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Banks

Like other banks before it, Wells Fargo pulls back from mortgage biz

by Samantha Fields
Jan 11, 2023
It used to be the top mortgage lender in the country.
Wells Fargo used to be the top mortgage lender in the country. Now it's retreating from the business as nonbank lenders gain market share.
Michael M. Santiago/Getty Images
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Why big banks are "canaries in the economic coal mine"

by Mitchell Hartman
Jan 9, 2023
On Friday, Bank of America, Citigroup, Wells Fargo and JPMorgan Chase will post earning reports. Parts of their business struggled in the fourth quarter.
Michael M. Santiago/Getty Images
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Economic Pulse

One big bank halts new fossil fuel investments. Will others follow?

by Nova Safo and Jarrett Dang
Dec 29, 2022
HSBC said it will stop investing in new oil and gas fields. Climate activist Bill McKibben calls it a welcome first step.
Matt Cardy/Getty Images
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"It's a Wonderful Life"

Some banks still think local

by The Econ Extra Credit Team
Dec 16, 2022
Econ Extra Credit newsletter #130
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Big banks discuss reimbursement for Zelle users victimized by scammers

by Savannah Peters
Nov 28, 2022
With new fintech comes new fraud.
Large banks, including J.P. Morgan Chase, are creating a system to reimburse customers who fall victim to scams.
Michael M. Santiago/Getty Images
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How identity theft and fraud upended one woman's life

by Kai Ryssdal and Anais Amin
Nov 9, 2022
"I said, what can I do to stop this? And the customer service rep. goes, 'Well, if we could stop all instances of fraud, we would but we can't,'" says Jessica Roy, assistant editor of Utility Journalism at The Los Angeles Times.
The FTC has instructions on what to do if you've stopped receiving government benefits because of identity theft. Above, blank Social Security checks are run through a printer at the U.S. Treasury facility in Philadelphia.
William Thomas Cain/Getty Images
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Why banks are setting aside cash to cover bad loans

by Justin Ho
Oct 18, 2022
When the economy starts looking scary, bank executives have to make a judgment call about their outstanding loans.
Banks are setting aside extra money in case of a recession, which could lead to loan defaults. Think of it like hoarding acorns for winter.
Richard Heathcote/Getty Images
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The Federal Reserve’s 12 districts reflect an economy that no longer exists

by Justin Ho
Sep 21, 2022
The locations of the regional banks made sense for the economy of 1913. Populations and industries have shifted since then.
High-profile officials in the Federal Reserve System have offered differing attitudes toward future rate hikes following data that suggest a recent moderating of inflation.
Drew Angerer/Getty Images
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Why has it taken so long for savings account interest rates to start rising?

by Nancy Marshall-Genzer
Sep 16, 2022
The national average is still a paltry 0.13%, according to Bankrate, even as the Federal Reserve hikes interest rates.
Online banks tend to pay the highest rates on savings accounts because they don't have the same overhead costs as brick-and-mortar banks.
Frederic J. Brown/AFP via Getty Images
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I've Always Wondered ...

Why is your paycheck deposited early at some financial institutions?

by Janet Nguyen
Jul 1, 2022
A look at how direct deposits travel from your employer to you.
Wells Fargo plans to offer early direct deposits to customers later this year.
Justin Sullivan/Getty Images
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