U S Banking Sector

Generative AI's biggest impact could be felt in banking and technology

New research suggests that generative AI will have its biggest impact on white-collar workers with high-paying jobs in industries like banking and tech.

Citigroup swings to $1.8 billion loss in 4th quarter on slew of charges

Shares in the bank climbed 3% in premarket trading on Friday after CEO Jane Fraser described 2024 as a "turning point year" for the lender

UK plans new framework to tackle small bank failures after SVB collapse

The proposals would require the industry to meet some costs associated with the bank failures rather than the taxpayer, Britain's Treasury said

Euro falls sharply against dollar as banking sector troubles continue

The euro fell sharply against a strengthening dollar on Friday amid nervousness over banks, with better-than expected economic data failing to lift sentiment

No respite for global stocks as banks around the world continue to struggle

The MSCI World share index traded 0.4% lower, while still heading for a 1.5% weekly gain. Europe's STOXX 600 index was down 1 per cent

Bank of America profit more than doubles on reserve release boost

The second-largest U.S. bank by assets unlocked $2.7 billion from its reserves

Wells Fargo profit beats Wall Street estimates as credit costs stabilize

(Reuters) - Wells Fargo & Co reported first-quarter profit ahead of Wall Street estimates on Wednesday as the bank set aside less money to cover soured loans.

Archegos meltdown to intensify shadow banking regulatory scrutiny: Report

The implosion of Archegos Capital and the resulting losses for global banks is likely to intensify regulatory efforts to curtail the ballooning shadow banking sector and shed light on its risks

Prudential drops Jackson IPO in favour of demerger, may raise $2.5-3 bn

Former MetLife CEO Steven Kandarian will become non-executive chair of Jackson from Feb 1, Prudential said

Goldman Sachs loses legal fight against European Union cartel fine

Europe's top court said the bank was liable for the actions of its former unit Prysmian

Goldman Sachs profit more than doubles on underwriting, trading boost

Goldman Sachs profit more than doubles on underwriting, trading boost

Bank of America hopes for loan growth bounce after muted quarter

The second-largest U.S. bank by assets also reported a 13% fall in consumer banking revenue

Wells Fargo records rare profit beat helped by stabilising credit costs

Wells has operated under a dark cloud since 2016, when details emerged about millions of phony accounts employees had created in customers' names

Citigroup quarterly profit beats estimates as loan loss provisions slow

Citigroup Inc reported a 7% decline in fourth-quarter profit on Friday but easily beat Wall Street expectations

PNC to buy Spanish lender BBVA's US banking arm for $11.6 billion in cash

PNC Financial Services Group said it would buy the US business of Spanish lender BBVA for $11.6 billion in cash, further consolidating the US banking sector

American Express quarterly profit plunges 76% on $1.7 bn reserve build

Shares of the company were up nearly 2%, as it kept a tight lid on costs to weather the impact of the pandemic on its business

Trump bets blast Dow to new high, bank sector hits 2008 levels

Trump has sided with leading conservatives in calling for the repeal of the 2010 Dodd-Frank Financial Reform Act largely opposed by banks