SPS will have roughly 1.4 million mortgages in its portfolio after the transaction closes, something the two companies estimate will occur in the fourth quarter of this year.

The Minneapolis-based buyer had previously said the deal would close earlier in the second half. Some of the financial benefits, which had been expected to be realized next year, won't come to fruition until 2024, executives said Monday.

While the total number is less than some previous rounds, the reductions are a resumption of Goldman's annual culling cycle that it had largely paused during the pandemic, according to people with knowledge of the matter.

The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.

The state Supreme Court heard oral arguments in a lawsuit involving one of the nation's largest debt buyers. At issue is how much detail the industry must disclose about what consumers allegedly owe.

Auto loan growth eased substantially in the second quarter amid competitive pressures from credit unions and other lenders.

Their activity was below the record share hit at the start of 2022, and down from the high water mark of 93,700 properties bought in the third quarter last year.

Corporations are navigating shifting geopolitics, and M&A bankers are advising them as they consider selling off faraway units and focusing more on assets closer to home or in friendlier countries.

The rating agency has revised the long-term issuer default rating for PacWest Bancorp and its banking subsidiary, Pacific Western Bank, from "BBB" to "BBB-" and says it doesn't expect the bank's common equity Tier 1 ratio to bounce back anytime soon.

The Consumer Financial Protection Bureau said a company doesn't need to experience a data breach for the agency to consider taking action.

Rising interest rates, lower stock prices and other headwinds have caused many banks to pump the brakes on dealmaking. But some are betting that these trends will be too short-lived to deter them from engaging in mergers and acquisitions.

Huntington Bancshares has hired Shawn Lough, a veteran Truist Financial banker and West Point graduate, to help guide the sales strategy and goals of its consumer and business banking operation. It also expanded the duties of Digital Director Mark Sheehan to include deposits.

Most of the companies announcing cuts declined to disclose how many workers they terminated, although publicly traded giants revealed their moves would save them tens of millions of dollars this year.

The San Francisco megabank plans to reinstate guidance that drew scrutiny following revelations that women and nonwhite candidates were interviewed for jobs that had been reserved for someone else.

A bank club led by Morgan Stanley has posted the steepest discount on a leveraged loan so far this year as Wall Street institutions struggle to lock down buyers for risky debt amid mounting recession fears. 

The Tokyo-based company has named Masatoshi Komoriya executive chairman of the board of directors for MUFG Americas Holdings Corp. and its U.S. banking subsidiary. He begins his new role on June 30 while retaining existing executive duties.

Industry leaders suggested they’ve "never felt so worried at a time when everything feels so good otherwise," said Chris Herbert, managing director of the Joint Center for Housing Studies of Harvard University.

Non-depository institutions originated an even greater share of all home loans compared to the year before, according to the Federal Financial Examination Council’s latest analysis of Home Mortgage Disclosure Act data.

Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.

Citigroup and Bank of America have teamed up with five other banks to form Octaura Holdings, an electronic trading platform for syndicated loans and collateralized loan obligations.