Apollo Global Management has agreed to acquire Sector Financial, which focuses on middle-market direct lending, as part of its purchase of a portion of Credit Suisse Group's securitized products group, according to people with knowledge of the matter.

The acquisition will add $8 billion of assets under management to the Illinois bank's wealth subsidiary. It marks another example of U.S. banks bolstering their wealth management businesses in a bid to collect more fee income.

Voyager Digital Ltd. is trying to sign a deal to sell itself to one of the bidders that lost the auction for the bankrupt crypto lender, after the winner of that auction, FTX, was itself forced into insolvency proceedings.

Bonus season is looking grim on Wall Street, with year-end incentive pools expected to drop sharply across the finance industry amid a pullback in mergers and acquisitions, persistent inflation and the threat of a potential recession.

JPMorgan Chase is on the hunt for buyouts to lend to and is hoping to gain market share in leveraged financing after avoiding the dozens of clunkers that have cost competitors billions of dollars.

Highly acquisitive banks that pack on assets without sacrificing employee morale pepper American Banker's annual Best Banks to Work For rankings.

The CEO of Seattle-based Washington Federal says Luther Burbank Corp. was an attractive acquisition target because it offers an entree into California and has a commercial lending operation that could follow WaFd's recipe for growth over the past decade.

The Seattle bank's all-stock deal for Luther Burbank Corp. is expected to close as soon as the second quarter of 2023.

Savanna-Thomson State Bank in Illinois has agreed to buy Fidelity Bank in Iowa and says it expects to complete the acquisition early next year.

Wall Street banks that lent $13 billion to help fund Elon Musk's buyout of Twitter have been quietly sounding out hedge funds and other asset managers for their interest in a chunk of the buyout debt at deeply discounted prices.