What will the loss of credit card late fees mean for America’s biggest banks? A report Tuesday (March 5) by Goldman Sachs Equity Research examines the impact of lost revenue for these banks in the wake of the Consumer Financial Protection Bureau’s (CFPB) new rule...
America’s three biggest consumer banks saw their overdraft fee revenues fall 25% in 2023. J.P. Morgan Chase, Bank of America and Wells Fargo collected $2.2 billion in total in those fees last year, a recent CNBC report said, citing data from the Federal Financial Institutions Examination Council (FFIEC). That figure...
The world’s biggest banks reportedly slashed more than 60,000 jobs in 2023. It was a year in which investment banks suffered their second year in a row of declining fees amid a downturn in dealmaking and companies going public, the Financial Times (FT) reported Monday (Dec. 25). ...
Goldman Sachs is reportedly aiming to double the size of its $110 billion private credit business. That shift involves reshuffling senior executives in the unit, Marc Nachmann, global head of asset and wealth management, told Bloomberg News on Monday (Dec. 11). “We think it’s the biggest opportunity...
October 17, 2023
Earnings season is less than a week old. But with some of the largest names in the industry having already reported, the digital shift and mobile banking remain trends. In many cases the rate of growth is slowing, indicating some critical mass as consumers continue to use online channels to conduct at least some aspects […]
April 28, 2024
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 in a report Sunday (April 28) on the phenomenon. Among the lenders in question is Wells Fargo, which paid almost $594 million more in fees to depositors […]
March 06, 2024
What will the loss of credit card late fees mean for America’s biggest banks? A report Tuesday (March 5) by Goldman Sachs Equity Research examines the impact of lost revenue...
February 11, 2024
America’s three biggest consumer banks saw their overdraft fee revenues fall 25% in 2023. J.P. Morgan Chase, Bank of America and Wells Fargo collected $2.2 billion in total in those fees last year, a recent...
December 26, 2023
The world’s biggest banks reportedly slashed more than 60,000 jobs in 2023. It was a year in which investment banks suffered their second year in a row of declining fees amid a...
