New York Life Insurance Co. said that it hired John Y. Kim as an executive vice president of the company and the head of its investment management arm.
Mr. Kim, 47, was the president of Prudential Retirement. He will succeed Brian A. Murdock on April 14 as the president and CEO of New York Life Investment Management LLC, the parent said Tuesday. Mr. Murdock, 52, left last week. New York Life would not discuss the reason, except to say he was not fired.
The Dallas bank continues to advance a multiyear transformation strategy. On Thursday it laid out plans to expand its newly revamped private banking and family office business.
Three months after the merger of equals between Pinnacle Financial Partners and Synovus Financial was completed, the company reported strong hiring trends. Executives say hiring success is key to the bank's growth strategy.
The Justice Department recategorized state and federally approved cannabis products from Schedule I to Schedule III, a move that falls short of full legalization but could ignite renewed interest from banks and credit unions in servicing state-legal cannabis businesses.
The Columbus, Ohio-based company added to its cash hoard as a cushion against any economic dislocation connected to the conflict in the Middle East. The move narrowed Huntington's expected net interest margin for 2026.
The company reached an inflection point for loan growth and posted its sixth consecutive quarter of improving credit. But CFO Perry Beberman cautioned that higher fuel prices and depressed consumer sentiment could eventually pressure its outlook.
A decline in Middle East travel and higher fuel prices should not put a major dent in the company's performance, execs said Thursday.
