One Congress Refinanced for $650M
Boston’s One Congress office tower received $650 million in refinancing from Bank of America and Wells Fargo.
JPMorgan Nearly Doubles Provision for Loan Losses
JPMorgan’s net income rose 9 percent in the first quarter and the New York bank beat Wall Street’s profit and revenue targets, but its chief executive warned of global economic uncertainties ahead due to tariff chaos.
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.
Coffee, Sculptures and Advice: Banks Try to Make Branches Less Intimidating
After years of closing or mostly neglecting physical bank branches across the U.S., the nation’s largest banks are spending hundreds of millions of dollars on refurbishing old locations or building new ones, and in the process changing the look, feel and purpose of the local bank branch.
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.
Community Good Works
Bristol County Savings Bank, based in Taunton, gave a $10,000 grant to the city-run Taunton Teen Empowerment Program, which runs personal development workshops for teens to learn life skills and build confidence. See who else gave back.
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.
Community Good Works
Lawrence-based Merrimack Valley Credit Union donated $30,000 to Emmaus Inc. in Haverhill, a nonprofit that provides emergency shelter and affordable housing to families and individuals facing homelessness. See who else gave back
BofA Hit with $250M Fines for Fees, Opening Accounts Without Consent
Bank of America must pay around $150 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
Megabanks Warn of Slowing Economy
Several of America’s biggest banks say they’re setting aside hundreds of millions of dollars each to cover potential loan losses in the event of a recession this year.
Wells Fargo to Exit Correspondent Lending, Shrink Servicing
Wells Fargo plans to reduce the size of its mortgage business, making changes that the bank said would see its home lending business focus on bank customers and minority communities.
Wells Fargo to Pay $3.7B Over Consumer Law Violations
Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Community Good Works
Somerville-based Naveo Credit Union employees dressed up in costumes on Monday, October 31 and raised over $160 for The Leukemia & Lymphoma Society during their Costumed for a Cure event.
Mortgage Layoffs in Mass.? Some Firms Not Planning on It
The coming months could see more job losses as lenders adjust to the new economic environment. But some Massachusetts lenders don’t see layoffs on their horizon thanks to decisions made when the refinance boom began two years ago.
Investment Firm Drops $102M on Harwich Resort
A New York City-based investment firm has purchased a large luxury resort overlooking Pleasant Bay in Harwich.
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.
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.
Wells Fargo Assessed $250M Penalty
The Office of the Comptroller of the Currency has assessed a $250 million civil money penalty against Wells Fargo Bank and issued a new enforcement action with the bank for deficiencies in its home lending program.
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.
