(Bloomberg) -- Texas Capital Bancshares Inc. 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.
The latest cuts are part of a broader strategy to streamline operations while still expanding its services, Chief Executive Officer Rob Holmes said in an interview. He didn’t disclose how many employees were affected by the layoffs.
“Over the past three years, Texas Capital has undergone an enterprise-wide transformation to become the premier full-service financial services firm, headquartered in Texas, equipped to provide clients with a wide range of differentiated and relevant products and services,” the company said in the statement.
The firm also added a new energy equity research team. The research and equity specialty sales group will be led by Derrick Whitfield and Thomas McGarrity and underscores the bank’s commitment to a sector at the heart of the Texas economy. The bank will continue to add staff in key areas, it said.
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.
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