U.S. Bancorp said in its latest earnings report that consumers are continuing to boost their credit card loans – and though charge-offs have increased, credit quality has remained strong. Credit card loans in the quarter were $28 billion, adding more than 9% year over year,...
The recent cyberattack on UnitedHealth Group’s Change Healthcare unit cost the company $872 million. Speaking during an earnings call Tuesday (April 16), CEO Andrew Witty said a bulk of that figure — around $595 million — were direct costs due to “the clearinghouse platform restoration and other response efforts,” such...
PNC Financial Services Group saw average commercial loans dip in the first quarter as businesses remained cautious about the macroeconomic environment. Overall, average loans decreased 1%. Within this, consumer loans declined less than 1%, while average commercial loans decreased 2%, the bank said in a...
Johnson & Johnson (J&J) has emphasized the pivotal role of medical technology (MedTech) in advancing healthcare. During a Tuesday (April 16) call with analysts to discuss the first quarter (Q1) and full-year 2023 financial results, the pharmaceutical giant underscored its commitment to bolstering its reputation as...
Commerce Bancshares, one of the Midwest’s strongest regional banks, joined the chorus of Q1 results reporting Tuesday (April 16) and sounded the theme of resiliency. Tipping its hat to the high interest rates and cautious consumer spending outlook that has dominated bank reporting over the...
Bank of America’s first quarter results took note of continued use of digital channels in banking — and for payments, too. The bank recorded 3.4 billion digital logins; digital sales represented 50% of total sales, the company noted in its earnings supplementals on Tuesday (April...
Goldman Sachs posted earnings on Monday (April 15) that illuminated a continued focus on Wall Street activities, while the firm continues to exit consumer-related banking activities. During the conference call with analysts, CEO David Solomon said that capital markets related activity has been robust as...
Citigroup’s latest results took note of continued spending on credit cards but there were some notes of caution in the mix. The earnings materials detailed that branded card-related volumes were 4% higher year on year in the March period, to just under $121 billion. End...
The opening week of first-quarter earnings season was billed as a referendum on the state of the U.S. economy, specifically consumer spending. While Wells Fargo didn’t post stellar earnings Friday (April 12) it did vote “yes” on the economic prospects for the balance of 2024. “We continue to see...
