U.S. Markets closed

[$$] BB&T-SunTrust Tie-Up Brings Tech Budgets Into Focus

Behind one of the biggest bank deals in a decade is a recognition that BB&T Corp. and SunTrust Banks Inc., both dominant banks in the South, would be more competitive with a bigger tech budget. The deal, which would create the sixth-largest regional bank and a financial powerhouse in the South, underscores the urgency facing regional banks to invest heavily in client-facing and back-end technology to continue attracting consumer and corporate customers. It’s technology,” said Todd Baker, a senior fellow at the Richard Paul Richman Center for Business, Law and Public Policy at Columbia University.