Fulton's latest acquisition nears finish line

February 27, 2026 3:00 PM

In this week's banking news roundup:

Lancaster, Penn.-based Fulton Financial received approvals to acquire Blue Foundry Bancorp in Northern New Jersey;
JPMorganChase added Bank of America veterans Roy Wouters and James Mitford to its health care investment banking team;
Mizuho Financial Group has plans to replace about 5,000 administrative jobs with artificial intelligence over the next 10 years; and more.

Fulton’s acquisition of Blue Foundry nears finish line

Fulton Financial in Lancaster, Penn., has received all of the necessary regulatory approvals it needs to acquire Blue Foundry Bancorp in northern New Jersey.

The all-stock transaction, which was announced in November, is expected to close on or around April 1, the two banks said in a press release. Regulatory approvals have been granted by the Federal Reserve and the Office of the Comptroller of the Currency, according to the release.

Fulton, the parent company of Fulton Bank, agreed to pay $243 million for the Rutherford, N.J.-based Blue Foundry. The latter operated as a depositor-owned mutual thrift for most of its history until it converted into a publicly traded bank in 2021. It has reported losses ever since.

Fulton currently has about $32.1 billion of assets. The combined entity is expected to have more than 220 branches, approximately $34 billion of assets and about $28 billion of deposits. —Allissa Kline

JPMorganChase hires two from BofA for health care banking team

JPMorganChase has hired a pair of Bank of America veterans for its health care investment banking team and shuffled leaders within the group.

Roy Wouters will join as co-head of health care investment banking for Europe, the Middle East and Africa, alongside Juha Anjala, according to a statement reviewed by Bloomberg News. Wouters will be based in London and report to Jeremy Meilman, global head of health care investment banking.

James Mitford, who had been JPMorgan's co-head of EMEA health care investment banking, will become a vice chair of investment banking, reporting to Conor Hillery, co-CEO of EMEA.

The bank also hired Bank of America's John Arbuckle as co-head of North America biopharma mergers and acquisitions, and named Andy Ham as co-head of the same group. Arbuckle will be based in New York and report to Jay Hofmann, JPMorgan's head of North America M&A. –Michelle F. Davis, Bloomberg News

Mizuho plans to replace 5,000 clerical jobs with AI in 10 years

Mizuho Financial Group is planning to replace about 5,000 administrative jobs in Japan with artificial intelligence over the next 10 years, as the country's third-largest lender tries to boost productivity.

"We are planning to enhance our earnings capabilities by shifting human resources to our focus areas by fully utilizing AI," Mizuho said in a statement. "It is not a headcount reduction."

Japanese companies have been expanding their use of AI to improve efficiency, and investment in the technology is a key part of Prime Minister Sanae Takaichi's policy program. In the banking sector, institutions are seeking to pursue AI initiatives in ways that minimize significant workforce reductions as they face labor shortages.

Mizuho has about 15,000 clerical positions at its core banking units and other group companies, and affected employees will be transferred to other roles, the bank said. The Yomiuri newspaper reported the plans earlier. —Taiga Uranaka and Hideki Suzuki, Bloomberg News

Danske Bank cuts hundreds of jobs to add to Danish layoff wave

Danske Bank has eliminated 420 jobs across its regional operations, saying increased automation has reduced the need for staff in support roles.

Most of the job cuts will fall in Denmark and Lithuania, with smaller reductions in the lender's other Nordic offices as well as in Poland and Northern Ireland, Danske said in a statement Thursday. The affected roles are primarily in support functions that don't involve direct customer contact.

"Our increased automation and simplification efforts in recent years mean that many activities which previously required extensive manual work are now automated or supported by stronger tooling," Danske said.

The reductions add to a wave of job cuts rippling through Denmark's largest companies and deepens concern that layoffs may prove more than a temporary correction after years of expansion.

Financial firms Nykredit Realkredit, Tryg and Nordea Bank Abp have also been scaling back in the Nordic country in recent months. —Sanne Wass, Bloomberg News

RBC high-yield desk sees attrition after First Brands losses

At least five high-yield credit analysts and traders have left Royal Bank of Canada in recent weeks, with some joining rival firms after the bank notched losses linked to the collapse of First Brands Group, according to people familiar with the matter.

Desk analysts Srihari Rajagopalan, Sydney Ferrigan and Akshay Nagia left for Morgan Stanley, Banco Santander and Capital Group, respectively, the people said, asking not to be identified because details are private. Meanwhile, high-yield traders Christian Sady and Sameena Asija departed for UBS Group and Bank of America., respectively.

Separately, Fred Schmidt, a director for credit-derivative trading, also left the Canadian lender, the people familiar said.

Representatives for RBC, Capital Group, Morgan Stanley, Santander and UBS declined to comment, while a BofA spokesperson wasn't available to comment. Canada's largest lender is one name on a long list of creditors that were caught up in the blowup of First Brands. UBS, Santander and Jefferies Financial Group also had exposure to the Cleveland-based company. —Caleb Mutua and Irene García Pérez, Bloomberg News