Earnings

Amalgamated CEO Keith Mestrich to leave bank in January

10/14/20

The New York bank, which is conducting a search for its next leader, also said it expects to report strong third-quarter earnings.

[more]

BofA breaks ranks and paints upbeat picture on consumer trends

10/14/20

Spending is up and deferrals are down sharply, signaling that the economy has turned a corner, CEO Brian Moynihan said. The outlook stood in stark contrast to JPMorgan Chase, which set aside more funds to address potential exposure in consumer banking.

[more]

U.S. Bancorp eyes another 15% reduction in branches

10/14/20

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.

[more]

PNC unlikely to buy a digital bank, CEO Demchak says

10/14/20

The Pittsburgh company has reservations about the business model and staying power of online-only banks.

[more]

Profits nearly double at Goldman on broad revenue strength

10/14/20

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.

[more]

Wells Fargo profit slumps on severance and remediation charges

10/14/20

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.

[more]

Bank of America's profits, consumer revenue fall

10/14/20

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.

[more]

Citi execs silent on cost of risk overhaul

10/13/20

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.

[more]

Mortgage boom fuels strong third quarter at First Republic

10/13/20

The San Francisco bank reported record loan originations thanks to explosive growth in single-family home loans, and profits beat analysts' expectations.

[more]

Murky economy complicates credit outlook at JPMorgan Chase

10/13/20

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.

[more]