Earnings

Lenders are cautioning not only that second-quarter provisions might exceed the spike seen earlier this year, but also that credit costs could be elevated into 2021 if the economic slowdown drags on or fears of a second coronavirus wave are borne out.

When Fiserv purchased First Data in 2019, it was part of an industrywide push to combine bank and merchant technology under one roof. A year later, a key piece of First Data’s technology — and its top executive — have become Fiserv’s path through the coronavirus crisis.

When the coronavirus pandemic began, Square pushed hard to get a bigger share of merchants' online sales and consumers' stimulus spending — and even received its long-desired bank license — but found that this wasn't enough to offset the effects of the crisis.

Despite PayPal's efforts to get people to receive — and spend — their stimulus checks from PayPal accounts, the coronavirus pandemic caused its revenue for the first quarter to come in below company guidance.

CEO Dan Arnold says the pandemic “will create some structural change across the market and the industry.”

Visa pulled its financial outlook for the rest of the year, but it already has visibility into permanent changes that result from the coronavirus — such as an aversion to handling cash.

Mastercard CEO Ajay Banga says he is certain that science, medicine and innovation will lead the world out of the coronavirus pandemic, but there is little indication of when that will happen.

"We're now in a different world," Stephen Squeri, chairman and CEO of Amex, said during the card brand's first-quarter earnings call.

The pandemic won’t halt the Cincinnati bank's plan to open about 100 branches in the Southeast, but features could be added to accommodate social distancing.

Executives say they can still meet their goal of $480 million in cost savings this year from the combination of BB&T and SunTrust despite unexpected expenses, unless the economy fails to rebound quickly.