The Pittsburgh-based PNC said Monday that it would buy the Allentown-based firm that provides balance sheet management, investment banking and capital markets services to financial institutions.
There had been a cascade in recent days of downgrades and other negative forecasts in connection with big banks, but some analysts on Wednesday picked up the industry's argument that fundamentals are stronger than the markets are giving banks credit for.
Berkshire Hathaway plowed $13 billion into bank stocks in the third quarter that included new investments in JPMorgan and PNC and additional investments in Bank of America and Goldman Sachs.
While they won’t be in position to enact legislation, House Democrats could use their newfound power to spotlight issues that Republicans have largely ignored, including the exploding levels of corporate debt.
Raises for the rank and file have fueled investor complaints that banks aren’t keeping a lid on expenses. Executives say the pay increases have lowered turnover and improved customer service.
Heightened competition from nonbanks, the rise of populism and the uncertainty surrounding Libor’s demise are just some of the short- and long-term threats facing big banks, risk executives say.
Federal "Opportunity Zones" that reduce exposure on capital gains could draw rich investors — and commercial lenders along with them — into economic development projects in thousands of troubled communities around the country.
The $380-billion asset company will soon join the parade of big banks and tech companies that are migrating online to meet the demands of business owners.
