Whether JPMorgan tipped its hand on a succession plan; U.S. Bank hires its first chief digital officer; all eyes on CFPB as it modernizes its debt collection rules; and more from this week’s most-read stories.
The Rhode Island bank’s deposit costs nearly doubled in the first quarter, but CEO Bruce Van Saun says it has to go on the offensive to sustain loan growth.
The Providence, R.I., bank reported increases in most fee-based lines and loan categories, and it continued to add deposits through its new digital franchise, Citizens Access.
Tens of millions of dollars of M&A costs and a decline in mortgage activity offset higher loan income in the first quarter at the two banks, which also offered a timeline for their rebranding and shareholder votes.
EO Andy Cecere acknowledges that other banks have tried to broaden customer relationships and selectively expand into new markets before and struggled. But the sophistication of today’s online and mobile services could make all the difference this time, he says.
CEO Joseph DePaolo lamented the tough funding environment after the New York bank said deposit costs jumped 90% in the first quarter. Signature was the second bank Wednesday to report a drag on profits from funding costs.
