Wells Fargo is expanding into New York City's Hudson Yards, Mastercard launches a new generative AI-powered shopping tool, Banc of California closes PacWest acquisition and more in the weekly banking news roundup.
Wells Fargo to bring NYC employees under one roof at Hudson Yards
Mastercard launches generative AI-powered shopping tool
For U.S. banks, car and truck loans are an emerging credit challenge
Banc of California closes PacWest acquisition, raises $400 million
Synchrony to issue co-branded J.Crew Mastercard
UBS’s Kelleher likes Morgan Stanley’s CEO race playbook
"I would love to get to the stage in the future where UBS can run the same playbook as Morgan Stanley and have a foreseeable and credible succession with a range of candidates," Kelleher said at the FT Global Banking Summit in London on Tuesday.
UBS brought back Ermotti, 63, as CEO in April to oversee the government-brokered rescue of its smaller rival Credit Suisse. The bank said at the time that he was better suited to oversee the integration than his predecessor, Ralph Hamers.
Asked if he would prefer an internal candidate, Kelleher said he would ideally promote people from within, "because that is a validation of a culture." — Myriam Balezou, Bloomberg News
JPMorgan rehires SVB, Goldman alum Lytle for technology deals
"Matt will focus his efforts in enterprise and cloud companies within our innovation economy initiative," Chris Grose and Pankaj Goel, JPMorgan's co-heads of technology investment banking in North America, wrote in a memo to staff reviewed by Bloomberg News.
San Francisco-based Lytle was most recently a senior managing director at Leerink Partners, formerly SVB Securities. Several SVB Securities tech bankers left to join Moelis earlier this year after the failure of Silicon Valley Bank.
Lytle previously held roles including global co-head of internet investment banking at Goldman Sachs and, before that, was a banker within JPMorgan's internet and digital media team. — Gillian Tan, Bloomberg News
Pinnacle Financial chief credit officer steps down due to health issues
Mizuho closes acquisition of M&A and restructuring advisory firm Greenhill
The transaction will combine Mizuho's leading investment banking and capital markets businesses with Greenhill's premier M&A and restructuring solutions.
Greenhill will operate as the M&A and restructuring business of Mizuho. The Greenhill brand and existing leadership remain in place and are part of Mizuho Americas' banking division, led by Michal Katz, head of banking, Mizuho Americas. Kevin Costantino and David Wyles are co-heads of the Greenhill Advisory business, reporting to Michal Katz. Scott Bok is chairman of Greenhill Advisory, reporting to Jerry Rizzieri, president and CEO of Mizuho Securities USA and head of the Americas' Corporate and Investment Bank. — Editorial Staff