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Wells Fargo was supposed to be a major beneficiary of higher interest rates, but depositors seeking more bang for their buck and soft loan demand from business customers combined to to pinch profits in the second quarter, Polo Rocha reports for American Banker.
Interest costs weigh on Wells Fargo's profits again
americanbanker.com
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JPMorgan Chase's second-quarter earnings report highlighted the diverging fortunes of Main Street and Wall Street, as mounting credit costs highlighted consumer struggles, but the megabank also got a revenue boost from an investment banking boom, Catherine Leffert reports for American Banker.
JPMorgan gets lift from investment bank, offsetting jump in credit costs
americanbanker.com
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At Citi, where a big fine just came down this week from regulators, the bank plans to stick with its announced strategy of dividends and buybacks, execs said Friday. Allissa Kline explains what the bank's Q2 earnings mean in American Banker.
Citi sticks to expense forecast as it prepares key plan for OCC
americanbanker.com
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Here's where you can find big-bank earnings as the banking sector begins reporting Q2 results this morning.
Banks began reporting their earnings today. We have the latest live. See what happened with Q2 results: Citi: https://lnkd.in/efV8kBRQ JPMorgan: https://lnkd.in/eZRJgP-F Wells Fargo: https://lnkd.in/e7YZJ7pW BNY: https://lnkd.in/epj7DmFU We'll be updating through the day as the banks speak to analysts to explain their numbers. Check out all our earnings coverage on our homepage and at https://lnkd.in/eb-y9brf.
JPMorgan sees investment banking fees up, loans flat in second quarter
americanbanker.com
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Starting tomorrow, bank earnings kick off with the biggest banks announcing their Q2 results. Play along with us at American Banker as our reporters explain what's happening and why it matters to bankers. #earnings #banking
Earnings
americanbanker.com
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The Federal Reserve and the Office of the Comptroller of the Currency said Wednesday that Citi hasn't moved fast enough to correct certain deficiencies in its risk management programs or to meet certain milestones in a years-old remediation plan, and they're charging the bank $136 million in penalties. Allissa Kline, who covers Citi for American Banker, talked to analysts about what this will mean for the bank.
How much damage will Citi incur from its 'bad report card'?
americanbanker.com
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Fifth Third settled with the CFPB over fake accounts and insurance issues, plus more in today's American Banker newsletter, Bankers' Hours.
Fed's Powell wants capital reform rule rewrite; Fifth Third settles with CFPB over fake accounts
American Banker on LinkedIn
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Under Colorado's new AI legislation, developers are required to take "reasonable care" to protect consumers from the risks of algorithmic discrimination. They must disclose intricate details about the systems as well as documentation needed for conducting impact assessments to deployers of their products. Developers need to also publish a publicly available statement outlining the various systems in operation and how risks of algorithmic discrimination are managed, writes Frank Gargano in American Banker.
A look into Colorado's pioneering AI legislation
americanbanker.com
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TODAY: What bank CEOs are getting paid. Allissa Kline is leading a live conversation in an hour in the American Banker Leaders Forum. Tune in below. And catch up beforehand on what these executives made last year: https://lnkd.in/eZrcQgK6
Join me at 1 pm today for American Banker's latest Leaders session, where we'll be taking a deep dive into bank CEO pay trends in 2023, with guests Kelly Malafis and Shaun Bisman from Compensation Advisory Partners. Registration info below.
Analyzing pay trends for bank CEOs
americanbanker.com
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