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The megabank's scale hasn't made it immune from the deposit wars that have crimped bank profits. But the "stabilization" that Wells Fargo flagged is a positive sign as other banks start reporting earnings.

The company, which partners with retailers on store credit cards, saw spending volumes slip during the third quarter. But cardholders' outstanding balances rose, driving more interest revenues.

The Cleveland lender sold some $7 billion in bonds at a loss, leading to the fall in the bottom line. Excluding that hit, KeyCorp's profits rose 9%.

Ally Financial's profits jumped 20% in the third quarter even as the auto lender absorbed sharply higher write-offs on its auto loans.

Bank stocks rose a bit on Tuesday along with the stock market as investors brushed off a potentially prolonged week of U.S. election results and instead focused on fresh economic data.

Bank stocks surged Wednesday morning after former President Donald Trump won his bid to return to the White House, which seems likely to bring laxer regulation to the industry.

Bankers are hopeful that President-elect Donald Trump's return to office will bring a friendlier environment for mergers, reversing the dealmaking doldrums of recent years.

Valley National Bancorp is raising upwards of $400 million in new capital, taking advantage of the recent run-up in stock prices to accelerate a reduction of its real estate loan concentration.

Fewer credit card borrowers went tardy on their payments in the third quarter, the Federal Reserve Bank of New York said Wednesday, providing some evidence that household financial stresses are stabilizing.

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