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Half of the 10 biggest bank mergers have resulted in name changes

Felix Salmon, author of Capital

How unpopular are America's biggest banks? Here's a good indication: Fully half of the 10 biggest bank mergers in American history ended up with the acquirer giving up its name.

Expand chart
Data: Dealogic; Note: As of Feb. 7, 2019; Chart: Andrew Witherspoon/Axios

Driving the news: BB&T is changing its name, probably to something cheerful, "consumer-facing" and focus-grouped to within an inch of its life by a New York branding consultancy. I'm guessing there will be a rounded typeface.

  • NationsBank changed its name to Bank of America, Travelers changed its name to Citigroup, Norwest changed its name to Wells Fargo, and Firstar changed its name to US Bancorp.
  • Other banks, including GMAC Bank, changed their name just because they felt they really needed a rebrand. (It's now known as Ally Bank.)

Go deeper: BB&T and SunTrust's mega merger

Go deeper

Axios
Updated 33 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.
Go deeper (1 min. read)Arrow
Laurin-Whitney Gottbrath
2 hours ago - Politics & Policy

DOJ: Capitol rioter threatened to "assassinate" Alexandria Ocasio-Cortez

Supporters of former President Trump storm the U.S. Captiol on Jan. 6. Photo: Kent Nishimura / Los Angeles Times via Getty Images

A Texas man who has been charged with storming the U.S. Capitol in the deadly Jan. 6 siege posted death threats against Rep. Alexandria Ocasio-Cortez (D-N.Y.), the Department of Justice said.

The big picture: Garret Miller faces five charges in connection to the riot by supporters of former President Trump, including violent entry and disorderly conduct on Capitol grounds and making threats. According to court documents, Miller posted violent threats online the day of the siege, including tweeting “Assassinate AOC.”

Go deeper (1 min. read)Arrow
Axios
3 hours ago - Politics & Policy

Schumer calls for IG probe into alleged plan by Trump, DOJ lawyer to oust acting AG

Jeffrey Clark speaks next to Deputy US Attorney General Jeffrey Rosen at a news conference in October. Photo: Yuri Gripas/AFP via Getty Images.

Senate Majority Leader Chuck Schumer (D-N.Y.) on Saturday called for the Justice Department inspector general to investigate an alleged plan by former President Trump and a DOJ lawyer to remove the acting attorney general and replace him with someone more willing to investigate unfounded claims of election fraud.

Driving the news: The New York Times first reported Friday that the lawyer, Jeffrey Clark, allegedly devised "ways to cast doubt on the election results and to bolster Mr. Trump’s continuing legal battles and the pressure on Georgia politicians. Because Mr. [Jeffrey] Rosen had refused the president’s entreaties to carry out those plans, Mr. Trump was about to decide whether to fire Mr. Rosen and replace him with Mr. Clark."

Go deeper (1 min. read)Arrow