Mark Calvey
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economy, investment banks, banking, accounting, consumer products
Mark Calvey is the banking and finance reporter for the San Francisco Business Times. Views are my own. Posts and retweets are not endorsements.
Articles by Mark Calvey
United Airlines CEO expects high fuel prices will keep airfares high well into next year, leading to industry toll — ‘The stress is building’
United Airlines CEO Scott Kirby said the demise of Spirit Airlines was a reprieve for some airlines from having to make tough decisions. "There’s other airlines that are next up on the firing line, and I think changes are coming.”
United Airlines CEO expects high fuel prices will keep airfares high well into next year, leading to industry toll
United Airlines CEO Scott Kirby, seen here speaking last year at San Francisco International Airport in 2025, said his company's hub at the Bay Area's largest airport is a "natural advantage" for the carrier. Adam Pardee Preview this article 1 min United Airlines CEO Scott Kirby said the demise of Spirit Airlines was a reprieve for some airlines from having to make tough decisions. "There’s other airlines that are next up on the firing line, and I think changes are coming.”
United debuts Starlink tracker with LAX among leaders in Wi-Fi rollout
United Airlines is making it easier for its passengers to figure out if high-speed Starlink WiFi will be available on their flights. Here's how the rollout is going at LAX.
United Airlines makes it harder to qualify for elite status
Starting next year, the airline will base Premier 1K status solely on spending with United and its cobranded credit cards. The changes take effect for 2028 status.
Wells Fargo exec warns higher interest rates will hurt commercial real estate valuations: ‘It's just math'
Preview this article 1 min Wells Fargo's latest earnings call hit on a hot topic: How soaring interest rates will hurt owners of commercial real estate.
California Bank of Commerce expands into downtown San Francisco in 'strategic growth' step
California Bank of Commerce is opening a loan office in downtown San Francisco this week in another sign of the city's bounceback from the dark days of the pandemic.
San Francisco’s frenzied housing market has led to buyers teaming up to land a home
Bay Area lenders say they've seen a surge in San Francisco residents taking out tenancy-in-common mortgages to become homeowners amid the city's soaring rents.
Wells Fargo CFO sees more layoffs ahead as AI drives efficiency: 'It’ll bring headcount down more'
Wells Fargo joins a growing chorus of companies cutting jobs thanks to productivity gains from artificial intelligence.
Wells Fargo CFO sees more layoffs ahead as AI drives efficiency: 'It’ll bring headcount down more'
Wells Fargo joins a growing chorus of Bay Area companies cutting jobs thanks to productivity gains from artificial intelligence.
Wells Fargo CFO sees more layoffs ahead as AI drives efficiency: 'It’ll bring headcount down more'
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United Airlines tests food delivery service to your gate at Newark, expanding to Houston next
United Airlines wants to make it easier to get food, drinks and travel essentials by delivering them to your departure gate.
Delta and Alaska Airlines duke it out over popular California routes
Delta upended Alaska Airlines' plans to start flying from Santa Rosa to Salt Lake City, a Delta hub. But Alaska resumes flying popular routes, including from San Jose to LAX.
City National Bank beefs up private banking in the Bay Area amid AI boom
City National Bank joins other financial institutions in hiring to expand their private banking and wealth management services amid the Bay Area's AI boom.
S.F. rents reach new heights on AI 'demand shock,' while cities that were exodus destinations see big cuts
“AI companies have gone from a handful of companies in San Francisco a few years ago to hundreds today, and that kind of hiring has historically pulled in a younger, more mobile workforce willing to pay a premium to be close to the action,” Zumper spokesperson Crystal Chen told the Business Times.
United Airlines adds first SFO nonstop to a Japanese destination, resumes service to Tel Aviv
United Airlines is taking advantage of its San Francisco hub's status as a gateway to the Pacific to add a popular destination in Japan that's known for its warmth and white-sand beaches.
Wells Fargo at center of attention as acquisition speculation rises in banking sector
Wells Fargo could be among the banks that make an acquisition, given the power of expanding by geography and business lines, analysts believe.
United Airlines expects increased Labor Day travel at SFO and beyond
United Airlines' Labor Day travel from SFO is benefiting from the airport's convenient access to Hawaii and beyond.
Wells Fargo at center of attention as acquisition speculation rises in banking sector
Wells Fargo could be among the banks that make an acquisition, given the power of expanding by geography and business lines, analysts believe. THE REMAINDER OF THIS ARTICLE IS RESERVED FOR SUBSCRIBERS Don’t Stop Here — Continue Reading For $1 Per Week Already have a paid subscription? Sign in
Bay Area bank stakes claim in Dallas but says it won't move HQ
Dallas has become a favorite among banks and other financial firms from California tapping the city’s lower cost of living and thriving reputation as a financial center. Now, another Bay Area bank is planting its flag in North Texas. Read on to learn more.
Citizens Bank exec Mark Lehmann makes no apologies for San Francisco
Bank executive Mark Lehmann talks AI, Vogue World, the IPO explosion and why San Francisco isn't what outsiders think it is.
Bay Area bank stakes first claim outside of California, but says it won't move HQ there
Preview this article 1 min “Dallas is a thriving market, and we are excited to expand our presence," the CEO one of the Bay Area's fastest-growing banks said.
Air France brings ultraluxe La Premiere first-class suites to SFO
Air France courts luxury travelers at San Francisco International Airport, with its new La Premiere suites on nonstops to Paris.
BMO Bank hires Bay Area exec for key new role leading digital, AI initiatives
A BMO Bank spokesperson told the Business Times its new chief digital officer of U.S. banking will remain based in San Francisco to take advantage of the Bay Area’s tech ecosystem and help attract talent. THE REMAINDER OF THIS ARTICLE IS RESERVED FOR SUBSCRIBERS Don’t Stop Here — Continue Reading For $1 Per Week Already have a paid subscription? Sign in
United Airlines expands SFO superpremium flights to key business centers
SFO is benefiting from United flyers' strong demand for premium seats, including the new Polaris Studio suites that come with caviar and wine pairings.
Avidbank names president in succession planning move, adds SBA lending team
Avidbank brought on a president and built out new divisions for SBA lending and HOA banking. An analyst raised his price target on the shares.
Avidbank names president in succession planning move, adds SBA and HOA teams
An analyst raised his price target on the stock after the hire and other growth moves. THE REMAINDER OF THIS ARTICLE IS RESERVED FOR SUBSCRIBERS Don’t Stop Here — Continue Reading For $1 Per Week Already have a paid subscription? Sign in
How commercial real estate is benefiting from ‘unrelenting demand for all things AI’
THE REMAINDER OF THIS ARTICLE IS RESERVED FOR SUBSCRIBERS Don’t Stop Here — Continue Reading For $1 Per Week
Fidelity relocates prominent downtown San Francisco branch
The prominent branch has seen a lot of change since it opened in 1998.
United Airlines adds two ‘surprise’ new SFO nonstop routes
United will start flying to two cities that are excited to get nonstop service to the Bay Area.
Why Vogue World's visit to S.F. is ‘a great and powerful vote of confidence in the city’
“It’s a platform for dealmaking" one expert said of the Vogue World conference. "Some of the most influential and wealthy business leaders and icons in the fashion industry will be in San Francisco,"
Chime changes its tune in strategy shift amid big layoff
Those familiar with the basics of banking found little mystery on why Chime is going after the more affluent: People with higher earnings spend more and often borrow in larger amounts. THE REMAINDER OF THIS ARTICLE IS RESERVED FOR SUBSCRIBERS Don’t Stop Here — Continue Reading For $1 Per Week Already have a paid subscription? Sign in
Clear rolls out major service upgrade at SFO to help travelers speed through security lines
The automated gates debuted in November at Harvey Milk Terminal 1. Clear expanded them in June and July to most other security checkpoints.
“The momentum is tied to hiring velocity and the return-to-office trend," Zumper spokesperson Crystal Chen told the Business Times.
Chime lays off workers a year after IPO because ‘AI is changing what’s possible’
“AI is changing what’s possible but requires new skills,” Chime CEO Chris Britt told employees in a memo discussing the company's layoffs.
Mechanics Bank top exec criticizes intense lending competition: ‘We’re not going to give away credit at this bank’
Businesses looking to borrow should understand how bank leadership views the current lending environment.
Visa lays off dozens of Bellevue workers, citing AI
“AI is ... helping to accelerate this evolution and shape the way work gets done at Visa,” CEO Ryan McInerney said in an employee memo.
San Francisco keeps riding AI boom in office leasing wave despite recent pullback
“The markets with a clear AI tailwind, New York and San Francisco, sit at the top," VTS told clients in a new report.
SoFi expects big win from AI-powered financial coaching service
For once, it’s not about cutting jobs.
San Francisco’s soaring rents hit new milestone as available apartments plunge
“San Francisco is leading the nation in annual rent growth by a margin no other major market comes close to,” Zumper spokesperson Crystal Chen told the Business Times.
Visa to lay off thousands of workers as AI helps to 'shape the way work gets done'
“AI is ... helping to accelerate this evolution and shape the way work gets done at Visa,” CEO Ryan McInerney said in an employee memo.
The Bay Area has work to do to lead in quantum computing, report finds
"The Bay Area is home to the deepest concentration of quantum research, hardware talent and venture capital in the United States,” according to a new report that also finds the region faces familiar challenges in realizing quantum computing's potential economic benefits.
The Bay Area's concentration of AI-related unicorns surprised even the authors of a new report that looked at how artificial intelligence, blockchain and the Internet are converging.
Zions hires former First Republic exec to lead wealth management push
The bank is among those expanding wealth management services amid an era of phenomenal wealth creation.
This bank CEO wants to boost commercial real estate lending while expanding into the East Bay
Citizens Private Bank plans to boost lending to its Bay Area clients seeking to finance commercial real estate deals or their home mortgages, Citizens Bank CEO Bruce Van Saun told the Business Times.
One sector is driving San Francisco and California job growth, and could be 'masking underlying weakness'
Job gains in the tech sector suggest some companies are making "quiet reversals" in their big plans to cut payrolls.
United Airlines CEO blames higher airfares on more than just soaring fuel costs as SFO dominance grows
United Airlines is seeing strong demand for business travel from three sectors that are pillars of the Bay Area economy: technology, financial services and professional services.
Five Star Bank adds Palo Alto team in Bay Area expansion that taps former First Republic talent
Five Star Bank hired four bankers with deep roots in Silicon Valley to expand its services to entrepreneurs and venture capitalists.
San Francisco among nation’s leading cities in workers returning to the office
From laggards to leaders: Two of California's largest cities led major markets nationally in getting workers back to the office in June.
Bank of America hires J.P. Morgan banker to expand services for Bay Area’s midsize companies
Bay Area banks, including Bank of America and Citizens Bank, are expanding their banking teams for middle market companies.
Wells Fargo cut 79,000 jobs in six years, but executives warn of more layoffs despite strong earnings
The bank cut 79,000 jobs in six years and 3,500 last quarter alone. Executives say technology and AI are helping Wells Fargo boost efficiency.
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