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.
Wells Fargo tells business clients to consider other banks for emergency loans; JPMorgan Chase is temporarily reducing its exposure to the mortgage market; how TD Bank got a head start on pandemic preparations; and more from this week's most-read stories.
Consumers and businesses put more money in the bank as the pandemic worsened. How long the funds remain will depend on how quickly the economy recovers.
Wall Street trading arms benefited from first-quarter volatility, but it may not be enough to salvage future earnings; “unprecedented volume” of customers logging into their online bank accounts creates system overload at many banks.
Quick forbearance actions averted an immediate hit to asset quality, but executives warned that a spike in unemployment and a looming recession will cause long-term problems.
The biggest lenders seem to have handled the corporate rush for cash heading into the economic shutdown caused by the coronavirus pandemic. But their ability to collect is as uncertain as the economic outlook for the next year.
The two U.S. banks set aside a combined $10 billion for future loan losses, which may not even be enough; a proxy firm says the Swiss bank did not adequately punish former executives for spying scandal.
With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.
