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U.S. Bancorp has plucked longtime lending executive Tom Wind from EverBank Financial to run its mortgage business.
December 10 -
Bank chiefs should brace for a barrage of questions about economic uncertainty, if JPMorgan Chase's experience after releasing fourth-quarter results is any indication. Double-digit increases in loans and profits were not enough to stave off questions about the odds of recession, energy risks and adequacy of reserves.
January 14 -
Bankers appear set to get their long-awaited rate rise, but the top executives of the biggest banks still have lukewarm expectations for the coming year, according to forecasts laid out by the top brass from JPMorgan, Wells Fargo, PNC and others.
December 8
U.S. Bancorp on Friday reported a dip in profits, due to a mix of lower fees and higher credit costs.
The $421 billion-asset company earned $1.5 billion in the fourth quarter, or about 1% less than a year earlier. Earnings per share were 80 cents, a penny better than the consensus estimate of analysts polled by Bloomberg.
Lackluster performance in fee-based lines of business weighed down the Minneapolis company's profits. Noninterest income slid about 1%, to $2.3 billion, because of lower revenue from mortgage banking and investment services.
The company also increased its set-aside for problem loans by 6%, to $305 million, in part because of stress on energy and metals-related credits. Additional loan-loss reserves may be required in the coming year, given the "uncertain outlook" for commodity prices, the company said in a press release.
Net interest income edged up 3%, to $2.9 billion, while total loans grew 4%, to $257 billion. The net interest margin shrank 8 basis points, to 3.06%
Noninterest expenses held steady at $2.8 billion.
