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Business Wire
14-05-2025
- Business
- Business Wire
United Bankshares, Inc. Holds Annual Meeting of Shareholders
WASHINGTON & CHARLESTON, WIRE)--United Bankshares, Inc. ('United') (NASDAQ: UBSI), an approximately $33 billion regional financial services company, held its Annual Meeting of Shareholders on Wednesday, May 14, 2025, at Congressional Country Club in Bethesda, Md. During the meeting, United Executive Chairman of the Board Richard M. Adams addressed shareholders by highlighting several key points from the 2024 Annual Report to Shareholders. '2024 was a great year for our Company,' Adams began. 'We continued our record of strong earnings performance – increasing earnings per share from $2.71 to $2.75, outperforming our peers with a Return on Assets of 1.26% compared to the peer median of 0.94%.' This outperformance equated to nearly $95 million in additional annualized income for the Company. In addition, Adams noted that United increased the dividend to shareholders for the 51st consecutive year, from $1.45 to $1.48, as the Company celebrated its 185th anniversary in 2024. 'Our consistency increasing dividends to shareholders clearly demonstrates our strong earnings, sound asset quality, and strong capital in good times and bad times over many, many years.' Since the beginning of the KBW Bank Index in 1992, UBSI stock has outperformed the Index with a total shareholder return of 1,387% compared to the KBW Bank Index return of 1,108%. Adams also highlighted that in 2024, United announced its 34th acquisition with Atlanta-based Piedmont Bancorp. The deal closed on January 10, taking the Company to a then-record $32 billion in assets and making United the 38th largest banking company in the country based on market capitalization. 'We truly had a very successful year, and I would like to congratulate United CEO Rick Adams for his great leadership and the efforts of all our team members for giving us the opportunity to continue to build such a great banking company. Every day, we make a positive difference in the lives of our team members, our customers, our shareholders, and our communities,' said Adams. In addition, he introduced and thanked United's board of directors for their dedication and service to the Company. During the meeting, it was announced that the following directors were elected by the shareholders to serve on the Board of Directors until the 2026 Annual Meeting: Richard M. Adams, Executive Chairman; Richard M. Adams, Jr., Chief Executive Officer, United Bankshares, Inc.; Charles L. Capito, Jr., Former Managing Director, Wells Fargo Advisors Complex; Peter A. Converse, Former President and CEO, Virginia Commerce Bancorp, Inc.; Sara DuMond, MD, FAAP, Founder and CEO, Pediatric Housecalls, PLLC; Michael P. Fitzgerald, Former Co-Founder, Chairman, CEO and President, Bank of Georgetown; Patrice A. Harris, MD, MA, FAPA, Psychiatrist and Chief Executive Officer, eMed; Diana Lewis Jackson, President and Founder, Action Facilities Management; J. Paul McNamara, Chairman, Potomac Capital Advisors; Mark R. Nesselroad, Chief Executive Officer, Glenmark Holding, LLC; Lacy I. Rice, III, Co-founder and Managing Partner, Federated Capital Partners; Albert H. Small, Jr., Founder and President, Renaissance Centro Inc., LLC; Mary K. Weddle, CPA, Former Executive Vice President, Long and Foster Companies; Gary G. White, Principal Consultant, JRW, LLC, and Former Interim President, Marshall University; and P. Clinton Winter, President, Bray & Oakley Insurance Agency, Inc. In addition to the election of Directors, other proposals were approved by shareholders: ratification of the selection of Ernst & Young LLP to act as the independent registered public accounting firm for 2025, approval, on an advisory basis, of the compensation of United's named executive officers, and approval of the United 2025 Equity Incentive Plan. About United Bankshares, Inc. As of March 31, 2025, United had consolidated assets of approximately $33 billion and is the 41st largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which comprises more than 240 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United's stock is traded on the NASDAQ Global Select Market under the quotation symbol ' UBSI '.
Reuters
15-04-2025
- Business
- Reuters
US banks maintain steady headcount amid tariff turbulence
April 15 (Reuters) - Major U.S. banks kept their staffing levels largely stable in the first quarter, bracing for potential disruption later in the year that some analysts say may trigger job cuts. Turbulence stemming from President Donald Trump's tariffs has fueled fears that economic growth may slow down and spook corporations into adopting a cautious approach to deals. Should mergers and acquisitions stall and initial public offerings remain sluggish, employees at Wall Street banks could have to bear the brunt, opens new tab, Reuters has reported. That outcome is looking increasingly likely as Trump's vacillating trade policy sows confusion. The KBW Bank Index (.BKX), opens new tab has fallen nearly 11% since Trump unveiled the tariffs on April 2, which he has touted as Liberation Day. "Clients have become more cautious amid an increase in market volatility driven by geopolitical and trade-related tensions," JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon said on a post-earnings call on Friday. The bank's employees grew 0.4% over the three months ended March 31. The bank currently has more than 14,000 open positions, a spokesperson for the bank said last week. Bank of America (BAC.N), opens new tab and Wells Fargo (WFC.N), opens new tab reported 0.2% and nearly 1% fewer employees, respectively. BofA had cut a few investment banking roles in the first quarter, Reuters reported last month. Goldman Sachs (GS.N), opens new tab added 100 people, while its rival Morgan Stanley (MS.N), opens new tab hired 545. Headcount at Citigroup (C.N), opens new tab was almost unchanged. "I would expect a significant amount of M&A activity through the rest of the year," Goldman Sachs CEO David Solomon said on an analyst call after results on Monday. "But obviously, if the (economic) landscape got more constrained, there's a risk of it slowing," he added. All of the banks reported better-than-expected profits for the first quarter, primarily driven by higher trading revenues as consumers rejigged their portfolios in an uncertain market. Source: Company filings
Yahoo
15-04-2025
- Business
- Yahoo
US banks maintain steady headcount amid tariff turbulence
(Reuters) - Major U.S. banks kept their staffing levels largely stable in the first quarter, bracing for potential disruption later in the year that some analysts say may trigger job cuts. Turbulence stemming from President Donald Trump's tariffs has fueled fears that economic growth may slow down and spook corporations into adopting a cautious approach to deals. Should mergers and acquisitions stall and initial public offerings remain sluggish, employees at Wall Street banks could have to bear the brunt, Reuters has reported. That outcome is looking increasingly likely as Trump's vacillating trade policy sows confusion. The KBW Bank Index has fallen nearly 11% since Trump unveiled the tariffs on April 2, which he has touted as Liberation Day. "Clients have become more cautious amid an increase in market volatility driven by geopolitical and trade-related tensions," JPMorgan Chase CEO Jamie Dimon said on a post-earnings call on Friday. The bank's employees grew 0.4% over the three months ended March 31. The bank currently has more than 14,000 open positions, a spokesperson for the bank said last week. Bank of America and Wells Fargo reported 0.2% and nearly 1% fewer employees, respectively. BofA had cut a few investment banking roles in the first quarter, Reuters reported last month. Goldman Sachs added 100 people, while its rival Morgan Stanley hired 545. Headcount at Citigroup was almost unchanged. "I would expect a significant amount of M&A activity through the rest of the year," Goldman Sachs CEO David Solomon said on an analyst call after results on Monday. "But obviously, if the (economic) landscape got more constrained, there's a risk of it slowing," he added. All of the banks reported better-than-expected profits for the first quarter, primarily driven by higher trading revenues as consumers rejigged their portfolios in an uncertain market. BANK HEADCOUNT HEADCOUNT AS OF AS OF MARCH 31, DECEMBER 2025 31, 2024 JPMorgan 318,477 317,233 Chase Bank of 212,732 213,193 America Citigroup ~229,000 ~229,000 Wells 215,367 217,502 Fargo Morgan 81,023 80,478 Stanley Goldman 46,600 46,500 Sachs Source: Company filings
Bloomberg
04-04-2025
- Automotive
- Bloomberg
Stock Movers: Tesla, Nike, Big Banks
On this episode of Stock Movers: - Tesla (TSLA) shares fell on Friday after starting the week on the upswing. One of Wall Street's most bearish Tesla analysts further reduced estimates for the company's earnings, citing the magnitude of car-buyer backlash against Elon Musk. Tesla's first-quarter vehicle deliveries were far below even JPMorgan Chase & Co. analyst Ryan Brinkman's pessimistic estimate, 'confirming the unprecedented brand damage we had earlier feared,' he said in a report Friday. The EV maker also saw a key executive leave. David Lau, Tesla's vice president of software engineering, has told people at the company that he is stepping down, according to people familiar with the matter. Lau, one of the few executives to promote the automaker's products alongside Elon Musk, has been at Tesla for almost 13 years and has held the vice president title since 2017. His team is responsible for the software in Tesla's vehicles — overseeing infotainment and information security to over-the-air software updates — as well as cloud services and manufacturing systems. - Shares in companies that have large manufacturing operations in Vietnam, including Nike (NKE) and Lululemon Athletica (LULU) soared Friday after President Donald Trump said Vietnam was willing to eliminate tariffs to avoid new US levies. Nike shares erased an earlier loss to gain 3%. Apparel and shoemakers' shares tumbled Thursday after the president unveiled a 46% levy on the Southeast Asian nation, where several had shifted manufacturing in recent years after Trump hit China with tariffs during his first term. - Shares of big US banks plummeted, notching their biggest two-day drop since March 2020, after China escalated its trade war with the US. Some of Wall Street's top lenders, Morgan Stanley (MS), Goldman Sachs (GS) and Citigroup (C) all closed more than 7% lower after China retaliated against President Donald Trump's tariffs with a 34% levy on US goods. The KBW Bank Index tallied a roughly 16% drop over Thursday and Friday, the gauge's worst two-session plunge since the start of the Covid-19 pandemic. Shares of JPMorgan Chase (JPM), which traded ex-dividend on Friday, erased some $51 billion from its market capitalization. Regional lenders also took a hit with the KBW Regional Banking Index slumping 3.7%, to close at the lowest level since July 9.
Bloomberg
04-04-2025
- Business
- Bloomberg
Big Banks Hurtle Toward Worst Two-Day Drop Since Pandemic Start
Shares of Wall Street banks are plummeting toward their biggest two-day drop since March 2020, after China escalated its trade war with the US. Some of the biggest US banks, Morgan Stanley, Goldman Sachs Group Inc. and Citigroup Inc., all fell around 10% intraday after China retaliated against President Donald Trump's tariffs with a 34% levy on US goods. The KBW Bank Index 's losses over Thursday and Friday tallied up to over 15%, putting the gauge on track for the worst two-session plunge since the start of the Covid-19 pandemic.
