Commercial banking

Ted Pick, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said in a statement Wednesday.

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 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 Federal Reserve is leading the push for broader, more standardized risk-capital rules, yet some of its board members, other regulators and industry groups are uncomfortable with the proposal.

Consumer advocates are protesting specific risk-weighting changes affecting borrowers with lower down payments. Also, a broader increase in requirements may discourage depository holdings of servicing.

The companies are both tapping the U.S. investment-grade primary market, kicking off a potential deluge of fresh bank bonds in the wake of second-quarter earnings.

The six biggest banks in the U.S. are expected to sell between $28 billion and $32 billion of new bonds after they report quarterly earnings, and regional banks — seeking to raise more capital — could be right behind them.

Rising interest rates are putting pressure on multifamily housing borrowers — especially investors who were looking for a quick return.

When the once-ubiquitous interest rate goes away at the end of June, some businesses that have older loans may see a sudden jump in their payments. Banks, lawyers and business leaders are doing last-minute work to avoid that scenario.

The banking industry, which has been contending with deposit outflows, could get a short-term boost from spooked investors. But once the White House and House Republicans reach a deal on raising the debt ceiling, the pressure on deposits may resume, analysts say.