Commercial banking

The San Francisco-based bank warned for months that charge-offs were likely to start rising as some office-related loans went bad. It began to happen in the fourth quarter, which could be an omen for regional banks that have larger concentrations in the office sector.

JPMorgan Chase closed out the most profitable year in U.S. banking history with its seventh consecutive quarter of record net interest income and a surprise forecast that the windfall may continue this year. 

The top five banks and thrifts have nearly $96 billion in combined home equity loan portfolios as of September 30, 2023.

The North Carolina-based company said it expects to close about 4% of its branch network, or roughly 80 offices, by the end of the first quarter. The closures come amid Truist's $750 million cost-cutting initiative.

Bank investors hope they can party like it's 1995, when the U.S. economy stayed healthy even after aggressive Federal Reserve rate hikes. But a few analysts are a bit more cautious over whether banks' loan books will hold up as well this time.

Analysts agree that the Long Island-based bank will probably absorb some losses due to its exposure to struggling segments of the commercial real estate market. But they differ on the extent of the likely damage.

Morais, who leads the auto lender's consumer and commercial banking divisions, is preparing to leave as Ally Financial conducts a search for its next chief executive officer. She had been seen as a potential candidate to replace outgoing CEO Jeffrey Brown.

The Hicksville, New York, company beat analysts' expectations on net interest income, but a pair of souring office loans contributed to a 68% increase in nonperforming loans from the prior quarter.

Speaking on a panel at the Future Investment Initiative summit in Riyadh, Saudi Arabia, the JPMorgan Chase chief voiced doubts that central banks and governments around the world could manage the economic fallout from rising inflation and slowing global growth.

A New York judge ruled Donald Trump is liable for fraud for exaggerating his net worth by billions of dollars a year on financial records submitted to banks and insurers, a major victory for the state's attorney general before a high-stakes civil trial over remaining claims in the case.