Seeking Alpha |
October 28th, 2008 |
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With the buyout of BCE Inc. (BCE) set to close by December 11 and the stock roughly 20% below the C$42.75 offer price, the unprecedented amount of capital injected into the banking system should, in theory, increase the probability of the deal going through. After all, two banks involved in [...]
USA Today |
October 16th, 2008 |
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Citigroup Inc. is suffering its fourth straight quarterly loss due to credit-related missteps, and has cut another 11,000 jobs.[...]
SF Chronicle |
October 15th, 2008 |
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Wells Fargo & Co. has repeatedly stressed that its $14.4 billion acquisition of Wachovia Corp. won't rely on direct government assistance, seeking to draw a sharp distinction with the competing bid from Citigroup Inc., but federal interventions into the[...]
Wells Fargo & Co.'s planned takeover of Wachovia Corp. "poses no cost to the United States taxpayers," Wachovia chief executive officer Robert K. Steel told investors Oct. 3, after he had ditched a rival Citigroup Inc. bid backed by the Federal Deposit Insurance Corp.[...]
NEW YORK - Citigroup Inc. and Wells Fargo & Co. agreed yesterday to extend their legal standstill in the fight for Wachovia Corp. until tomorrow morning, giving the banks more time to work toward a mutual agreement.[...]
Wells Fargo & Co. and Citigroup Inc. are carving up troubled Wachovia Corp. They'll cut a deal by tomorrow, or they'll fight it out in court.[...]
Citigroup Inc. is laying off 22 employees from its wholesale mortgage business in Michigan, the company said today.[...]
SF Chronicle |
October 8th, 2008 |
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Wells Fargo & Co. and Citigroup Inc. - rapidly nearing the end of their two-day litigation timeout - might ultimately be forced to share Wachovia Corp. Among the possible scenarios reported, San Francisco's Wells Fargo could agree to take 75 to 80 percent of[...]
LA Times |
October 7th, 2008 |
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Federal regulators force Wells Fargo and Citigroup to put litigation over who gets to buy the bank on hold while they try to reach an agreement. Federal regulators forced Wells Fargo & Co. and Citigroup Inc. to call a timeout Monday in their litigation over who will buy Wachovia Corp. [...]
SF Chronicle |
October 6th, 2008 |
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Following a flurry of legal activity over the weekend and into today, Wachovia Corp., Citigroup Inc. and Wells Fargo & Co. agreed to a temporary truce halting all formal litigation - a move that might mean a compromise deal to determine Wachovia's fate is in[...]
The head of the FDIC is standing behind the agreement it made with Citigroup Inc. for buying Wachovia Corp. despite Wells Fargo & Co.'s new $15.1 billion deal trumping Citigroup's plan.[...]
The 2007-2008 credit crisis has reintroduced financial markets to the time-honored reaction to money worries: the run on the bank. Washington Mutual Inc. lost 10% of its deposits in the weeks leading up to its liquidation by the FDIC and purchase by J.P. Morgan Chase & Co. And while Lehman [...]
The swift downturn of many of the nation's financial companies has been laid at the feet of the elimination of the uptick rule, short sellers, naked short-selling, and more recently, the accounting rule that requires mark-to-market accounting of assets held by these institutions. Regulators issued clarifications to the rule Tuesday, [...]
LA Times |
October 1st, 2008 |
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When Citigroup Inc. announced its acquisition of rival Wachovia Corp. on Monday, Citi Chief Executive Vikram Pandit said the deal would "accelerate our efforts to establish Citi as the world's leading global financial institution."[...]
Mark Gongloff reports: Financial-sector consolidation is a natural and important step toward climbing out of financial crisis, weeding out weak players and leaving the strongest banks to build a foundation for recovery. It was a feature of the Asian financial crisis a decade ago, fueled by government encouragement. But a [...]
At the Wachovia branch at 1500 Market St. this morning, customers were caught by surprise by this morning's announcement that Wachovia Corp.'s banking operations would be purchased by Citigroup Inc.[...]
