There’s one big reason behind the biggest bank merger in a decade: Technology

Going digital isn’t cheap. Banks are spending billions to keep up with the break-neck speed in technology and upgrade older, legacy systems. But firms without billions of dollars to pour into that effort are forced to get creative. One option is teaming up. BB&T and SunTrust announced they were taking that route on Thursday, in part to stay competitive in today’s digital landscape. The two plan to merge in a $66 billion deal to make them the sixth biggest U.S. bank based on customer assets. CNBC

See Original

Author: Matthew Randle