Texas Capital Bancshares agreed to buy a $400 million portfolio of exposure to health-care companies as it presses ahead with a strategic plan to expand...
The Dallas-based bank is trying to cut costs as part of a broader strategy to streamline operations while still expanding its services.
Texas Capital Bank headquarters are located on McKinney Avenue in downtown Dallas, Texas, as seen Thursday afternoon, September 20, 2021.agreed to buy a $400 million portfolio of exposure to health-care companies as it presses ahead with a strategic plan to expand offerings and boost efficiencies — which also resulted in some layoffs in the third quarter.
The healthcare deal is part of efforts to build a corporate banking health-care business and should close this month, the Dallas-based bank said Friday in a statement. The layoffs should help it curb costs by $30 million next year and will primarily affect middle- and back-office employees. Texas Capital outlined a plan for growth in September 2021 aimed at boosting industry specialization and local market coverage which included what it called one of the most aggressive hiring plans in the company’s history.
Last month, Texas Capital launched a direct lending platform to provide non-bank term loans to middle market companies. In May, it formed a public finance team to provide municipal underwriting services in Texas and the US more broadly.Two investment firms have sued Texas for banning the state from investing in their index funds, which focus on climate sustainability. They alleged that a 2021 law penalizing companies that boycott the fossil fuel industry is unconstitutional.
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