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Big banks and regionals strategize for the second half of 2017
With the first half of 2017 drawing to a close, bank executives gathered this week at the Morgan Stanley Financial Services conference to discuss their companies’ performance thus far and, more important, outline their priorities for the rest of the year and beyond. Here are some of the highlights.
Signature Bank: Sayonara to taxi loans?
Taxi medallion loans have been a sore spot for Signature Bank in New York and now the $40 billion-asset lender may be looking to unload its entire taxi portfolio. Medallion values have plummeted in recent years as the likes of Uber and Lyft have encroached on the taxi industry's turf, and private-equity funds and other investors see an opportunity to acquire distressed taxi loans on the cheap, said Signature CEO Joseph DePaolo. "We're working on some bulk sales. We continue to sell individually. We're hopefully entertaining offers to exit the portfolio," he said.