Commercial banking
The Boston company said Tuesday that its $3.5 billion acquisition of Brown Brothers Harriman's investor service business is facing pushback from regulators. The deal's completion is now in doubt even though State Street has come up with a number of modifications, including lowering the purchase price.
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The custody bank recorded a 59% drop in net income as a result of the goodwill impairment charge. New CEO Robin Vince sought to assure analysts that the one-time item does not reflect either a change in strategy or the well-being of the company's investment management business, which took the hit.
October 17 -
Its investment banking and corporate lending revenues dipped during the third quarter, while treasury services and branded cards were bright spots. That formula will be tested by "rolling, country-level recessions" across the globe, CEO Jane Fraser predicts.
October 14
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The San Francisco bank reported a near-record volume of loan originations, as well as stellar credit quality, in the third quarter. But investors sold off shares after the company's net interest margin fell.
October 14 -
Third-quarter results at the Minneapolis bank were powered by loan growth and rising interest rates, partially offset by lower noninterest income. Shortly after the company released its earnings report, it received regulatory approval for its acquisition of MUFG Union Bank.
October 14 -
The Pittsburgh company's finance chief expects more gains in interest income, though he conceded rising deposit costs could curb the pace of advances.
October 14 -
The nation's largest bank by assets cited a weakening economic outlook as one reason it added to its allowance for loan losses for the third straight quarter. But its third-quarter results beat analysts' expectations.
October 14 -
For some bankers, net zero is like a new year's resolution — a pledge one makes and often breaks before a year has passed.
October 14 -
The average interest rates that banks pay to commercial clients jumped at the end of the summer, according to survey data. Industry executives are likely to face questions about the outlook for 2023 during upcoming earnings calls.
October 13 -
Huntington Bancshares in Ohio has recruited its new managing director of commercial specialty banking as well as its new corporate treasurer from rival regional banks.
October 13
