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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.

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.

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.

Here's where you can find big-bank earnings as the banking sector begins reporting Q2 results this morning.

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

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.

Fifth Third settled with the CFPB over fake accounts and insurance issues, plus more in today's American Banker newsletter, Bankers' Hours.

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.

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