In last year’s Money Issue, financial leaders hinted at pausing expansion plans and building collateral to brace for a hard recession caused by rising inflation and steep interest rate hikes.
A year on, and after the regional banking crisis shook out major players, those companies have lately posted job openings as bankers signal businesses begin to fill credit pipelines.
National financial institutions with more than a trillion dollars in assets gear up for expansion in the Los Angeles. Legacy players including Bank of America and newer entrants like PNC Financial Services Group Inc. and the Bank of Montreal all voiced optimism about the new year.
As the Federal Reserve now levels interest rates and hints at future tick downs, banks are betting their economists’ predictions for a soft landing will come true. Current staff increases show leaders are spending now in hopes the floodgates will open for business banking soon.
Courtship on billboards
Many Angelenos likely recognize the Bank of Montreal acronym, even if the name itself brings blank stares; last year, its red and blue BMO signage appeared at heavily trafficked intersections and above freeways throughout Los Angeles.
The costliest branding, however, came from a $100 million naming rights deal inked last January that replaced Banc of California as the title sponsor for the Los Angeles Football Club’s stadium in University Park.
According to a spokesperson, the company’s investment in visibility throughout the city communicates Bank of Montreal’s goal of being a viable competitor in a market nearly 2,500 miles from its headquarters.
“Brand recognition is one of the most powerful factors in attracting new customers, and our brand campaign in Los Angeles reinforces the scale and strength of BMO,” the spokesperson said.
The Bank of Montreal’s sponsorship deal with LAFC was announced just one day after its $16.3 billion acquisition of the San Francisco-based Bank of the West won…
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