CDFIs, MDIs to use Treasury program funds for M&A; Morgan Stanley's new hire

Top stories

Community-focused depositories to use Treasury program funds for M&A

The U.S. Treasury Department is offering a cheap source of capital to community development financial institutions and minority depository institutions, assisting them in making a wide range of investments, including M&A transactions.

Morgan Stanley downgrades American Express, Capital One to 'equal-weight'

Morgan Stanley analysts downgraded American Express Co. and Capital One Financial Corp. to "equal-weight" from "overweight."

Morgan Stanley adds head of bank solutions to fixed income division

Morgan Stanley added Richard Myers as a managing director and head of bank solutions to its fixed income division, a company spokesperson confirmed.

Economic outlook to take priority in Q2'22 earnings reports amid recession fears

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.

More highlights

* Morgan Stanley promoted Eli Gross and Simon Smith to oversee its global investment banking division, Bloomberg News reported July 11, citing an internal memo.

* Rosedale Federal Savings and Loan Association closed its acquisition of Baltimore-based peer CBM Bancorp, effective July 7.

* Bank of Montreal's Chicago-based unit, BMO Harris Bank NA, will increase its U.S. minimum hourly wage to $20 for full and part-time branch and customer contact center employees, effective Aug. 7.

Chart of the day

The median bank M&A deal close time over the past year was 141 days, up slightly from 140 days in March and about the same level seen in recent years, according to an S&P Global Market Intelligence analysis. Still, some pending deals have surpassed the median mark by a considerable margin.

Editor's pick

US corporations' cash ratios fall toward pre-COVID-19 levels amid cost pressures