Banking

Commercial real estate loans are a growing area of concern for banks. But OceanFirst says its exposure to a troubled shared credit tied to a Manhattan office building isn't a sign of broader problems in its portfolio.

Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.

The notes benefit from a step-up event concerning class D. If an optional redemption does not occur in the expected redemption date, then the interest rate on the class D notes will increase by 3.0%.

The moves will result in a number of job cuts, though the company doesn't yet have firm targets for how many employees will be affected.

The avoidance of one of the harsher economic scenarios is good news for banks, which are also contending with tighter profit margins and increasing competition for customers. But loan growth and credit quality could be at risk.

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.

Pagaya's artificial-intelligence model utilizes more data points in assessing whether a consumer is creditworthy than the handful typically used by traditional auto lenders, so it can find more consumers who would have previously been denied a loan.

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.

The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.

Tighter credit standards and lower demand for business loans could make it harder for the Fed to achieve the soft landing it's seeking. Still, bankers are cautiously optimistic, noting that some businesses are using their savings to invest at a time when borrowing costs are high.