“The deal will merge the leading direct deposit bank with Capital One’s asset generation capability in cards, auto, other consumer, and commercial lending,” Evercore Partners said in a note. “The main challenges will be in execution … Also, while both banks’ attrition rates have been low, the eventual removal of the ING brand could hamper retention somewhat.”
The financial ETF was lifted Friday by strength in major bank stocks such as Bank of America (NYSE: BAC), Citigroup (NYSE: C), JP Morgan (NYSE: JPM) and Wells Fargo (NYSE: WFC).
Financial Select Sector SPDR Fund
