The lender will combine its global commercial and institutional banking operations and is creating a new international wealth and premier banking business. HSBC also named Pam Kaur as its first female CFO.

The top five banks on this list have combined deposits of nearly $7.5 trillion.

The merged company's footprint would cover what Atlantic Union CEO John Asbury has called the golden crescent, stretching from Baltimore south to Hampton Roads.

Deutsche Bank hired UBS' Aly Alibhai to head North American mergers and acquisitions; National Bankshares promoted Lara Ramsey to president; Apple Pay users in the U.S. and U.K. now have a pay later option through Klarna; and more in this week's banking news roundup.

The company expects that a previously announced sale of its residential mortgage servicing business will reduce its workforce by an additional 1,200 employees when the transaction is completed this quarter.

Berkshire Hathaway reaped about $370 million selling the stock, marking Warren Buffett's 16th round of disposals since mid-July.

After NYCB streamlined its branch operations under the Flagstar name, the publicly traded company will begin trading under a new stock ticker symbol in late October.

The Swedish company struck a deal to offload buy-now, pay-later loans that it originates in the U.K. as it looks for ways to free up capital ahead of its public debut. 

The top five banks and thrifts had combined assets of more than $13 trillion as of June 30, 2024.

The former president has vowed to carry out an aggressive campaign of deregulation, renew expiring tax cuts, lower the corporate tax rate to 15% from 21%, and offer fresh tax reductions and benefits to bolster domestic manufacturing — policies cheered by prominent Wall Street and corporate leaders.