Donald Trump’s election win has injected optimism into the cryptocurrency industry, particularly regarding banking relationships. Despite ongoing challenges and bank reluctance, Trump’s promises and the appointment of a crypto czar are fueling hopes for regulatory changes that would improve access to financial services for crypto firms.
Mission Valley Bancorp announced its third-quarter 2024 results, showcasing a net income of $1.4 million, demonstrating the resilience of its core earnings despite a decrease in non-interest income compared to the previous year. The company attributed the decline to the absence of a grant income received in 2023. The bank also reported an increase in assets, loans, and deposits, highlighting its continued growth trajectory.
Associated Banc-Corp, a leading Midwest banking franchise, announced the appointment of Phillip Trier as Executive Vice President, Head of Corporate and Commercial Banking, and Gregory Warsek as Executive Vice President, Deputy Head of Commercial Real Estate (CRE) and Facilities. These strategic appointments highlight Associated’s commitment to growth and innovation in key business segments.
Jamie Dimon, CEO of JPMorgan Chase, has launched a fierce attack on multiple US financial regulations, calling them redundant, poorly designed, and harmful to both banks and consumers. He has vowed to oppose any regulation that he believes doesn’t enhance bank safety and has even threatened legal action, stating that ‘we are suing our regulators over and over.’ Dimon’s criticism targets regulations on capital requirements, card payments, and open banking, highlighting specific areas he considers unfair and detrimental. This move marks a significant escalation in the ongoing tension between Wall Street and regulators.
Oakworth Capital Inc. (Oakworth) announced impressive third-quarter 2024 results, highlighting a 24% increase in net income year-over-year, fueled by robust growth across all business lines. The company’s new Central Carolinas office achieved profitability within 11 months of opening, demonstrating its successful expansion strategy.
National Bankshares, Inc. announced the promotion of Lara E. Ramsey to President of the company and its subsidiary bank, The National Bank of Blacksburg, effective January 1, 2025. Ms. Ramsey has a long and successful career with the company, having held key leadership roles in various departments, including Investment, Human Resources, Marketing, Training, Corporate Administration, and Strategic Initiatives. She brings a deep understanding of the banking industry and the company’s commitment to community service and shareholder value.
Citigroup’s recent earnings report sent shockwaves through the financial sector, with its stock plummeting over 5% due to mounting credit losses, regulatory scrutiny, and a disappointing return on tangible common equity (ROTCE). The stock’s decline reflects a broader trend of weakening consumer spending and a potential industry-wide risk of asset caps, raising concerns about the future profitability of banks like Citigroup.
Santa Cruz County Bank (SCCB) has announced significant changes to its Board of Directors, welcoming a new member with extensive banking experience while acknowledging the retirement of a founding director. Wayne Doiguchi, a veteran of the Bay Area banking industry, joins the board, bringing decades of experience and leadership. The bank also bids farewell to Thomas N. Griffin, a founding director who played a pivotal role in SCCB’s growth from its inception. This transition marks a new chapter for SCCB as it continues to expand its reach and services.
Citigroup Inc (C) reported a solid third-quarter fiscal 2024, exceeding revenue expectations but seeing a decline in net income. The company benefited from growth in several key areas, including investment banking, securities services, and US Personal Banking, while facing headwinds in net income from its US Personal Banking and other operations. Despite the mixed results, Citigroup remains optimistic about its future, highlighting new partnerships and reiterating its revenue outlook.
Several banks are offering enticing cash bonuses for switching your current account. This guide breaks down the latest deals from Lloyds, First Direct, Nationwide, and Co-operative Bank, including bonus amounts, requirements, and access to high-interest savings accounts.
