Citi Launches Strata Elite Card to Compete With AmEx and Chase
There’s a new but familiar face coming to the world of high-end credit cards.
Earnings Show Megabanks Thrived in Final Quarter of 2024
JPMorgan’s net income soared 50 percent to more than $14 billion in the fourth quarter as the bank’s profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year.
More Women Made List of Top-Paid CEOs in 2023, But Numbers Still Small
More women are attaining the top job at companies in the S&P 500, including a top bank CEO, but their numbers are still minuscule compared to their male counterparts.
Big Banks Issue Mixed Profit Reports as JPMorgan Flags ‘Uncertain’ 2024
JPMorgan Chase continued to warn investors Friday that it expects a “uncertain” year for markets and the global economy, citing stubbornly high inflation and ongoing geopolitical tensions.
Megabank Profits Mostly Fall in Q4 Amid Upbeat CEO Messaging
Three of the nation’s biggest banks said Friday that their profits fall last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
Megabank CEOs Warn New Regulations Could Harm the Economy
The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
Big Bank Profits Decline as Deal-Making, Mortgages Slow
Four big banks reported noticeable declines in their first-quarter profits Thursday, as the volatile markets and war in Ukraine caused deal-making to dry up while a slowdown in the housing market meant fewer people sought to get a new mortgage or refinance.
Big Banks’ Profits Soared in 2021
Three of the nation’s biggest banks reported blowout profits for 2021 on Friday, helped by the improving economy and consumers and businesses willing to spend and take on loans.
Bank Profits Soar, Helped By Merger Frenzy, Fewer Bad Loans
Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has helped reduce the number of loans in default or that the bank won’t likely recoup.
Big Bank CEOs Say They’ll Work to Avoid Foreclosures
The chief executives of the nation’s largest banks went in front of Congress for a second day Thursday, facing questions ranging from inflation to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer.
Black Lives Matter to Banks, But Not Banking
Two weeks ago five of the nation’s largest banks did an about-face, asking shareholders to vote against proposals calling for third-party racial equity audits. But here’s the truth: What you don’t measure, you can’t manage.
Optimistic Megabanks Start Moving ‘Bad’ Loans Back to ‘Good’
The pandemic and recession aren’t over by a long shot, but megabanks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile.
Feds Fine Citigroup $400M Over Faulty Risk Management
Citigroup has agreed to pay a $400 million fine imposed by U.S. regulators for failing to shore up the bank’s operations.
Citi Picks Jane Fraser as Next CEO, First Woman in that Role
Citigroup announced that Jane Fraser would succeed Michael Corbat as the bank’s next chief executive, making Fraser the first woman to ever lead a Wall Street bank.
House Demands PPP Loan Info from Treasury, Banks
A House subcommittee investigating billions of dollars in coronavirus aid is demanding that the Trump administration and some of the nation’s largest banks turn over detailed information about companies that applied for and received federal loans intended for small businesses.
Former Banker Returns to DOR as Commissioner
A veteran of three of the largest banks on Wall Street will start next week as the commissioner of the Department of Revenue.
Fidelity to Spin Off Important Financial Data Network Akoya
The parent company of Fidelity Investments had announced the spin-off of Akoya as an independent company that will be jointly owned by Fidelity, The Clearing House Payments Co. and 11 of its member banks.
Report: Google to Offer Bank Accounts in Citibank Partnership
Traditional bankers’ fears of Big Tech companies jumping into the banking sector could be starting to come true.
Citigroup Taking Steps to Provide Gender and Ethnicity Wage Data
Citigroup and Arjuna Capital said in a statement yesterday that Citi is taking steps to provide gender and ethnicity wage data in an effort to help closing the pay gap, making it the first U.S. bank to respond to shareholder concerns.
Goldman’s Fledgling Consumer Bank Draws Questions From Curious Analysts
As Goldman Sachs Group Inc. has unveiled more details about its strategy and financial targets to satisfy investor demands, Wall Street’s attention has turned to a business so small and new that there may not be much to disclose.
