PNC Finds a Use for BlackRock Cash With $11.6 Billion BBVA Deal
PNC fuels expansion into Texas and California to compete with retail banking giants JPMorgan Chase and Bank of America.
Bank of America
Big Banks Need a Year’s Worth of Liquidity Under U.S. Rule
The rule requires that 20 of the biggest U.S. lenders be able to rely on stable funding sources, such as long-term debt and customers’ deposits, in the event of a year long liquidity drought.
Wells Fargo Cuts More Than 700 Jobs in Commercial Banking
Wells Fargo, the U.S. banking industry’s largest employer, became the first major lender in the nation to resume job cuts after a number of top firms said they would try to offer workers stability during the Covid-19 pandemic.
M&A wrap: GI, General Motors, Nikola, Silver Lake, Apax, Levine Leichtman, IOP, BofA
GI Partners closes first fund to invest in data centers, as the pandemic underlies the importance of data infrastructure. GM takes stake in Nikola to partner on producing electric pickup trucks. PE news from Silver Lake, Apax and Levine Leichtman. Bofa invests in three Black-owned banks.
BofA invests $50 Million in black-owned banks in equality drive
The second-largest U.S. lender took stakes in First Independence, Liberty Financial Services and SCCB Financial.
An ‘overwhelming’ moment: Behind BofA’s $1B racial justice commitment
From hiring to health care, Vice Chair Anne Finucane shares details about Bank of America’s pledge to address vital needs in minority communities.
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Big-bank execs condemn racism after George Floyd death
The chiefs of some of the biggest U.S. banks called on their workers to fight racism after an unarmed black man died as a result of a white police officer kneeling on his neck, prompting nationwide protests.
The fed is buying $41 billion of assets
The Fed has led the charge, offering to buy unlimited amounts of U.S. government bonds and mortgage-backed securities -- and lend trillions more to corporations and municipalities through temporary purchases of their obligations -- as global investors seek to unwind years worth of accumulated leverage in their own portfolios.
M&A wrap: Most Powerful Women in Banking, Cathy Bessant, Bank of America, Thomas Cook, Hyundai, Aptiv
American Baker names BofA's Cathy Bessant the No. 1 Most Powerful Women in Banking. Mergers & Acquisitions seeks nominations for the Most Influential Women in Mid-Market M&A, due Oct. 14. Hyundai, Aptiv team for self-driving car joint venture.