Columbia eschews more M&A amid activist investor heat
The Tacoma, Washington-based bank, which has completed two mergers since 2023, said Thursday that it will buy back up to $700 million of its own shares over the next year.
Strategic planning
TD Bank has shrunk U.S. assets by $48B since asset cap
The Canadian bank said it will take at least a year to hit an inflection point in U.S. loan growth. It has been shedding assets in an effort to free up space for growth in more promising business lines.
In rare move, Flagstar seeks to dissolve its holding company
Flagstar Bank wants to merge its holding company into the bank, which would cut $15 million in annual expenses and eliminate regulatory oversight by the Federal Reserve, leaving the OCC as its primary regulator. The bank's CEO, Joseph Otting, is a former comptroller of the currency.
Trump’s tariffs roil bank stocks, but lenders stay calm
Bankers' surveys of commercial clients have found that corporate decision-makers are less concerned about adverse tariff effects than nervous investors.
Bank economists warn of risks amid tariff bedlam
Forecasters on an American Bankers Association panel predict continued economic growth this year, though they say President Trump's tariffs have created new inflation and recession risks.
Why bank M&A is off to a sluggish start in 2025
Deal advisors said the Trump administration's tariff threats and the specter of inflation have given some bankers reason to pause on acquisition plans. Momentum could still mount, but uncertainty in Washington is a detriment early in the new year.
JPMorgan’s first female COO doesn’t want Dimon’s job
The largest U.S. bank by assets has elevated Jennifer Piepszak to chief operating officer, in preparation for Daniel Pinto's retirement in 2026. But Piepszak is not interested in being CEO, the company said.
Bank of Hawaii, hit by unrealized bond losses, eyes capital raise
The Honolulu bank is raising $165 million through depositary shares, a move that two observers said would help boost its below-average leverage ratio.
NYCB’s new leaders face skeptical shareholders in wake of turmoil
During New York Community Bancorp's annual shareholder meeting, executives reiterated their mission to restore value in the beleaguered Long Island-based company. Questions from shareholders suggested at least some discontent following a capital influx that significantly diluted their position in the company.
Banks knock FDIC over growing tab for last year’s failures
Larger banks are responsible for a special assessment to cover the costs of the failures of Silicon Valley Bank and Signature Bank. The price tag has ballooned by $4.1 billion, and trade groups are criticizing the FDIC's process, arguing that it lacks transparency.
NYCB’s woes grow as CEO’s exit and new disclosures spook investors
The turmoil at New York Community Bancorp resumed Thursday with the departure of CEO Thomas Cangemi. The embattled regional bank, which also recorded a $2.4 billion goodwill impairment charge and disclosed other new problems, saw its share price plunge.
Truist vows to keep its expense growth low in 2024
Despite a surge in quarterly expenses in the fourth quarter and a projected uptick in the first quarter, the North Carolina company is standing by its expense guidance for 2024.
PNC details its job-cut plan, cites a slowdown in lending
The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.
Pressure mounts for Truist to reset its strategy
Some analysts and investors want the North Carolina bank to make big changes to meet financial targets, which they say aren't being met more than four years after the BB&T-SunTrust merger. The critics will be closely watching a presentation by top Truist executives on Monday.
BMO says Bank of the West deal could deliver more savings than expected
The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.
Big banks quietly game plan in event of debt-ceiling breach
The CEOs of the nation's largest banks met with officials in Washington on Wednesday and Thursday, just two weeks before the government is expected to go broke. Behind the scenes, the banks are reviewing contingencies in case the unthinkable occurs.
BofA is cutting jobs in response to rising expenses
Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.
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.
Two years after HELOC pullback, JPMorgan again eyes the business
The nation's largest bank indicated Monday that it may again offer home equity lines of credit to a wide audience. Rising mortgage rates have made the product more attractive after a long drought when low rates suppressed demand.
BofA hikes minimum wage to $22 amid labor market pressure
Bank of America is moving three months early on its most recent plan to raise its hourly base pay. “Until the labor market eases, the weight of wage growth is going to be strong,” CEO Brian Moynihan said during a CNBC interview.
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