Latest news with #PNCBank
Finextra
22-05-2025
- Business
- Finextra
PNC acquires broker dealer Aqueduct
PNC Bank today announced entry into a definitive agreement to acquire Aqueduct Capital Group, a placement agent focused on raising capital for private equity, private credit and real asset managers through its broad access to sophisticated, global pools of capital. 0 Founded in 2003, Aqueduct has built a strong reputation advising its clients on a variety of fundraising solutions. "This acquisition is complementary to existing capital advisory capabilities provided through PNC's subsidiary Harris Williams and will enable us to expand our ability to serve the global capital needs of the private equity industry," said Michael D. Thomas, head of Corporate & Institutional Banking at PNC. "We are eager to capitalize on this mutually beneficial partnership and work closely with our new Aqueduct colleagues," added John Neuner, co-CEO of Harris Williams. "With minimal overlap in our respective client bases or limited partner relationships, this agreement increases the ability to serve a broader range of clients." "We are excited to join forces with PNC and believe the synergies created with our Harris Williams colleagues will enhance a shared commitment to deliver superior outcomes to long-standing, trusted client relationships," said Frank Edwards, founder of Aqueduct. "This new partnership provides a tremendous opportunity to tap into our collective relationships and enable clients to diversify their investor base across North America, Australia, Europe and Asia," added Steve Lessing, partner of Aqueduct. The acquisition, which is subject to customary closing conditions, is expected to close in mid-summer, and the terms will not be disclosed. Keefe, Bruyette & Woods (KBW) advised Aqueduct on the transaction. Wachtell, Lipton, Rosen & Katz acted as legal counsel to PNC Bank and King & Spalding LLP acted as legal counsel to Aqueduct.
Yahoo
16-05-2025
- Business
- Yahoo
Weekly Recap: 15 Finance Press Releases You Need to See
A roundup of the most newsworthy financial press releases from PR Newswire this week, including Workday's report on federal human resources inefficiencies and a new credit card from PNC Bank. NEW YORK, May 16, 2025 /PRNewswire/ -- With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week's most newsworthy and popular releases, here's a recap of some major stories from the week that shouldn't be missed. The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download. Outdated HR Systems Cost Government $1 Billion Annually, New Workday Report ShowsThe report highlights a critical inefficiency: Federal HR leaders dedicate almost half their time (48%) to system workarounds, error correction, data reconciliation, and manual tasks. Climate risk threatens to widen the racial wealth gapNationally, 25% of homes owned by Hispanic households are at major risk of wildfire. That's significantly higher than the 18% of white-owned homes facing the same level of risk. Among homes owned by Black households, 60% face major wind risk, compared to just 32% of white-owned homes. Chainlink, Kinexys by J.P. Morgan, and Ondo Finance Team Up to Bring Bank Payment Rails to Tokenized Asset MarketsThe demonstrated cross-chain solution is a testament to what can be achieved through strong collaboration across diverse segments of the Web3 ecosystem, and we are pleased to have worked with Ondo and Chainlink to bring this to life as the first transaction on Ondo Chain testnet," — Nelli Zaltsman, Head of Platform Settlement Solutions, Kinexys Digital Payments at Kinexys by J.P. Morgan. DeFi Technologies Begins Trading on Nasdaq, Announces Shareholder Call to Discuss Q1 2025 Financial ResultsUpon commencement of trading on Nasdaq, the Company's Common Shares will cease to be quoted on the OTC Markets. DeFi Technologies will continue to trade on the CBOE Canada and the Börse Frankfurt exchanges. PNC Bank Introduces PNC Spend Wise℠, A No Annual Fee Credit Card Offering A Purchase APR Reduction to Encourage Responsible Credit HabitsThis unique credit card is built to encourage responsible financial management through its associated purchase APR reduction program for eligible cardholders who meet timely payment and spend requirements. First-Party Fraud Surpasses Scams to Become the Leading Form of Global AttacksLexisNexis® Risk Solutions released its annual Cybercrime Report, revealing a significant swing in the composition of global fraud attacks, with first-party fraud now the leading type globally, representing a third (36%) of all reported fraud in 2024, up from 15% the year before. HUB Secures Significant Minority Investment and Reaches New Milestone with $29 Billion Valuation Demonstratin g Confidence in the Company's Sustainable Top Tier Organic GrowthHub International Limited (HUB), a leading global insurance brokerage and financial services firm, has entered into a definitive agreement for a minority common equity investment of approximately $1.6 billion, valuing HUB at a $29 billion total enterprise valuation. The future of banking is intelligent - but riskier than ever, study revealsNew SAS-sponsored research by Economist Impact reports near universal generative AI adoption. However, nearly 80% of surveyed executives expect cyberattacks, fraud and financial crimes to have major operational impacts in the decade ahead. Chime Enterprise Launches PayTV™ Providing a Purpose-Built, Real-Time Employee Pay Visibility Solution for PayrollPayTV empowers payroll teams with new insights and data, bridging the gap between payroll processing and bank deposits and proactively identifying and addressing pay delivery risks. J.S. Held Experts Release Action Plan for Senior Management Teams to Manage Tariff UncertaintyJ.S. Held published the first in a multi-part video series designed to help businesses and their investors navigate tariff uncertainty. The three-video Tariffs and Trade Series builds upon intelligence, insights, and action plans shared in J.S. Held's Tariffs and Trade resource center. Over Half of Americans Don't Know About 529 Plans for Education Savings, Edward Jones Study FindsNew research highlights a declining interest in higher education: Given inflation and high interest rates, 41% of Gen Zers and 29% of Millennials are more likely to consider skipping higher education and beginning to look for full-time employment or an internship. Progressive Drives Small Business Forward with $1 Million in Commercial Vehicle GrantsProgressive Insurance®, in cooperation with Hello Alice, has committed $1 million in grants to empower small businesses across the United States. Twenty recipients will be awarded $50,000 each to go toward the purchase of a commercial vehicle and related expenses. More Painful Than Combat: 91% of Veterans Say Debt Worsens PTSD In a New Study from National Debt ReliefThe study polled 1,000 U.S. veterans ages 21 and older who are no longer in military service, offering a sobering look at the challenges faced after service. According to the findings, 91% of veterans who have completed their service believe debt can worsen military-related PTSD and that nearly 4 in 10 veterans (37%) face constant stress over paying bills. Yardi Introduces the RentCafe CRM IQ Mobile AppCRM IQ is an advanced customer relationship management platform that streamlines applicant, prospect and resident workflows. The CRM IQ Mobile App will give leasing teams access to features such as inbound and outbound communication via text, call and email, and easy search for residents and prospects. Dominari Holding's Strategic Interest in Bitcoin Mining Set to Go PublicThe strategic stock-for-stock transaction will result in American Bitcoin becoming a publicly traded entity on Nasdaq in which former American Bitcoin stockholders, including Dominari Holdings, will own approximately 98% of the combined company. For more news like this, check out all of the latest finance-related releases from PR Newswire. Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most. Helping Journalists Stay Up to Date on Industry News These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists. Once they're signed up, reporters, bloggers, and freelancers have access to the following free features: Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more. Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger's next story. Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles. Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more. About PR Newswire PR Newswire is the industry's leading press release distribution partner with an unparalleled global reach of more than 440,000 newsrooms, websites, direct feeds, journalists and influencers and is available in more than 170 countries and 40 languages. From our award-winning Content Services offerings, integrated media newsroom and microsite products, Investor Relations suite of services, paid placement and social sharing tools, PR Newswire has a comprehensive catalog of solutions to solve the modern-day challenges PR and communications teams face. For 70 years, PR Newswire has been the preferred destination for brands to share their most important news stories across the world. For questions, contact the team at View original content to download multimedia: SOURCE PR Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Epoch Times
14-05-2025
- Business
- Epoch Times
Bank of America to Open More Than 150 Additional Branches By 2027
Bank of America will open more than 150 new branches in 60 markets across the United States by the end of 2027, it said in a May 13 Of those, 40 are set to open this year, with 70 scheduled for 2026, the bank said, adding that more than $5 billion has been invested since 2016 in opening new centers and renovating existing ones. A new flagship financial center recently opened in 2 Bryant Park in New York City. In Idaho, the bank will open four financial centers to serve customers in Boise—the first of which is set to open on June 9 in Nampa, roughly 20 miles west of Boise. 'Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us,' said Holly O'Neill, president of consumer, retail, and preferred at the institution. Bank of America offers banking access to almost 250 million people in 200 markets in the United States, representing roughly 82 percent of the American population, the bank's website says. Almost 30 percent of the institution's branches are in low- and moderate-income communities. Related Stories 5/13/2025 5/14/2025 The expansion plan comes as Bank of America reported its first-quarter financial results last month, announcing a net income of $7.4 billion, up from $6.7 billion in the same quarter in 2024. Total revenues came in at $27.4 billion, up from $25.8 billion. In the consumer banking segment, the company reported opening 250,000 net new consumer checking accounts, its 25th consecutive quarterly growth. In an 'Trading revenues hit new highs, and wealth management showed strong asset growth,' he said. 'Digital banking activity also continued to rise. Deposits increased for the seventh straight quarter, reflecting continued customer confidence. Shareholder returns were also robust.' Koimisis highlighted an area of concern: investment banking. Banking fees have slightly fallen in the segment, he said, adding that this likely reflects a slowdown in deal activity amid geopolitical tensions and global uncertainty. US Banking Sector in 2025 Multiple banking institutions have announced expansion plans over the past year. In November, PNC Bank In February 2024, Chase In a Feb. 3 It forecasted that banks will benefit from several factors, such as eased regulations and accelerated mergers and acquisitions (M&A). 'Regulatory agencies under the Biden administration proved to be a headwind as bank M&A (similar to M&A in other sectors) saw more scrutiny and a prolonged approval process. As a result, bank management teams took a cautious approach to strategic transactions,' the post said. However, 'postelection, management teams have been much more constructive in their dialogue. The new administration looks to be much more business-friendly. As a result, we expect to see some regulatory relief for the banking industry.' A Jan. 5 The banking industry is expected to generate a return on common equity of 10.5 to 11.5 percent in 2025, it said. Return on equity is a measure of a company's financial performance. In 2024, the industry's return on equity was estimated at 11 to 11.5 percent. Panos Mourdoukoutas contributed to the report.
Yahoo
09-05-2025
- Automotive
- Yahoo
Wall of historic church being demolished in Pittsburgh's Bloomfield neighborhood falls on SUV
A SUV's windshield was shattered in a mishap at a construction site of a historic church in Pittsburgh's Bloomfield neighborhood. Crews have been demolishing the Immaculate Conception for the last two weeks. As crews went to knock over a wall around 3:30 p.m. Thursday, they say it was too heavy at the top and fell into an alleyway and on top of a vehicle in the PNC Bank parking lot. No one was hurt. Neighbors walking by said they hope the demolition doesn't cause any damage to their property in the future. '[I'm] a little surprised. They started last Tuesday and I got a text from my landlord earlier that they were going to come and take some pictures to see if anything was damaged,' Sarah Bigelow said. Crewmembers on scene said they did exchange insurance with the owner of the damaged vehicle. Download the FREE WPXI News app for breaking news alerts. Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
Daily Mail
08-05-2025
- Daily Mail
Police issue warning over new scam targeting customers of America's biggest bank
Police are warning the public about a new scam in which criminals pose as representatives from major US banks to trick victims into handing over their money. Scammers are sending text messages that appear to come from institutions like Bank of America, PNC Bank, and Wells Fargo, claiming there's an issue with the recipient's account. The message instructs the victim to either call a specific number or wait for an incoming call from someone posing as a bank representative. When the call happens, the scammer appears to have access to the victim's personal banking information, including recent transaction history, making the interaction seem legitimate. Once trust is established, the fraudster instructs the victim to 'secure' their funds by withdrawing cash and either depositing it into a traditional or cryptocurrency ATM, or by purchasing gift cards. The scammer then steals the deposited funds or gift card information. In just one week, several victims in Maryland lost a combined $95,000 to the scheme. Authorities in Washington and Pennsylvania have also received reports of similar fraudulent texts. Police are urging the public not to respond to these messages or call any number provided. Instead, victims should call their bank directly using the number listed on the back of your debit card, or go to the bank in person to verify that your account is safe and report the suspicious text. One of the scam text messages received by victims in Maryland said: 'Wells Fargo Alerts: We've received a request to transfer $730 via Zelle. Was this you?' Users were then promoted to reply with 'Yes,' 'No' or 'Stop' to opt out of text alerts. One victim replied no and was told their account was locked and a representative will call them shortly. Other messages include some from Bank of America that warn users there is an issue with their account that needs to be addressed immediately. Stephanie Zufall, of Hanover, Pennsylvania, told local 8WGAL that she was scammed out of thousands of dollars. 'I received a text message from my bank – or I thought was my bank – Wells Fargo fraud center, asking me to verify a transaction from Apple Pay,' she said. The transaction was for $1,300, and Zufall replied 'No' to the message. Within minutes, she got a call from someone claiming to be with the Wells Fargo fraud department who knew her purchase history. The message instructs the victim to either call a specific number or wait for an incoming call from someone posing as a bank representative Zufall was told to withdraw all her money from Wells Fargo and transfer it to 'a secured account was going to be set up for use.' After transferring the funds, the man on the phone hung up and her money disappeared. She lost a total of $3,000. Wells Fargo told Zufall that because she withdrew and transferred the money on her own, there was nothing it could do. Another recent example of this scare tactic is E-Z Pass smishing texts. The term 'smishing' is a combination of SMS (Short Message Service) and 'phishing,' and these messages aim to steal your passwords, credit card information or other sensitive details. Over the last several weeks, people have reported text messages that appear to come from E-Z Pass or some other toll company saying: 'Final Reminder: You owe an outstanding toll. Pay by March 31 to avoid additional fees or legal action.' While it may look legitimate, this message was sent by a scammer trying to get their hands on your money. But there are ways to identify a smishing scam before it's too late. First, it's important to know that a bank will never ask you to move or withdraw money or pay anyone, including yourself. If you get a text asking you to do so, this is a scam, even if it looks like it legitimately came from your bank. Smishing texts often include links to click or phone numbers to call. Never click or call unless you have confirmed through a legitimate source that the text actually came from your bank. And if the text asks you to send personal information such as your pin number, login credentials or social security number, this is a major red flag. Do not send the information and report the incident immediately. Knowing the telltale signs of a smishing scam is more important today than ever, as these schemes are on the rise in the US.
