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.
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.
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.
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.
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.
