JPMorgan Chase discloses multiple investigations by U.S. regulators
Regulators are looking into practices within JPMorgan's securities arm and investigating parts of its trading operations, according to a regulatory filing by America's largest bank.
Orla McCaffrey
Staff Writer
How the end of the student-loan pause could hurt deposit levels
Following the end of a long moratorium for federal student loan borrowers, monthly payments are expected to total $18 billion. Much of that money will come from checking and savings accounts, which will put more pressure on banks' deposit bases.
PNC becomes the latest bank to take advantage of regional bank failures
In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.
U.S. will likely avert recession in 2024, bank economists say
The avoidance of one of the harsher economic scenarios is good news for banks, which are also contending with tighter profit margins and increasing competition for customers. But loan growth and credit quality could be at risk.
BMO says Bank of the West deal could deliver more savings than expected
The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.
Directors of failed Chicago bank plead guilty to conspiracy
The three former Washington Federal Bank for Savings board members were accused of giving the OCC false information in an attempt to hide embezzlement. They could face up to five years in prison for attempting to deceive the OCC.
Credit-rating downgrades could mean higher costs for banks
Moody's said higher funding costs, a potential decline in bank capital and growing risk in the commercial real-estate industry prompted many of the downgrades.
Americans paid 14% more for financial services last year: Report
Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.
PacWest plans to shrink assets, make ‘significant expense reductions’
The California bank, which endured large deposit outflows in March, anticipates selling its $2.7 billion lender finance portfolio in the coming months. It's also looking at cutting facilities, employee headcount and vendor costs.
JPMorgan foresees strong returns even amid recession
The largest U.S. bank by assets raised its forecast for net interest income in 2023 to $81 billion from $74 billion, a positive sign for investors wondering how an economic downturn might weigh on profits.
Columbia expects loan growth in the low or mid single digits this year
The loan-growth projections are for Columbia Banking System itself, before the Tacoma, Washington, bank officially merges with Umpqua Holdings. The $5 billion deal is scheduled to close Feb. 28.
Ex-Truist Chief Financial Officer Daryl Bible to join M&T as CFO
Bible spent 14 years at BB&T and Truist before announcing his retirement earlier this year. He will replace Darren King, who will remain at M&T in a new role.
Streamlined refinancing could help more homeowners, mortgage bankers tell CFPB
Lenders that offer streamlined refinances in the future shouldn't be required to consider the borrower's income or employment status, according to the Mortgage Bankers Association. The trade group's comments were part of its response to a request for information on mortgage products that would support the financial stability of households.
Wells Fargo charged borrower $40,000 in excessive legal fees, judge rules
The case involved a customer who was charged $100,000 in legal fees when he tried to pay off a commercial mortgage early. After the borrower waged a nearly decadelong legal fight, a Florida court ordered the bank to reimburse a portion of the fees.
Bankers betting interest rates will peak in first half of 2023
Almost two-thirds of banking executives believe the U.S. will see its highest interest rates this cycle in the first half of next year. And close to 60% of executives said they are concerned the Federal Reserve is hiking rates too quickly.