April 28, 2024
Banks Pay Savers More to Stay Amid Steep Interest Rates
For America’s biggest banks, deposit costs are exceeding interest income. That’s the first time that’s happened since the Federal Reserve began increasing rates two years ago, the Financial Times noted...
April 19, 2024
Senators Press Banks for Better Defenses Against Wire Fraud
The looming specter of wire fraud has spurred lawmakers to press big banks for better defenses against bad actors — and a detailing of the impact the scams have had on consumers....
April 17, 2024
US Bancorp Interest Income Dips as Customer Caution Continues
U.S. Bancorp is forecasting a decline in net interest income for this year. In announcing its earnings Wednesday (April 17), the lender said it anticipates net interest income (NII) of $16.1...
April 16, 2024
Banks Report Lending Slows as Corporate Borrowers Pay Down Debt
The largest U.S. banks are reporting a slowdown in lending. Bank of America and PNC were the latest to do so, with the former reporting Tuesday (April 16) that lending was “sluggish” and...
April 16, 2024
Banks Cut 5,000 Jobs in Q1 Amid Uncertain Economic Climate
The largest U.S. banks cut a total of more than 5,000 jobs during the first quarter. They did so to control costs during an uncertain economic climate in which investors...
April 16, 2024
Earnings Season and FICO Data Point to ‘Strong’ Consumer Credit...
Earnings season, so far — and chiefly through the big banks — is pointing to some strength in consumer credit. And that strength has been measured through FICO scores detailed...
April 15, 2024
eCommerce Helps Fuel Unexpected Climb in Retail Sales
Retail sales climbed higher than anticipated in March, fueled in part by a jump in eCommerce. Data released Monday (April 15) by the U.S. Department of Commerce showed retail sales rising...
April 12, 2024
Wells Fargo Sees Brighter Days for US Consumer Spending
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...
April 12, 2024
Partnerships Dominate FinTech IPO Index News Ahead of Earnings
On Friday (April 12), big banks will weigh in with their latest quarterly results, kicking off earnings season in an official manner. JPMorgan, Wells Fargo and Citi will give insight into the trends tied...
