Industry News
Driver Management Principal Abbott Cooper said the Dallas company failed to foresee the spate of interest rate hikes that have cut its profitability. Following the bank's latest rebuff, Cooper is threatening legal action.
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The arrangement is designed to benefit commercial clients of both banks that operate on multiple continents. The companies reached the arrangement as part of the recent sale of Bank of the West.
February 22 -
The Los Angeles bank, which disclosed the layoffs in a securities filing, is undergoing a broader restructuring under its new CEO. The bank expects $30 million to $40 million of savings per year from the job cuts.
February 21
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The findings suggest that it pays to build expertise in ESG, as some of the world's largest banks resort to deep cuts in more traditional corners of their business.
February 17 -
After months of speculation, Truist Financial has agreed to sell 20% of its insurance brokerage subsidiary to the private-equity firm Stone Point Capital for $1.95 billion. The deal was touted as a way to provide capital for expansion and increase earnings over time.
February 16 -
The five-year, $50 billion agreement with community groups includes a pledge to open 25 branches in marginalized communities. TD is seeking regulatory approval for its acquisition of Memphis, Tennessee-based First Horizon.
February 15 -
Sen. Elizabeth Warren, D-Mass., specifically called out acting Comptroller of the Currency Michael Hsu, saying that he "needs to learn how to say no to anticompetitive bank mergers."
February 15 -
The banking industry appears to be stuck when it comes to diversifying the leadership ranks.
February 15 -
The two banks are now targeting May 27, three months later than their previous goal. The transaction, which would create a top-six U.S. bank by asset size, was originally expected to be completed last fall.
February 10 -
Goldman Sachs, Capital One and New York Community Bank are shrinking their workforces, and other banks are planning to do the same. Whether such reductions become more widespread will depend largely on loan demand in 2023, according to analysts.
February 9
