banking

U.S. Bancorp (NYSE: USB) faces the strong potential for upward revisions to 2021 earnings, driven by PPNR (pre-provision net revenue), apart from solid credit leverage, according to BofA Securities. The U.S. Bancorp Analyst: Erika Najarian upgraded the rating for U.S. Bancorp from Underperform to...

Big bank earnings season is just around the corner, and U.S. Bancorp (NYSE: USB) landed a big Wall Street upgrade on Thursday ahead of its upcoming report. The Analyst: J.P. Morgan analyst Vivek Juneja upgraded U.S. Bancorp from Neutral to Overweight and raised his price target from $53 to $60....

Fintech company SoFi announced an acquisition on Tuesday that could help its growth road map for the future.  What Happened: SoFi, which is merging with Social Capital Hedosophia Holdings VCorp (NYSE: IPOE), announced Tuesday it is acquiring Golden Pacific Bancorp (OTC: GPBI). SoFi is...

Canadian banks reported upbeat earnings for their fiscal first quarter, while the stricter lockdowns in recent months did not alter their credit outlooks, according to BofA Securities. The Canadian Banks Analyst: Brandon Nispel upgraded the rating for Bank of Montreal (NYSE: BMO) from Neutral to...

Fintech company Square Inc. (NYSE: SQ) has officially commenced banking operations, nearly a year after receiving conditional approval to operate a bank. What Happened: Square, historically known for its card reader and point-of-sale solutions, said Monday that its industrial bank has commenced...

Walmart has lured two Goldman Sachs bankers to help run its new, as-of-yet-unnamed fintech venture. What Happened: Walmart Inc (NYSE: WMT) has hired Goldman Sachs Group Inc's (NYSE: GS) consumer banking chief Omer Ismail, along with David Stark, one of his top lieutenants at...

IBM Corporation (NYSE: IBM) on Tuesday announced it has acquired Expertus Technologies Inc, a Canadian fintech startup offering payments and cash management solutions. What Happened: The Canadian cloud-based banking solutions provider handles an average of $50 billion in daily transactions routed...

Goldman Sachs Group (NYSE: GS) is acquiring the credit card business of General Motors Co (NYSE: GM) for $2.5 billion, the Wall Street Journal reported Thursday. What Happened: The banking giant will reportedly pay nearly $2.5 billion for the acquisition of the card business. Goldman ...

San Francisco-based cryptocurrency exchange Kraken has been granted a Special Purpose Depository Institution (SPDI) charter by the state of Wyoming. What Happened: It is the first time that a U.S-based digital asset company has received a state- and federal law-recognized banking charter that...

Even before Covid-19, banking had been undergoing a gradual shift away from in-person banking. The number of full-service bank branches in the U.S. has been on the decline for a decade, falling from almost 95,000 in 2010 to just over 83,000 last year, data from the FDIC shows. This shift has come...

After last week’s wild ride, the question was what would the market do for an encore. The answer came Sunday afternoon in the form of a surprise rate cut by the Fed—the second one in two weeks—that took the Fed funds rate target back down to 0-0.25%, where it sat for seven years...

Now that we’re in a bear market, people seem to feel a little more bullish this morning. Futures turned around sharply overnight and went “limit-up” as it looks like bargain hunters might finally be emerging. That doesn’t mean the market can’t go back down, but an...

Geopolitical uncertainty is fading, domestic political shock appears unlikely, and global economic data is stabilizing. American jobs are the most secure they've been in a generation and it shows – mom and pop traders are dabbling in stocks again for the first time in two years. Add this...