Core Viewpoint - M&T Bank's Wilmington Trust subsidiary is facing a lawsuit from investors alleging failure to protect them from losses related to the collapse of subprime auto lender Tricolor Holdings, with the bank planning to vigorously defend itself against these claims [1][9]. Legal Allegations - The lawsuit, filed in New York state court, claims Wilmington breached contracts and fiduciary duties, resulting in millions of dollars in losses for the plaintiffs, which include around 10 different investment entities [2]. - Plaintiffs are seeking unspecified monetary damages, prejudgment interest of 9%, and all related expenses and fees [3]. Financial Implications - M&T Bank's annual report indicates that it cannot currently estimate potential legal liabilities related to Tricolor, but any losses are not expected to be material to its financial position as of December 31, 2025 [3]. - The bank has noted that reasonably possible losses from pending litigation are unlikely to exceed $25 million beyond already recorded liabilities [4]. Operational Context - M&T Bank reported a $24 million increase in professional services expenses in Q4, attributed to higher legal and review costs, which constituted about 6% of total noninterest costs in 2025 [5]. - Tricolor filed for bankruptcy in September, leading to significant credit losses for various banks, with reported losses ranging from $20 million to $200 million [6]. Custodial Responsibilities - Wilmington Trust managed the securitization of auto loans from Tricolor, which were sold as asset-backed notes to investors, and is accused of failing to ensure the legitimacy of these loans [8]. - The lawsuit alleges that Wilmington did not adequately verify the receivables files, which contributed to the fraudulent activities of Tricolor [10]. Trust Operations - Wilmington Trust acted as custodian for seven trusts related to Tricolor from 2018 to 2025, issuing over $1.8 billion in asset-backed notes [12]. - Despite claims of shutting down its non-mortgage custodial business, a source indicated that Wilmington is still accepting new clients [11]. Recent Developments - M&T Bank reported trust income from institutional services of $382 million in 2025, a 9% increase from 2024, attributed to growth in its global capital markets business [13]. - Wilmington has filed a motion to transfer the lawsuit to federal court, citing the ongoing bankruptcy case of Tricolor in federal court in Texas [13].

Core Insights - Medallion Financial is optimistic about significant growth in home-improvement loans, projecting a mid-teens percentage increase in 2026, which is notably higher than recent years [1][4] - The company has been involved in home-improvement lending since 2012, but experienced a 2% decline in total home-improvement loans in 2025, totaling $810.2 million [2] - Medallion has appointed Joel Cannon as senior vice president of sales and marketing to lead its home-improvement lending efforts, leveraging his experience from Regions Financial [3][5] Company Performance - Medallion's total assets are reported at $3 billion, with home-improvement loans now comprising a significant portion of its portfolio [3][8] - The company reported a fourth-quarter net income of $12.2 million for 2025, a 20% increase from the same period in 2024, and a full-year net income of $43 million, up from $35.9 million in 2024 [9] - The legacy portfolio of taxi medallion loans has decreased to $4.3 million, representing less than 1% of total loans, indicating a shift away from traditional taxi lending [10] Strategic Direction - Medallion is focusing on its existing business lines, particularly home-improvement and recreational vehicle lending, which now constitutes over 60% of its loan portfolio [8] - The company has seen a substantial increase in strategic partnership loan originations, totaling $771.6 million in 2025, up from $203.6 million in 2024 [9] - While the CEO has indicated that acquisitions are not a priority, he has not ruled out the possibility of a sale if a significant premium offer arises [10]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. (Bloomberg) -- Morgan Stanley chopped pricing in half for clients trading private companies’ shares on its newly acquired EquityZen platform, undercutting competitors as it looks to expand in a growing market.  The bank lowered fees for both buyers and sellers to 2.5% from 5% for most transactions, according to a statement Thursday. That may just be the start. Jed Finn, Morgan Stanley’s h ...

Market Overview - The Dow Jones Industrial Average closed down 267.50 points (-0.5386%) at 49,395.16, with Dow Futures also declining by 300.00 points (-0.6034%) to 49,422.00, indicating a cautious market sentiment [1] - The decline was primarily driven by a hawkish shift in monetary policy expectations following a higher-than-expected Producer Price Index (PPI) report, raising concerns about delayed interest rate cuts by the Federal Reserve [1] Sector Performance - The financial sector experienced significant volatility, with Goldman Sachs leading the decline, falling 2.92% to $906.73. Other major financial institutions like American Express and JPMorgan Chase also saw declines of 2.18% to $338.65 and 1.14% to $305.32, respectively [2] - Technology stocks faced pressure as well, with IBM down 2.19% to $255.20, while Apple and Nvidia slipped 1.01% and 0.91%, respectively. Boeing and Sherwin-Williams both decreased by 2.10% amid concerns over industrial growth [2] Defensive Stocks - Investors shifted towards defensive equities to mitigate macroeconomic uncertainty, with Verizon emerging as the top performer, gaining 1.72% to finish at $48.84 [3] - Consumer staples and healthcare sectors saw modest inflows, with Procter & Gamble rising 0.89% to $158.16 and McDonald's advancing 0.86% to $330.74. Other gainers included Cisco Systems, up 0.61% to $78.67, and Chevron, which climbed 0.57% to $184.96 [3] - Caterpillar managed a 0.50% increase, closing at $755.87, while Johnson & Johnson also saw slight gains [3]

Geopolitical Tensions - President Trump is considering a limited military strike against Iran to pressure for a new nuclear agreement, with options including targeted strikes on nuclear facilities [2] - The U.S. military is conducting its largest buildup in the region in over two decades, deploying advanced fighter jets and an aircraft carrier, leading to increased volatility in oil markets [3] Financial Regulation - The Federal Reserve has approved Fulton Financial Corporation's acquisition of Blue Foundry Bancorp, allowing Fulton to expand its presence in the northern New Jersey market [4] - The merger is expected to create a $34 billion community bank, providing Blue Foundry customers access to over 200 locations across the mid-Atlantic [5] Trade and Industry - President Trump has labeled steel tariffs as a "game-changer" for American manufacturing, maintaining a 50% levy on foreign steel and aluminum to combat Chinese overcapacity [6] - The Commerce Department is reviewing over 400 products for potential exemptions from these tariffs, which may ease compliance burdens for domestic firms [7] International Affairs - North Korea's 9th Party Congress showcased the country's new military capabilities, including 50 AI-enhanced rocket launchers, amid claims of overcoming recession and completing a five-year growth plan [9][10] Domestic Policy - The FBI is lowering recruitment and vetting standards due to a staffing crisis, anticipating a loss of over 5,000 employees by September [11] - The agency will no longer require a college degree for certain positions and will reduce training from 18 weeks to 8 weeks, raising concerns about operational efficacy [12]

Core Viewpoint - JPMorgan Chase is seeking to dismiss President Trump's lawsuit alleging that the bank "debanked" him in 2021 and aims to move the case from Florida state court to federal court in Miami and then to New York [1][2] Group 1: Lawsuit Details - Trump filed a lawsuit against JPMorgan Chase and CEO Jamie Dimon on January 22, seeking $5 billion, claiming that the bank terminated his accounts for political reasons, resulting in significant financial and reputational harm [3][7] - The lawsuit alleges that JPMorgan Chase unlawfully published the names of Trump and his businesses on a "blacklist" accessible to other federally regulated banks [7][9] - JPMorgan Chase's lawyers argue that the lawsuit lacks details about the alleged blacklist, including its creation and circulation [8] Group 2: Bank's Position - JPMorgan Chase maintains that it does not close accounts for political or religious reasons, but rather due to legal or regulatory risks [10] - The bank believes the lawsuit has no merit and has publicly stated its position on the matter [9][10]

分组1 - The article discusses the recent addition of First Citizens BancShares (FCNCA) to the exchange, highlighting its focus on fixed-income securities [1] - Denislav Iliev, an experienced day trader with over 15 years in the field, leads a team of 40 analysts who specialize in identifying mispriced investments in fixed-income and closed-end funds [1] - The investing group Trade With Beta, led by Iliev, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, hedging strategies, and an actively managed portfolio [1]

HAMILTON, Bermuda--(BUSINESS WIRE)--The Bank of N.T. Butterfield & Son Limited ("Butterfield†or "the Bank†) (NYSE: NTB; BSX: NTB) today announced that it has entered into an agreement to acquire Rawlinson & Hunter in Guernsey ("R&H Guernsey†), the independently owned Guernsey member firm of the Rawlinson & Hunter International Network ("R&H†). The acquisition will further expand the Bank's Channel Islands presence and strengthen its trust and fiduciary offering with the add. ...

Core Viewpoint - The Federal Reserve Board has approved Fulton Financial Corporation's application to acquire Blue Foundry Bancorp and Blue Foundry Bank, indicating a significant move in the banking sector [1] Group 1 - Fulton Financial Corporation is based in Lancaster, Pennsylvania [1] - Blue Foundry Bancorp and Blue Foundry Bank are located in Rutherford, New Jersey [1]

Core Viewpoint - State Street Corporation has announced a quarterly cash dividend of $0.84 per share of common stock, reflecting its commitment to returning value to shareholders [1] Group 1: Dividend Announcement - The quarterly cash dividend of $0.84 per share is payable on April 13, 2026, to common shareholders of record as of the close of business on April 1, 2026 [1] - In addition to the common stock dividend, State Street Corporation has also announced a cash dividend on its outstanding series of non-cumulative perpetual preferred stock, specifically Series G [1]