Americas
Banking and finance news from North America, Latin America, and the Caribbean
US regulator found large banks used political factors in account closures
The US Office of the Comptroller of the Currency found instances where large banks considered political or religious factors when closing accounts after reviewing nearly 100,000 complaints.
State Street shares fell as cash withdrawals tempered fee growth
State Street reported third-quarter earnings of $3.69 per share, but $62 billion of cash withdrawals reduced total net flows despite $68 billion of ETF inflows.
Morgan Stanley profit rose as equity trading revenue climbed 41%
Morgan Stanley reported third-quarter net income of $4.91 billion as equity trading revenue rose 41%, while wealth management attracted a record $232 billion of net new assets.
Bank of America profit fell as settlement charge offset revenue growth
Bank of America reported third-quarter profit of $6.9 billion as a $1.2 billion regulatory settlement charge outweighed an 8% rise in net interest income during the period.
Boston Fed's Collins said another rate rise remained likely before year-end
Boston Fed president Susan Collins said rates would probably need to rise a little further before year-end, while keeping the timing dependent on incoming economic data.
Goldman Sachs' Solomon said no active succession timetable was underway
Goldman Sachs chief David Solomon said no succession transition or timetable was under way, clarifying speculation about president John Waldron while leaving routine board planning unaddressed.
Bank of America received $1.21 billion penalties over compliance failures
US regulators imposed more than $1.21 billion in penalties on Bank of America after finding failures to report over $5 billion in suspicious transactions and sanctions-control breaches.
Wells Fargo third-quarter profit rose 6% as loans and deposits expanded
Wells Fargo reported $5.95 billion of third-quarter net income, up 6% year on year, as average loans and deposits each expanded 11% despite higher credit provisions.
Citigroup third-quarter profit jumped 40% as services and wealth revenues grew
Citigroup reported $5.25 billion of third-quarter profit, up 40% from a year earlier, as services, wealth management and investment banking revenues all increased during the period.
JPMorgan third-quarter profit rose 6% despite securities losses and estimate miss
JPMorgan Chase reported $15.3 billion of third-quarter profit, up 6% year on year, although a $658 million securities loss helped push earnings below analyst expectations.
Goldman Sachs third-quarter profit climbed as equities revenue jumped 72%
Goldman Sachs reported $5.29 billion in third-quarter profit, up from $4.10 billion a year earlier, as equities revenue jumped 72% to $6.44 billion during the period.
Upgrade applied for Nevada industrial bank charter and federal insurance
US fintech Upgrade applied to establish a Nevada-chartered industrial loan bank with federal deposit insurance, seeking a wholly owned banking subsidiary alongside its existing partner-bank model.