Growth strategies

The Mississippi-based First says the deal would allow it to acquire key talent, bolster its presence in northwest Florida and expand into the Tampa area.

Bruce Van Saun, the Rhode Island bank’s CEO, previewed a branch-light strategy in new markets like South Florida and Washington, D.C. Citizens recently closed acquisitions of Investors Bancorp and much of HSBC’s U.S. retail banking business.

One year after CEO Jane Fraser launched a business revamp, Citigroup reported lower revenue, higher expenses and a big reserve for loan losses in Russia. Yet the company’s long-term plan to streamline operations and invest in high-performing businesses — all with an aim to strengthen shareholder returns — still appears on track.

Citigroup agreed to sell its consumer banking operations in Bahrain to Ahli United Bank BSC as part of the lender’s continued push to simplify.

In his annual letter to shareholders, the JPMorgan Chase CEO wrote that although the U.S. economy remains strong, “we should prepare for the potential negative outcomes.” He also provided more detail about the megabank’s big spending plans.

Barclays is developing a global private credit strategy, according to several people familiar with the situation, seeking to take part in the fast-growing $1.2 trillion asset class.

Citigroup agreed to sell its India retail banking business for about 123 billion rupees ($1.6 billion) cash to Axis Bank, as the U.S. lender seeks to consolidate its operations in identified markets.

Citizens Financial Group is mulling the acquisition of a wealth manager or even a lender in Florida following a deal spree by the bank last year, CEO Bruce Van Saun said.

Seven of the 10 largest merger agreements since 2012 have been struck in the last year and a half. Here's a look at how they stack up against each other.

The Vernon Hill-led bank is being buffeted by a board rebellion, a lawsuit and a burgeoning proxy fight all tied to the complaints of two investor groups that say their returns are subpar if not in the negative.

In a survey last month, only one in 10 chief executives identified mergers as their top priority, while 77% pointed to organic growth. The sparse interest in dealmaking may be due to volatile markets, along with slower approvals from regulators.

CEO Nitin Mhatre, who joined the Massachusetts bank in 2021, said that any M&A deal is at least a year away. For now, the bank is working with fintechs as a way to bolster its balance sheet and deliver exceptional customer experiences.

Liberty Bank and Texas Capital Bank are among those trying to attract new online-only customers while experimenting with technologies to benefit the institutions overall.

Citigroup said profitability will fall as the bank pursues a strategy shift that it said will raise expenses in the near term.

Across the country, banks of all sizes are investing in the wealth business as a way to deepen customer relationships, capture recurring revenues and tap into a massive transfer of wealth from baby boomers to Generation X and millennials. A lot of money is up for grabs, but maybe not enough to go around.

Citigroup has been pulling back retail operations from broad swaths of the globe, but its commercial banking business is finding new regions for expansion.

The Silicon Valley fintech expects to make $1.5 billion in auto loans this year after implementing key elements needed to achieve scale, said CEO David Girouard. The expansion comes as the automotive market continues to boom.

Deutsche Bank promoted Charlie Burrows to oversee the expansion of the bank’s wealth management unit across the southeastern U.S., as the German lender builds out its business of catering to the ultrarich.

This elite group of young wirehouse and regional employee representatives collectively generate more than $200 million in annual revenue.

Bank of America revamped leadership across its wealth management business, placing more responsibilities on current heads Andy Sieg and Katy Knox.