Enjoy complimentary access to top ideas and insights — selected by our editors. Truist’s agreement to offload the rest of its insurance business comes just weeks after it announced a $70-million deal to sell an asset-management subsidiary. Both moves are part of the bank’s strategy to become leaner and more efficient.Scott McIntyre/Bloomberg Truist Financial is … Read more
Enjoy complimentary access to top ideas and insights — selected by our editors. Truist is selling Sterling Capital Management, which had $76 billion of assets under management at the end of December. The buyer, Guardian Capital Group, said that Sterling Capital will operate as a standalone entity and continue to be led by its current … Read more
Updated Jan. 4, 2024 1:26 pm ET WASHINGTON—China and Saudi Arabia topped a list of 20 countries whose governments or state-linked entities pumped millions of dollars into Donald Trump’s properties while he was president, according to a new report and previously undisclosed records that shed light on Trump’s potential business conflicts as he seeks a … Read more
Citigroup is shutting down its municipal business, a move that will affect around 100 employees, as the bank continues to overhaul its business under an reorg by chief executive, Jane Fraser. The bank has decided that the unit is “no longer viable given our commitment to increase the firm’s overall returns”, according to a memo … Read more
Uma Wilson, chief information and product officer at UMB Bank. Adam Vogler I KCBJ There is a lot of public confusion over a possible U.S. central bank digital currency and the FedNow real-time payments network, some of it a result of disinformation. This confusion about the two distinct initiatives creates a burden on the … Read more
Published: Nov. 22, 2023 at 3:07 p.m. ET Wall Street’s favorite permabear is back with a warning for anybody who believes the U.S. economy is destined for a “soft landing” in 2024. In his latest note to Société Générale clients, Albert Edwards, the Société Générale global strategist widely followed for his bearish takes on the … Read more
Frankfurt was ready to celebrate. Only a year after the 2016 Brexit referendum, the vast majority of US banks had set up their EU hubs in the German city. International school places were being block-booked ahead of relocations from the UK and property prices were rocketing. But the French government had other ideas. Emmanuel Macron, victorious … Read more
Earlier this year, PNC said that it would reduce expenses by $400 million throughout the course of 2023. Then in July, company executives said that they had identified an additional $50 million worth of expense savings.Sergio Flores/Bloomberg PNC Financial Services Group laid off employees across both its geographic footprint and its business lines this week, … Read more
A split Food and Drug Administration decision on a new depression medicine from Sage Therapeutics and Biogen blew holes in the strategies of both companies and raised questions about the future of their collaboration. Late on Friday, the FDA approved a two-week course of the pill Zurzuvae as a treatment for postpartum depression, but not … Read more