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HSBC to pay $100M to end U.S. currency-rigging probe

Thu, 01/18/2018 - 21:48
HSBC has agreed to pay $100 million in penalties to resolve a Justice Department investigation into the rigging of currency rates, according to a person familiar with the matter.
Categories: FINANCIAL NEWS

Bank of the Ozarks defends its aggressive CRE strategy — again

Thu, 01/18/2018 - 21:48
The Arkansas company has spent two years trying to reassure nervous investors and analysts that it can rapidly book real estate loans using conservative practices.
Categories: FINANCIAL NEWS

Sallie Mae to pump tax savings into personal loans, credit cards

Thu, 01/18/2018 - 21:33
The nation's largest private student lender plans to use $30 million of its anticipated tax-cut windfall to speed up its diversification plan and strengthen its digital capabilities.
Categories: FINANCIAL NEWS

CFPB signals shift by dropping payday lender lawsuit

Thu, 01/18/2018 - 21:33
The agency had accused the lenders of deceiving consumers and failing to disclose the true cost of the loans, which carried interest rates as high as 950% a year.
Categories: FINANCIAL NEWS

Deutsche Bank in 'third phase' of turnaround plan, CEO says

Thu, 01/18/2018 - 19:40
Deutsche Bank's John Cryan on Thursday defended his strategy for Germany's largest lender, saying its turnaround has entered a "third phase" in which growth should finally be restored.
Categories: FINANCIAL NEWS

Merger costs eat into PacWest's 4Q profits

Thu, 01/18/2018 - 19:08
The Los Angeles company said earnings fell 2% in the quarter as strong loan growth was offset by costs tied to its acquisition of CU Bancorp as well as a loss on the sale of a securities portfolio.
Categories: FINANCIAL NEWS

Credit costs, tax reform take bite out of Home BancShare's profit

Thu, 01/18/2018 - 16:30
The Arkansas company's earnings fell 52% from a year earlier, reflecting a higher provision, a revaluation of its deferred tax asset and higher costs following a series of bank acquisitions.
Categories: FINANCIAL NEWS

BNY Mellon's 4Q assist from tax law: $427 million

Thu, 01/18/2018 - 16:30
BNY Mellon plowed some of its tax law savings into restructuring efforts.
Categories: FINANCIAL NEWS

Mulvaney requests 'zero' money for CFPB

Thu, 01/18/2018 - 16:14
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, has requested no funding from the Federal Reserve in the second quarter and instead will use reserves to fund the agency.
Categories: FINANCIAL NEWS

Fee income, lending niches help boost BB&T profits 4%

Thu, 01/18/2018 - 15:58
Highlights at the North Carolina bank included deposit service charges, CRE lending and margins, which all offset one-time costs related to tax reform.
Categories: FINANCIAL NEWS

Blockchain being considered to resurrect crisis-era mortgage product

Thu, 01/18/2018 - 15:43
A group of big financial institutions wants to use the blockchain to help resurrect the packaging of home mortgages into securities, a business that almost destroyed the global banking system in 2008.
Categories: FINANCIAL NEWS

Banks shouldn’t give up on pot banking just yet

Thu, 01/18/2018 - 15:43
Financial institutions are facing considerable uncertainty following the Department of Justice’s decision to rescind Obama-era guidance for the legal marijuana business, but there are steps they can take to reduce their risks.
Categories: FINANCIAL NEWS

Big banks slashed 8,000 more jobs before tax-cut windfall

Thu, 01/18/2018 - 15:27
America's biggest banks just spent a week regaling shareholders about brighter days ahead, when tax cuts add billions of dollars to the firms' annual profits. About 8,000 people are getting left behind.
Categories: FINANCIAL NEWS

M&T's 4Q earnings dip due to $50M donation honoring late CEO

Thu, 01/18/2018 - 15:27
The Buffalo-based company donated a record $50 million to its charitable foundation to honor its former CEO Robert Wilmers, who passed away late in 2017.
Categories: FINANCIAL NEWS

Big banks slashed 8,000 more jobs before tax-cut windfall

Thu, 01/18/2018 - 15:11
America's biggest banks just spent a week regaling shareholders about brighter days ahead, when tax cuts add billions of dollars to the firms' annual profits. About 8,000 people are getting left behind.
Categories: FINANCIAL NEWS

Citi Ventures has an eye to future with new internships

Thu, 01/18/2018 - 15:11
The bank’s innovation unit hopes some of the students it takes in from 12 universities including Columbia, NYU and Texas will end up working at Citi someday or creating startups it can partner with.
Categories: FINANCIAL NEWS

Mission-driven Varo Money secures $45 million from investors

Thu, 01/18/2018 - 15:11
U2 lead singer Bono is among the latest to support the ambitious mobile-only fintech startup, which applied for a national bank charter in July.
Categories: FINANCIAL NEWS

KeyCorp chief stresses long view after 4Q earnings drop

Thu, 01/18/2018 - 14:22
Merger- and tax-related charges took a bite out of fourth-quarter profits at the Cleveland company, but its CEO emphasized that a recent deal and tax reform are promising for growth.
Categories: FINANCIAL NEWS

B of A to reward shareholders; Wells’ chief risk officer to retire

Thu, 01/18/2018 - 14:06
Bank says most of the benefits from tax reform will be used for dividends and buybacks; Michael Loughlin will stay on until his replacement is named later this year.
Categories: FINANCIAL NEWS

Taxi loans weigh on Signature's 4Q profits

Thu, 01/18/2018 - 13:05
A large writedown on its portfolio of taxi medallion loans marred an otherwise strong fourth quarter for Signature Bank in New York.
Categories: FINANCIAL NEWS

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