This Week’s Big Bank Earnings Give Clues About the Economy

Sometimes a cigar is just a cigar, according to Freud. But bank earnings announcements are always about more than their stocks alone. That’s why Wall Street anxiously watched Citigroup’s earnings report Monday morning. Even though profits and revenue beat estimates, shares were down about 0.4% as of midday. Bank stocks are considered bellweathers, and parsing […]

Did (Now-Retired) Wells Fargo CEO Tim Sloan Get A Raw Deal? Or Did He Get Off Too Easy?

Depending who you ask, ex-Wells Fargo CEO Tim Sloan was either fair game to be fired–or unfairly faced a firing squad. Sloan, who took over at the scandal-plagued bank from John Stumpf three years ago, announced last Thursday that he was retiring as Wells Fargo CEO and president, effective immediately. It was the culmination of […]

Equifax, FICO Partner to Sell New Credit Report Services and Consumer Data to Banks

Credit reporting agency Equifax and Fair Isaac, which created and manages the FICO credit score, are announcing that they will partner to sell each other’s services to banks, according to the Wall Street Journal. The two companies plan to eventually offer a complete system, according to a joint press release, that would allow financial services […]

JPMorgan’s Private Prison Pullback: A Generational Shift, or Low-Risk Lip Service?

The nation’s largest bank grew a conscience last week, and millennials may be to blame. JPMorgan Chase said last Tuesday that it would no longer finance the operations of CoreCivic (formerly the Corrections Corporation of America) and the GEO Group, effectively cutting all ties with the private prison industry. The bank’s financial relationship with private-prison […]

Federal Reserve Regulators Ease Some Post-Great Recession Controls

Banking regulators are easing some controls that went into place after the Great Recession. The Federal Reserve decided to end some of the public pass-fail grades it gave big banks after their annual stress tests, which came about as part of the 2010 Dodd-Frank legislation. Banks have to report how they would perform under various […]

Big Banks J.P. Morgan, Wells Fargo, and Bank of America Are Pulling Out of Lower-Income Neighborhoods

Big banks have been closing branches in lower-income areas and shifting more of their attention to wealthier ones, based on a new report from Bloomberg. Overall, there’s been a trend among the biggest banks–specifically J.P. Morgan Chase, Wells Fargo, and Bank of America–to reducing their branch networks. Relying on ATMs and online banking is less […]

Former Fed Chairman Paul Volcker Is Worried About the ‘Culture of the Financial System’

Former Federal Reserve chairman Paul Volcker has some serious fears about the banking industry. And he believes supporting regulators to combat those fears is imperative. Speaking to analyst Mike Mayo in a CFA Enterprising Investor interview published on Monday, Volcker said that he’s “concerned” about the current “culture of the financial system, banking in particular.” […]