Commercial banking

SVB said it would issue $2.25 billion of shares and booked a $1.8 billion loss on the sale of a large part of its available-for-sale securities. 

The purchase gives Royal Bank about 130 more branches, including about 45 in the West Coast province of British Columbia.

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.