American Banker reposted this
American Express has reported record earnings for more than a year. Are there signs of a slowdown? Read about that and all of our earnings coverage in American Banker.
American Banker, an Arizent brand, is the banking industry's most powerful information resource providing analysis, insight and perspective on the business of banking. American Banker covers the people, trends, regulations and technologies driving the industry, helping readers keep pace with changes and opportunities in the marketplace. Executives and industry influencers also engage via American Banker's online and live conferences and seminars.
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American Banker reposted this
American Express has reported record earnings for more than a year. Are there signs of a slowdown? Read about that and all of our earnings coverage in American Banker.
A first look at American Express earnings. EPS beat estimates, while late payments are on the rise. https://bit.ly/3Yu5RCj
American Banker reposted this
TD's historic money-laundering settlement with the Justice Department notably did not feature jail time for any executives. That's not because the case isn't a big deal: "The fact that the bank was not only guilty of violating the BSAs — call them, preventative and reporting controls — but went a step further in violating the foundational, oldest money laundering law on the books in the United States in actually conspiring, agreeing to launder money is really remarkable," said Scott Greytak, Director of Advocacy at Transparency International. "It's got to be one of the top three dirty money stories I've seen in the last five years or so … right up there with the Pandora papers and stories of Russian oligarchs being able to use gaps in our AML framework to move dirty money into the US." Ebrima Santos Sanneh has the story for American Banker.
"It's like we just released Excel and it's 1980," said Michael Abbott at Accenture. "You've got this unbelievably new tool, but nobody knows how to use it. It's going to change the way we do work, but people are still figuring out what it can do." https://bit.ly/4896pRh
The largest banks are super competitive about AI, said Alexandra Mousavizadeh, CEO of Evident. "So even while you might see some of the same banks at the top, the leading banks are moving at a pace that is double the rest of the banks." https://bit.ly/408ecfW
American Banker reposted this
UPDATE: Truist said Thursday that it expects its 2025 revenue to outpace expenses. If achieved, that would mark the bank's first year of positive operating leverage since 2022. CEO Bill Rogers told analysts that the expectation is "based on the current momentum" within Truist's lines of business as well as "confidence" in employees and the franchise as a whole. Business lines such as investment banking are gaining traction, loan demand should pick up, deposit costs should decline, and Truist has "a good handle" on its expenses, he said. All of those factors should be beneficial, he said. "We're going to manage them all really tightly and really well, with a focus on achieving that positive operating leverage," Rogers said.
Kristy Fercho, senior executive vice president and head of diverse segments, representation and inclusion at Wells Fargo, said that while other companies backed off their diversity, equity and inclusion commitments last year, her bank did not. “We are absolutely committed to continuing to drive this broad culture of representation. It's who we are; it's how we think; it's how we want to drive our decisions,” she said.
American Banker reposted this
Bank earnings! Truist, Key, M&T, Huntington and Texas Capital: get the analysis from American Banker reporters on their results, updated continuously throughout the day. Truist: https://lnkd.in/ejxPXXfZ Key: https://lnkd.in/eak4JjtM M&T: https://lnkd.in/eu74EkJE Huntington: https://lnkd.in/eiqBZyVw Texas Capital: https://lnkd.in/ecTKyHSK #earnings #banking
American Banker reposted this
Former President Donald Trump has put the Federal Reserve Board's independence on the ballot. The Republican nominee has repeatedly said that, if re-elected, he should have a say over monetary policy. Based on a recent survey of banking executives conducted by IntraFi, it seems there is an appetite among bankers for reforming the Fed, but not in the way Trump wants. See my latest for American Banker for the full details from the survey, including what bankers see as the biggest risks to profit margins and their outlook on funding costs moving forward. https://lnkd.in/edCC8dMp
Jeane Vidoni began her career when women bankers had to “wear dresses, perm our hair and have silk ties with the bank logo on it.” Today, she runs Penn Community Bank, a fast-growing bank focused on southeast Pennsylvania.