Entrepreneurs often call fees a drawback of their current financial institution, according to research from Arizent. Banks should focus on developing long-term relationships with these customers, rather than charging for every service, experts say.
A big settlement with the Consumer Financial Protection Bureau and recent changes to overdraft policies by the Alabama company helped drive down its third-quarter profits by 34%.
Sarver, who owns the NBA's Phoenix Suns and the WNBA's Phoenix Mercury, is facing a one-year suspension and a $10 million fine after an investigation found evidence of workplace misconduct. The Arizona bank where Sarver previously served as chairman and CEO is also discussed in an investigative report released Tuesday.
The Mortgage Bankers Association forecast comes as bankers continue keeping an eye on their commercial real estate portfolios, including office buildings. The MBA also noted that many companies have long-term leases on their offices, likely making the hit more gradual.