulties repaying debt given lower earnings, “which could trigger a sizable increase in firm defaults." ... Read full article
More write-downs seem inevitable as the coronavirus outbreak wreaks havoc on the economy and bank stocks. ... Read full article
The Federal Reserve also said in a supervisory report released Friday that it would conduct stress tests this quarter as planned, taking into account sudden deterioration in the economy brought on by the coronavirus pandemic. ... Read full article
Frank Bisgnano, who engineered a technology-driven recovery at First Data before it was acquired by Fiserv last year, will shortly take Fiserv's top job as the company forges its coronavirus strategy. ... Read full article
U.S. banks under $10 billion in assets made 60% of the loans in the first round of the Paycheck Protection Program; things go relatively smoothly in the U.K. as 110,000 small businesses apply for low-cost loans. ... Read full article
The Illinois company will sell Bates Cos. to an undisclosed buyer less than two years after buying the wealth management firm. ... Read full article
The online lender reported a hefty first-quarter loss on Thursday and said that a whopping 45% of its small-business loans are past due. ... Read full article
The millions of dollars earned from Paycheck Protection Program transactions will help cover rising provision costs tied to the new CECL accounting standard and coronavirus shocks to loan books. ... Read full article
A former economist says high-ranking officials engaged in “legally risky” behavior to downplay consumer harm; online payments and contactless transactions jumped in the first quarter, and some think the new habits will stick. ... Read full article
Portal crashes, technology glitches, last-minute changes in guidance, renewed suspicions about loan dispersal: Meet the new Paycheck Protection Program, same as the old Paycheck Protection Program. ... Read full article
The two lenders are being more aggressive than other European banks in putting a price on the economic devastation caused by the coronavirus outbreak. ... Read full article
The Georgia bank could rely more on drive-through-only branches, trim office space and reassess staffing levels after the coronavirus crisis, according to Kessel Stelling. ... Read full article
"We're now in a different world," Stephen Squeri, chairman and CEO of Amex, said during the card brand's first-quarter earnings call. ... Read full article
The energy business alone faces immense challenges and the overall economy may not bounce back until 2022, Stephen Steinour says. ... Read full article
Banks had an opportunity to delay compliance with the new accounting standard, but many opted to move forward to get ahead of credit issues that could arise from the coronavirus outbreak. ... Read full article
The pandemic won’t halt the Cincinnati bank's plan to open about 100 branches in the Southeast, but features could be added to accommodate social distancing. ... Read full article
The Los Angeles regional bank recorded the $1.5 billion noncash charge after its stock price ended March below its tangible book value. ... Read full article
First Horizon still plans to complete its merger with Iberiabank on time, CEO Bryan Jordan said during the Tennessee company's earnings call. ... Read full article
Executives say they can still meet their goal of $480 million in cost savings this year from the combination of BB&T and SunTrust despite unexpected expenses, unless the economy fails to rebound quickly. ... Read full article
The Dallas company also reported a first-quarter loss after the coronavirus outbreak caused "significant deterioration" in its economic outlook. ... Read full article
