Bank M&A nearly flatlined in 2023, reaches pandemic-era low
Surging interest rates, recession threats and weaker stock valuations bogged down merger-and-acquisition activity last year. The 98 announced deals fell short of even 2020, when the pandemic briefly brought the economy to a standstill.
Senate fails to override veto of small business data collection rule
The Senate on Wednesday fell short of the two-thirds majority needed to override President Bidden’s veto in December of a Republican-led resolution to gut the small business data collection rule using the Congressional Review Act.
Mortgage rates up following inflation report
For the past week, the benchmark 10-year Treasury closed above 4%, as the markets priced in an increase in the consumer price index.
New York Fed president says central bank not close to ending QT
John Williams, who also serves as vice chair of the Federal Open Market Committee, does not expect the Federal Reserve to slow its balance sheet runoff anytime soon.
Global Federal Credit Union buying $1.5 billion-asset Washington bank
The deal by the $11.8 billion-asset Global (formerly AlaskaUSA) to acquire First Financial Northwest Bank is one of the largest bank deals ever struck by a credit union.
Arc aims to be the ‘Uber Black’ of venture debt
The software company’s latest product, a private debt marketplace, is designed to connect startups with trusted, pre-vetted lenders.
Citigroup’s Jane Fraser embarks on another pivotal year of bank cuts
Fraser and Chief Financial Officer Mark Mason are under pressure to show that, after repeated attempts by predecessors to restore investors’ faith in the New York-based company following the 2008 global financial crisis, this time will be different.
A regulatory ‘Brezhnev Doctrine’ looms over payments regulation
Like a ratchet, price controls in the payments industry move only one way, destroying value and reducing incentives for innovation.
Visa and Mastercard push to make VC investing more diverse
The card networks are expanding their development of accelerators for women and minority-owned businesses, improving these entrepreneurs’ access to venture capital.
From California to Canada: RBC looks to move jobs north
Royal Bank of Canada hopes to save money by moving positions from high-cost California to Vancouver. The Toronto-based company is looking to cut costs as it seeks to bolster the earnings of its Los Angeles-based City National Bank subsidiary.