Financial Services News

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      • State Street to lay off 1,500 in turn toward automation
        by Greg Ryan on January 20, 2019 at 10:50 pm

        State Street Corp. plans to lay off approximately 1,500 employees in “high-cost locations" and ramp up efforts to automate its services to clients, the company said Friday. State Street has 1,220 full-time-equivalent employees in the Kansas City area, ranking it No. 33 on the Business Journal's list of private-sector employers. The newly announced layoffs go far beyond the job cuts to senior management reported by the Boston Business Journal earlier this month. The senior managers are believed […]

      • GM’s Texas-based finance arm is taking on the banks
        by Jon Prior on January 20, 2019 at 7:09 pm

        Six years ago, the relatively new Fort Worth, Texas-based finance arm of auto giant General Motors waded into the business of making back-office loans to dealerships for their inventory and sometimes real estate deals. In the next two years, GM Financial is aiming to be the market leader for this wholesale business long dominated by big banks. […]

      • Equity funding in Oregon firms approaches $1 billion in 2018 (Infographic)
        by Brandon Sawyer on January 18, 2019 at 10:51 pm

        Funding rounds ramped up last year as VC firms, angel investors and others claimed bigger chunks of promising Oregon and Southwest Washington startups. […]

      • Boston Language Institute closes after Century Bank seizes assets, school president says
        by Gintautas Dumcius on January 18, 2019 at 10:36 pm

        "It's a bit of a shock when you check your bank account balance and it's zero,” the Boston Language Institute president says. […]

      • KPMG's former S.F. head Debbie Messemer lands on leading fintech's board
        by Mark Calvey on January 18, 2019 at 10:19 pm

        Debbie Messemer, KPMG’s San Francisco managing partner before retiring last year, has joined PayPal Holdings Inc.’s board. She also serves on the boards of Allogene Therapeutics Inc. (NASDAQ: ALLO) and Redwood City-based Carbon Inc., a 3-D printing company that uses resins and light to create a variety of objects from car parts for Ford Motor Co. (NYSE: F) to soles for Adidas tennis shoes. Joining PayPal’s (NASDAQ: PYPL) board allows Messemer to leverage her expertise working with clients […]

      • Form D Friday: Greenwood Village-based company issuing $5 million
        by Monica Vendituoli on January 18, 2019 at 9:36 pm

        Several companies raised money this week. […]

      • PacWest to 'retire' Square 1 brand
        by Lauren K. Ohnesorge on January 18, 2019 at 9:14 pm

        More than three years after its acquisition by California’s Pacific West Bank, the Square 1 brand is scheduled to disappear. A spokeswoman confirms that the Square 1 “name and brand will be retired this spring.” The once independent, entrepreneur-focused Durham, N.C., bank will be called the Venture Banking Group of Pacific Western Bank, spokeswoman Laura Piggott writes in an email. There is one location in Austin at 901 S. Mopac Expwy. Peter Gwaltney, CEO of the North Carolina Banker’s […]

      • M&A wrap: Deals in accounting, oil tech & 3D printing
        by ABJ staff on January 18, 2019 at 8:51 pm

        Here are the latest mergers and acquisitions that caught our attention. […]

      • Regions Financial Corp. posts $390 million profit in fourth quarter
        by Stephanie Rebman on January 18, 2019 at 8:46 pm

        Regions Financial Corporation (NYSE:RF) reported a $390 million profit in the fourth quarter, as well as a profit of more than $1.5 billion for 2018. The fourth-quarter earnings represented a 28 percent increase compared to the fourth quarter in 2017. It was also an increase from third-quarter earnings, which reached $354 million. The annual earnings also represent a 28 percent increase over 2017 for Regions, which is Birmingham's only Fortune 500 company and one of its largest employers. Full-year […]

      • Bankers Trust names new Arizona leader
        by Patrick O'Grady on January 18, 2019 at 8:37 pm

        Bankers Trust Co. will have a new leader for its Arizona operations in the form of a longtime employee. Patrick Joyce was named Arizona market president on Jan. 17. He will replace Joe Stewart, who will retire from Des Moines, Iowa-based Bankers Trust in March 2020. Until Stewart's departure, the two will work closely together, with Stewart serving as senior vice president and business development officer. “Patrick is a dynamic and effective leader. He and his commercial banking team have consistently […]