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Regional Banks Cut Costs in the 1st Quarter to Increase Earnings

U.S. Bancorp (USB) and Comerica Inc. (CMA), two of the nation's most financially stable regional banks, resorted to expense cuts in the first quarter to offset slowing revenue from mortgage and business lending.Executives at both banks said Tuesday they will continue to cut costs to improve profits and returns while revenue remains under pressure from low interest rates and the lackluster economic recovery.U.S. Bancorp and Comerica join larger rivals including Citigroup Inc. (C) and Bank of America Corp. (BAC) in turning to expense cuts to offset economic headwinds--some with branch closures and job cuts, others by curtailing marketing and investments."Expense cuts are the name of the game" for the banking industry until revenue grows, said analyst R. Scott Siefers of Sandler O'Neill + Partners LP.U.S. Bancorp, the nation's fifth-largest commercial bank, reported a $1.43 billion first-quarter profit, up 6.7% from a year earlier, and earnings per share of 73 cents, in line with analysts...

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  11. Bank of America Revamping Debit Card Fees

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  12. Bank of America revamping debit card fees

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  1. U.S.Bancorp CFO: 2Q Mortgage Revenue Should Improve After 1Q 'Blip'

    U.S. Bancorp's (USB) Chief Financial Officer Andrew Cecere said that second-quarter mortgage banking revenue should improve from first-quarter results.The Minneapoli...

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    The heads of major U.S. banks are sounding cautious notes about the next 12 months. But some of the analysts tracking their companies don't share the bankers' persis...

  3. Demand For Business Loans Lifts Regional Banks' Profits

    In the slow economic recovery, it sure helps a bank to lend in Texas.Ralph Babb, the chairman and chief executive of regional bank Comerica Inc. (CMA), said his Dall...

  4. U.S. Bancorp 4th-Quarter Net Up 5.2% on Mortgage-Banking Revenue

    U.S. Bancorp's (USB) fourth-quarter income rose about 5% as the lender's mortgage-banking revenue continued to climb and demand for business loans increased.For the ...

  5. U.S. Bancorp's 4Q Comes in Mixed

    U.S. Bancorp (NYSE:USB) weighed in on Wednesday with a 5.2% rise in fourth-quarter earnings, but the regional banking giant's revenue failed to meet Wall Street's ex...

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    PNC Financial Services Group Inc. (PNC) said Wednesday that several charges tied to faulty mortgages would reduce fourth-quarter earnings, illustrating the housing-c...

  7. PNC's Quarterly Results Stung--Again--By Mortgage Charges

    PNC Financial Services Group Inc. (PNC) said Wednesday that several charges tied to faulty mortgages would reduce fourth-quarter earnings, illustrating the housing-c...

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