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April 30, 2024
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Yes, combining their regional mid market IB practices should make them a direct competitor to GS.
BB doesn’t imply direct competitor to GS. Otherwise you’re saying DB is a direct competitor to GS
I think he was being sarcastic :)
DB not a BB
The true bank becoming a BB is RBC. This is a huge deal and they solely advised BB&T. Huge chip on their shoulders.
Well done to the RBC team!
That's insane - big win for RBC. Truly becoming a BB. SunTrust was advised by their own investment bank + Goldman Sachs
The FIG bankers they poached from DB already paid off on just this deal..great timing.
No, still a regional/super regional. To put it in perspective:
Biggest US Banks by Assets ($billion)
1. JP Morgan - 2,623
Bank of America - 2,355
Citigroup - 1,917
Wells Fargo - 1,896
US Bancorp - 467
BB&T/SunTrust - 442
PNC - 382
Citizens - 161
Fifth Third - 146
KeyCorp - 140
You missed Citi at #4, Goldman at #5 and MS at #6; measured by Assets. MS at over $850B is still far larger than US Bank.
Thanks for calling it out. Caused me to go back and dig a little deeper.
The numbering format got a little wonky but you'll see Citi at the #3 position above (listed as #2). I'll admit that I pulled the info from a CNBC article here. Seems like they used another differentiator than the standard bank holding company definition. I imagine they used banks with a retail banking arm to push the merger higher up the ranks but they didn't define it. If I was being 100% correct, I would have used the National Information Center data.
If that's the case, the top 10 looks like:
Ranked by Assets ($billion)
JPM - 2,615
BofA - 2,339
Citigroup - 1,925
WFC - 1,873
GS - 957
MS - 866
US Bancorp - 465
BB&T/STI - 442
TD - 381
PNC - 380
Will this mean that the combined bank will be a bigger player in investment banking? I'm assuming the main reason for the merger was to consolidate and save on overlapping retail bank locations, right? I'm also wondering if this means IBD moves with the new bank to NC or if STRH will mostly stay in Atlanta. Anyone with insight?
The new combined company will have a new HQ and name according to Reuters, so I’d assume Atlanta and NC will be out of the picture. I’d assume IBD will relocate to HQ, wherever that may be
STRH is staying in ATL while the retail banking side will move from Atlanta and Winston Salem to Charlotte.
While this deal should help grow the IB side STRH isn’t really even competing with the top tier MMs in terms of Lead Lefts and Total Fees.
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