Latest Banking and credit News

Citigroup profit triples in 1Q, tops estimates; revenue down

Apr. 15, 2021 09:51 AM EDT

NEW YORK (AP) — Citigroup's profits more than tripled in the first quarter, the banking conglomerate said Thursday, helped by the release of billions of dollars from its loan-loss reserves. The bank also announced plans to scale back its global consumer banking franchise outside the U.S. ...

Turkish central bank maintains key rate unchanged at 19%

Apr. 15, 2021 08:56 AM EDT

ANKARA, Turkey (AP) — Turkey’s central bank on Thursday kept a key interest rate unchanged at 19%, in its first rate decision since the surprise appointment of a new governor that shook confidence in the country's economy. President Recep Tayyip Erdogan last month...

Bank of America profit doubles in 1Q to $8.1 billion

Apr. 15, 2021 07:49 AM EDT

NEW YORK (AP) — Bank of America's profits doubled in the first quarter, the bank said Thursday, as the improving economy allowed it to release billions from its loan-loss reserves that it originally set aside in the early days of the pandemic. Bank of America is the...

Fed survey: Economy rebounding, helped by stimulus, vaccines

Apr. 14, 2021 16:02 PM EDT

A Federal Reserve survey has found that the economy was rebounding in late February through early April, helped by billions of dollars in a new round of stimulus payments and the stepped-up rollout of coronavirus vaccines. The new survey released Wednesday showed that...

Powell defends Fed's consideration of climate change risks

Apr. 14, 2021 15:53 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Wednesday defended the Fed's increasing scrutiny of the threat that climate change could pose to the health of the nation's banks, after some Republican members of Congress had complained that by doing so the Fed was overstepping its...

Banks to see big profits as COVID 'bad' loans become 'good'

Apr. 14, 2021 11:03 AM EDT

NEW YORK (AP) — The nation’s largest banks are expected to report big profits for the first quarter amid renewed confidence that pandemic-battered consumers and businesses can repay their debts and start borrowing again. The brighter outlook allows banks to move...

Profits at Goldman Sachs surge in 1Q, helped by trading

Apr. 14, 2021 09:57 AM EDT

NEW YORK (AP) — Investment bank Goldman Sachs saw its profits nearly quintuple in the first quarter, driven by a massive surge of revenue from its core investment banking and trading operations. The jump in profits is similar to that seen at JPMorgan Chase, which also...

Wells Fargo earned $4.74 billion in Q1, topping estimates

Apr. 14, 2021 09:42 AM EDT

SILVER SPRING, Md. (AP) — Wells Fargo had its best quarter in a year and a half, posting a profit of $4.74 billion and freeing up more than a billion dollars that had been set aside for potential loan defaults at the beginning of the coronavirus pandemic. The San...

JPMorgan 1Q profit up sharply, helped by improving economy

Apr. 14, 2021 09:14 AM EDT

NEW YORK (AP) — JPMorgan Chase saw its first-quarter profit jump nearly five fold from a year earlier, as the improving economy allowed the bank to free up roughly $5 billion that it had stored away to guard against loan defaults in the early weeks of the pandemic. The...

Fed leaders agree: Economics has a racial-disparity problem

Apr. 13, 2021 18:28 PM EDT

WASHINGTON (AP) — Top Federal Reserve policymakers on Tuesday underscored their concern that Black and Hispanic people are sharply underrepresented in the economics field, which lessens the perspectives that economists can bring to key policy issues. “If we don’t...