- Southeast bank expands in market Wall Street giant exited
- Executives say hiring to continue as opportunities arise
Truist Financial Corp. hired more Citigroup Inc. municipal-bond veterans, showcasing the Southeast regional bank’s deepening commitment to the $4 trillion market as the Wall Street powerhouse leaves the business.
Charlotte, North Carolina-based Truist added Cameron Parks to head infrastructure and government banking. Also joining were Robert Mellinger and Matt Bernstein.
The expansion by Truist, created by the merger of SunTrust Banks Inc. and BB&T Corp. in 2019, comes as municipal investment banking is showing signs of life. A decrease in borrowing costs this year has pushed state and local debt sales up more than 40% over the year-ago period, according to data compiled by Bloomberg.
Bloomberg Markets
By Amanda Albright
March 1, 2024