HSBC is promoting Gregory Pierce to head of global banking and markets for North and South America. He starts Sept. 1 and will be based in New York.

Regulators gave conditional approval for CIT Group's deal to buy OneWest Bank, paving the way for an institution that would be deemed systemically important, with $70 billion in combined assets.

A spike in core deposits increased funding costs and contributed to margin compression at Synovus in the second quarter. But the company could benefit from locking in liquidity now, particularly when interest rates rise.

Fifth Third Bancorp in Cincinnati reported a decline in second-quarter profit, as the costs to close branches offset loan growth.

Zions Bancorp. in Salt Lake City reported a second-quarter loss after selling the remainder of its portfolio of collateralized debt obligations.

A breakdown of M&A announcements in the financial services industry for the week ended July 18.

American Riviera Bank in Santa Barbara, Calif., has agreed to buy Bank of Santa Barbara.

Wells Financial in Minnesota has completed its purchase of St. James Federal Savings & Loan Association, in a deal closely watched by members of the mutual bank community.

PeoplesSouth Bank in Colquitt, Ga., has agreed to buy Cadence Bancorp's Florida Panhandle branch network.

The New Jersey company's entrée into New York City had been expected for years. A week after opening an office on Madison Avenue, ConnectOne is eager to court small businesses and identify possible people to hire.

Morgan Stanley reported profit that beat analysts' estimates as a jump in trading and brokerage fees led to the biggest revenue increase among the six largest U.S. banks. The shares climbed in early trading.

Preferred Bank in Los Angeles has agreed to buy United International Bank in Flushing, N.Y.

M&T, PNC, SunTrust and other regionals reported strong fee growth thanks to inroads they have made in investment banking, wealth management and other areas. It couldn't have come at a better time for them.

Sunshine Bancorp in Plant City, Fla., has agreed to buy two branches from First Federal Bank of Florida.

The Minneapolis investment bank, for the most, didn't serve financial institutions. It hopes to change that with a number of key hires and the purchase of a Chicago boutique firm.

The Dallas company recorded a higher provision as nearly $330 million in energy credits were classified as "criticized" during the second quarter. The size of Comerica's energy portfolio also shrank by 8% during the quarter.

A new proposal by the FDIC could further discourage the use of noncore deposits, including those facilitated by deposit brokers and listing services and even certain reciprocal instruments not subject to the brokered-fund penalty.

Meta Financial Group in Sioux Falls, S.D., has agreed to buy Fort Knox Financial Services, a software firm that helps independent tax firms process refund transfers.

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Umpqua Holdings in Portland, Ore., reported higher second-quarter profit, citing lower merger costs and growth in residential real estate lending and equipment finance.