Business Combinations |
6 Months Ended | ||||||||||||
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Jun. 30, 2026 | |||||||||||||
| Business Combination [Abstract] | |||||||||||||
| Business Combinations |
On June 1, 2026, the Company acquired BTIG for a purchase price consisting of approximately $395 million of cash and 6.6 million shares of the Company’s common stock paid on the closing date, with up to an additional $275 million of cash consideration to be paid over the next three years, subject to achievement of defined performance targets. BTIG is a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services. The acquisition is expected to add fee revenue to the Company’s Wealth, Corporate, Commercial and Institutional Banking business segment by expanding its current product offerings. The Company recorded approximately $1.5 billion of assets, including intangibles, and approximately $786 million of liabilities in connection with the transaction. Preliminary goodwill of $613 million recorded in connection with the transaction is primarily attributable to the revenue and cost synergies expected to arise from the transaction and is not deductible for income tax purposes. The amounts of assets and liabilities, including goodwill, are subject to adjustment for a year after the closing date.
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