Wells Fargo & Co. said Monday that it had agreed to buy the employee benefit trust business of Chicago's LaSalle Bank Inc., a unit of ABN Amro Holding NV of Amsterdam.
The deal, which is expected to close by the end of May, would help the San Francisco banking company expand its trust and investment management business. Terms of the agreement were not disclosed.
It is expected to include about 350 employee benefit plans with $12.4 billion of assets.
Federal Reserve Chair Jerome Powell told reporters Wednesday that he would remain on the Fed board after his term as chair expires next month, resolving the last and most significant open question about his departure and the onset of Kevin Warsh's leadership at the central bank.
The Beaver State measure gives de novo banks up to $1 million per year in tax credits. Oregon lawmakers modeled their legislation on a 5-year-old Ohio law.
The Spanish banking giant is seeing improvement in its U.S. business, which is set to expand significantly if its pending acquisition of Webster Financial gets approved.
Expenses and foreign exchange pressured Western Union; while Visa added more blockchains to its stablecoin settlement pilot. That and more in American Banker's global payments and fintech roundup.
Tipalti has developed a set of agentic artificial intelligence agents designed to help businesses navigate transactions and apply for refunds.
The digital bank and lender did not increase its full-year outlook in anticipation of an interest rate freeze.
