Truist cuts 5% of investment bankers on dealmaking uncertainty
Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.
Columbia expects loan growth in the low or mid single digits this year
The loan-growth projections are for Columbia Banking System itself, before the Tacoma, Washington, bank officially merges with Umpqua Holdings. The $5 billion deal is scheduled to close Feb. 28.
CLOs: Attractive investments and robust 2022 output despite tight arbitrage
The consensus calls for shrinking collateralized loan obligation volume in 2023, but rewards are said to outweigh the risks.
By
John Hintze
Ex-Truist Chief Financial Officer Daryl Bible to join M&T as CFO
Bible spent 14 years at BB&T and Truist before announcing his retirement earlier this year. He will replace Darren King, who will remain at M&T in a new role.
TD, BMO push back their timelines for closing M&A deals
Both Canadian banks are awaiting green lights from regulators for their pending acquisitions of U.S. banks. "We don't control the timing of all the regulatory approvals," TD's chief executive said Thursday.
Wells Fargo charged borrower $40,000 in excessive legal fees, judge rules
The case involved a customer who was charged $100,000 in legal fees when he tried to pay off a commercial mortgage early. After the borrower waged a nearly decadelong legal fight, a Florida court ordered the bank to reimburse a portion of the fees.
Fed gives final blessing to New York Community-Flagstar deal
The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.
Regional banks say they can handle any looming credit hiccups
Executives from PNC, Regions and M&T are expressing confidence that their loan books can withstand a recession. "We don't see crisis-type things in front of us right now," said PNC Chief Financial Officer Robert Reilly.
Huntington gets a lift from recent M&A deals
The addition of investment bank Capstone Partners and the wider geographic footprint that resulted from the acquisition of TCF Financial helped drive a 58% increase in net income during the third quarter.
Citi takes the good and the bad against darkening economic backdrop
Its investment banking and corporate lending revenues dipped during the third quarter, while treasury services and branded cards were bright spots. That formula will be tested by "rolling, country-level recessions" across the globe, CEO Jane Fraser predicts.
PNC rides high on rising interest rates, but can it last?
The Pittsburgh company's finance chief expects more gains in interest income, though he conceded rising deposit costs could curb the pace of advances.
Truist to acquire Texas Capital’s premium finance business
The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.
Huntington pledges to disclose financed emissions within two years
The Ohio bank, which has been releasing more information about its Scope 3 emissions, promised to take steps with customers and suppliers to reduce their collective impact on climate change.
As Fed goes full steam ahead on higher interest rates, banks brace for new normal
Federal Reserve Chair Jerome Powell's speech in Jackson Hole reaffirmed that the end of accommodative monetary policy is coming to an end. This is a boon to banks, but only those that have managed their balance sheets just right.
‘Almost purely opportunity’: Banks prep for historic climate investment
The $369 billion directed toward climate preparedness in the Inflation Reduction Act is expected to reverberate through the economy for years to come and could supercharge private investment in the nation's clean energy sector.
As multinational companies rethink their global footprints, opportunity emerges for banks
Corporations are navigating shifting geopolitics, and M&A bankers are advising them as they consider selling off faraway units and focusing more on assets closer to home or in friendlier countries.
Fitch downgrades PacWest, citing ‘deterioration’ of key capital ratio
The rating agency has revised the long-term issuer default rating for PacWest Bancorp and its banking subsidiary, Pacific Western Bank, from "BBB" to "BBB-" and says it doesn't expect the bank's common equity Tier 1 ratio to bounce back anytime soon.
Huntington recruits Truist executive in effort to bolster key unit
Huntington Bancshares has hired Shawn Lough, a veteran Truist Financial banker and West Point graduate, to help guide the sales strategy and goals of its consumer and business banking operation. It also expanded the duties of Digital Director Mark Sheehan to include deposits.
Comerica shrugs off recession fears, sees more loan growth ahead
Unlike some of its peers, the Dallas bank says the U.S. economy is strong, clients are upbeat and lending momentum continues.
Truist forecasts higher expenses amid spending on wages, technology
The latest expense guidance also stems from rising operating losses at the North Carolina bank. Cost-cutting was a key rationale for the 2019 merger of BB&T and SunTrust, which created Truist.
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