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The Minneapolis-based parent company of U.S. Bank achieved positive operating leverage during the first quarter as revenues outpaced expenses.
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The Memphis-based bank said the pace and quantity of interest rate cuts will be a determining factor in its performance. In its first quarter, it saw deposit costs continue to fall, offset by soft loan growth.
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The regional bank noted "heightened uncertainty" in the second quarter but reaffirmed its outlook for the year.
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President Trump's tariff regime and resulting price shocks may put additional pressure on small banks, requiring an already undermanned Federal Deposit Insurance Corp. to turn to assisted M&A deals to resolve failed banks, accelerating consolidation in the industry.
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As tariff turbulence continues, BofA is predicting a slowdown, not a downturn. But America's second-largest bank is also signaling that it's prepared for a more severe scenario.
April 15 -
The Office of the Comptroller of the Currency says it's still reviewing compromised emails and attachments after hackers gained access to the regulator for over a year and has not ruled out exposure of customer or supervisory data.
April 15