Weak loan growth, a $3.25 billion litigation accrual and other costs tied to the phony-accounts saga all added up to a messy fourth quarter for the San Francisco bank.
The New York company, which offers loans and provides personal finance advice, plans to expand its product line and invest in new technology with the funds.
The House-passed tax bill would eliminate the New Markets Tax Credit while the Senate bill would not reauthorize it when it expires in two years. Bankers and other proponents say that if it is discontinued many economic development projects in rural and low-income communities won’t be funded.
An increase in corporate loans, the highest lending margin in 4 1/2 years and record profit in asset management helped the lender top analysts’ estimates and offset trading and other challenges.
Collaboration will help make up for cost concerns from adopting the technology and ensure that the core vendors get the message of community banks’ interest.
