The Fiserv-First Data deal, valued at about $22 billion, will combine two of the financial services industry's largest technology and processing companies.
The nation’s fifth-largest bank now has the financial flexibility to consolidate more branches in existing markets and open new, smaller ones in cities where it has no retail presence, CEO Andy Cecere said.
PNC chief Bill Demchak says he's pretty sure the U.S. isn’t heading into recession, but asset quality is so strong that the regional bank is giving itself a wide berth in forecasting its loan-loss provision in case of the unexpected.
The new chair of the House Financial Services Committee has an ambitious set of priorities, but newly elected progressives could set up a conflict with more moderate Democrats on the panel.
The large core banking software vendors are already criticized as large and slow-moving. Consolidations like these are only likely to make them more so.
The numbers behind Fiserv's deal to acquire First Data are huge, particularly considering each company's existing tonnage still makes consolidation the best play when faced with nimble fintechs and mobile startups.
Bank of America CEO Brian Moynihan and his fellow executives said they see nothing to suggest a slowdown is imminent. Their outlook was far more upbeat than that of JPMorgan chief Jamie Dimon.
