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Current news 20 Feb 2019

BBVA Compass January Recap: Earnings, appointments and shutdown relief

  • Earnings: BBVA Compass reported a net income of $196 million for the fourth quarter of 2018.
  • Appointments: BBVA Compass appointed Miami Market CEO and new Global Wealth Executive.
  • Shutdown Relief: BBVA Compass announced that it will provide financial relief for clients directly impacted by the recent federal government shutdown.

Included in this month’s roundup of articles is the announcement of BBVA Compass’ earnings results for the fourth quarter of 2018 (officially released on Feb. 1), which highlights the bank’s net income of $196 million for the quarter – a 276 percent increase from the $52 million earned during the fourth quarter of 2017.

Leading news for the month included BBVA Compass’ financial relief rollout for clients directly impacted by the most recent federal government shutdown. The bank supplemented its rollout with resource articles to help SBA and mortgage loan applicants during the shutdown.

Other top news for the month included the bank’s announcement of Hector Chacon as its new Global Wealth Executive and Giampaolo Consigliere as its Miami Market CEO.

Presented below are articles and news posted on the bank’s global media platform, bbva.com, and online newsroom during the month of January 2019.


Corporate News

BBVA Compass reports fourth quarter results
BBVA Compass reported a net income of $196 million for the fourth quarter of 2018, a 276 percent increase from the $52 million earned during the fourth quarter of 2017. Net income for the full-year 2018 totaled $763 million, an increase of 66 percent from the $461 million earned during the full-year of 2017.

BBVA Compass rolls out financial relief for those directly impacted by federal government shutdown
BBVA Compass announced that it will provide financial relief for clients directly impacted by the current federal government shutdown. The financial relief spans checking, consumer loan, credit card and mortgage products.

BBVA Compass names Hector Chacon as its new Global Wealth Executive
BBVA Compass has appointed Hector Chacon as its new Global Wealth Executive. In his new role, Chacon leads all Global Wealth efforts across the BBVA Compass footprint, which spans seven states. Chacon has worked in the financial services industry for over 30 years, all with BBVA in Commercial, Retail and Global Wealth operations.

Giampaolo Consigliere named BBVA Compass Miami Market CEO
BBVA Compass has named longtime leader Giampaolo Consigliere as its Miami Market CEO as part of its work to strengthen the bank’s presence in this burgeoning and diverse market.

It was a busy 2018 for BBVA Compass in the world of sponsorships
Through various sponsorships, partnerships and collaborations, BBVA Compass brought its “creating opportunities” tagline to life for many communities and clients from across its footprint in 2018. Here’s a timeline of key initiatives from last year.

BBVA announces availability of English version of Aprendemos Juntos podcasts
BBVA’s popular podcast series Aprendemos Juntos (Learning Together) is now available in English. The project, created in collaboration with Grupo Santillana and El País, strives to promote education, featuring powerhouses from across various fields.


Responsible Business

BBVA Compass lends support to AFP Aware for ninth consecutive year
In the ninth consecutive year of sponsoring AFP Aware’s annual community service projects, BBVA Compass volunteers collaborated with A Safe Haven Foundation to create opportunities for Chicago-area residents who are experiencing hardship.

This year, the conference was held in Chicago, where it partnered with A Safe Haven Foundation, which provides shelter and services to Chicago-area residents who are struggling with homelessness, addiction, abuse and other issues.


Market Spotlight

Che Goff: Like Corpus Christi, BBVA Compass and its growth is trending upward
Corpus Christi’s growth is trending upward, according to newly-appointed BBVA Compass Corpus Christi City President Che Goff. When named the head of the bank’s operations in the area, Goff saw potential for a market that’s on “the rise and expanding every day.”


Economic Research

BBVA Research publishes Economic Outlook 2019
According to the Economic Outlook published by BBVA Research, GDP growth is expected to moderate in 2019, while the risk of recession remains elevated over the next 24 months.

BBVA Research publishes 2019 Housing Outlook
According to BBVA Research’s 2019 Housing Outlook, while affordability will remain an issue, demographic trends will continue to support housing demand; home price appreciation will slow, yet remain solid; and regional disparities will level out.

BBVA Research notes implications of declining U.S. fertility rate
The U.S. total fertility rate continues its downward trend, falling to its lowest point in 48 years at 1.77, according to a white paper published by BBVA Research. The report goes on to identify both the cause and the impact of this drop.


Resource Articles

How the government shutdown affects your Small Business Administration (SBA) Loan
In general, banks are able to continue with business as usual during a government shutdown. Accounts can be opened, transactions can be processed, loans can be funded. However, there are some areas that rely heavily on federal employees in specific situations.

How the government shutdown affects your mortgage
Mortgage lending is one area that could see some processing slowdowns — particularly in processing applications and funding loans — during a federal government shutdown.

Q&A: The importance of remaining invested based on the appropriate risk profile and policy
Anne-Joëlle Viguier-Galle is BBVA Compass’ Chief of Equity and Alternative Investments and also Chief Investment Strategist for BBVA Wealth Solutions, Inc., the bank’s investment advisor affiliate. In this Q&A, she discusses equity premium, staying “sane” through the investment process, and the calculations of volatility when it comes to risk.


For information on BBVA Compass, click here.

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