Banking

A vast majority of the collateral, a combined 82.73%, have terms of between 49-60 months (58.46%) and 61-72 months (24.27%), while a slight majority of the pool (51.66%) have no credit scores.

The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.

At the embattled Republic First Bancorp, elevated legal, professional and audit fees also contributed to a nearly $10 million in first-quarter loss but CEO Thomas Geisel reports signs of progress moving past "legacy headwinds."

First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.

Landmark Funding Trust does not include a class E tranche, and overcollateralization has increased to 21.00% of the initial adjusted loan principal balance, from 10.35%.

Executives at the Minneapolis bank responded to a research report that highlighted the decline in a key capital ratio after an acquisition last year. They don't plan to raise capital but aim to generate more of it from earnings in coming quarters.

The deal launched from the Achieve platform, bringing Freedom Consumer Credit Fund's cumulative issuances across its securitization portfolios to $4.8 billion.

Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.

As the Wall Street giant continues to scale back its consumer banking ambitions, the point-of-sale loan provider that it purchased in 2022 could be the latest target. And CEO David Solomon said there might be more moves ahead.

This outlook affects the availability of credit from banks that are under constraints to reduce risk and preserve capital, with U.S. regional banks being most affected.