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In case you haven't heard -- or seen trumpeted on our home page or in the magazine -- 2009 marks The Deal LLC's 10th year. We've been celebrating since January with our ongoing Decade of The Deal project. And the current issue of The Deal magazine offers analysis on the...
Posted on September 15, 2009 2:38 PM
There are 4 billion mobile phones, but only 1.6 billion bank accounts, according to Nokia Corp. (NYSE:NOK). The world's largest cell-phone maker plans to capitalize on those numbers and a $70 million investment it made in Obopay Inc., a mobile service provider that makes sending and receiving money similar to...
Posted on August 27, 2009 10:10 AM
Is Entergy Corp.'s (NYSE:ETR) plan to spin off its wholesale nuclear power unit -- with advice from Citigroup Inc. (NYSE:C) and Goldman, Sachs & Co. (NYSE:GS) -- having trouble reaching the finish line?New York regulators may hold up the deal's closing until early next year instead of the end...
Posted on August 25, 2009 10:57 AM
When we talk about post-merger integration, the discussion often runs to culture or IT issues or tough marketing choices or plain old cost synergies. But what about post-merger brand integration? That's a task that touches on all those areas and other besides. Indeed, the branding decisions can be some of...
Posted on August 14, 2009 8:40 AM
In December, American Banker named Bank of America Corp. (NYSE:BAC) chief executive Ken Lewis Banker of the Year. Now, they don't know who's in charge and what kind of culture the bank is leaning toward. Of former Citigroup Inc. (NYSE:C) CFO and global head of wealth management Sallie Krawcheck's hire,...
Posted on August 7, 2009 10:01 AM
Martin Davis, head of the technology integration office of Wells Fargo & Co. (NYSE:WFC) and Wachovia Corp., had some impressive insights into the world of IT integration. Speaking to InformationWeek, Davis, previously CIO of Wachovia, talks of the emotion involved when picking one software system and killing off another....
Posted on July 24, 2009 2:46 PM
It seems Morgan Stanley (NYSE:MS) and Citigroup Inc. (NYSE:C) may have jumped too quickly to close their $14 billion brokerage joint venture. The companies closed the deal, which merged Morgan Stanley's brokerage with Citi's Smith Barney unit, on June 1, months ahead of schedule. Now, though, the Financial Times is...
Posted on June 15, 2009 12:59 PM
Morgan Stanley (NYSE:MS) and Citigroup Inc. (NYSE:C) closed Monday on their brokerage joint venture, months ahead of schedule. The deal, which mergers Morgan Stanley's global wealth management group with Citi's Smith Barney U.S. unit, was originally targeted to close in the the third quarter of 2009. The combined brokerage, called...
Posted on June 1, 2009 11:07 AM
Technology integration is almost always a complex exercise. And as we noted when Citigroup Inc. and Morgan Stanley announced plans to combine their brokerage businesses, it can be even more so in financial services, where vast customer databases must be merged and where security and confidentiality are critical. On Thursday,...
Posted on February 6, 2009 1:40 PM
As companies realign their priorities to better reflect economic realities, joint ventures appear to be a popular area of focus. Over the past few weeks, we've seen a number of companies delay, restructure or abandon JVs altogether. The most high profile in the group is Kuwait Petrochemical Industries Co., which...
Posted on January 30, 2009 12:40 PM
We don't know much yet about the nuts and bolts of the much-speculated joint venture between Citigroup Inc. and Morgan Stanley. But we know enough about banking industry integration to presume that failing to devote the necessary time, money and management expertise to the venture could undermine the business' longterm...
Posted on January 12, 2009 12:30 PM
We've interviewed a lot of consultants, analysts and dealmakers recently about where we might see deal activity in 2009, and alternative energy -- along with healthcare -- is often mentioned. That may be why fuel cell maker Medis Technologies Ltd. has added longtime investment banker Omer Masud as senior vice president...
Posted on January 8, 2009 4:04 PM
The financial crisis continues to bring out the contradictions inherent in the shareholder-centric corporate governance model. This much, but not much more, is evident in a Knowledge@Wharton roundup of remarks on the subject from various experts, most of them Wharton professors. Summing up rather freely, here is the central paradox:...
Posted on December 11, 2008 12:25 PM
In case you missed it, that's what a phony Bloomberg story suggested on Friday, adding some humor to an otherwise bleak situation. The report said Somali pirates are negotiating a purchase of struggling banking giant Citigroup Inc. Financing would come from the sale of Pirate Ransom Backed Securities. Of course,...
Posted on November 24, 2008 12:47 PM
Hungry for synergies, merging financial companies will look to outsource more back-office work, much of it to India. That's the prediction Subramanian Ramadorai, the CEO of Indian outsourcing giant Tata Consultancy Services Ltd., made in an interview with Reuters. He's already made a major bet on the trend: Last month...
Posted on November 20, 2008 9:16 AM
We got a fuller picture on Wednesday from Technology Partners International Inc. of how turmoil in banking is affecting financial services outsourcing. In its latest TPI Index, the firm found that financial services outsourcing contracts are shrinking, with the average value so far this year down 30% to $108 million...
Posted on October 15, 2008 12:02 PM
It appears that Wells Fargo & Co. will be buying Wachovia Corp. for $15.1 billion -- not that Citigroup Inc. is going away quietly. In a press release, Citi says it plans to follow through with its $60 billion breach of contract suit. But that's a story for another post....
Posted on October 10, 2008 3:13 PM
We reported on Wednesday how Citigroup Inc. was selling its India-based back-office captive outsourcing unit to Tata Consultancy Services for $505 million in cash. The U.S. bank also awarded Tata a $2.5 billion, nine-year outsourcing contract to handle application development, infrastructure support, help desk and other process-outsourcing services. Now, India's Business Standard...
Posted on October 9, 2008 2:21 PM
The battle for Wachovia Corp. rages on, with Citigroup Inc. and Wells Fargo & Co. angling for the biggest share of their target's $448 billion in low-cost deposits. One option in the Fed-brokered negotiations would split Wachovia in two, with Citigroup taking control of Wachovia branches in the Northeast and...
Posted on October 8, 2008 12:55 PM
The financial crisis has produced some wild mood swings in parts of Charlotte, N.C., also known as Banktown. As Yvette Kantrow observed Monday on Dealscape, first came the triumphalism over news that hometown titan Bank of America Corp. will buy New York-based Merrill Lynch & Co. Monday it was despair...
Posted on September 30, 2008 12:06 PM
The expanding financial crisis is not only completely remapping the world of finance, it's also forcing a rewrite of the traditional rules of integration. Most strategic consultants agree that post-merger integration issues covering IT systems, personnel, training, real estate, branding and others should be discussed and budgeted for long before...
Posted on September 29, 2008 5:12 PM
It's one of the most fundamental questions a strategist has to answer. You can see it writ large in Paul La Monica's column on CNNMoney.com, where he writes about Wall Street pressure on General Electric Co., Citigroup Inc., American International Group Inc. and other big companies to split up. And...
Posted on August 8, 2008 1:11 PM
The many investment bankers from Citigroup Inc. and Goldman, Sachs & Co. getting pink slips this week will be thrust into a job market already saturated with thousands of unemployed bankers. Where will they go? Randy Gulian, CEO of executive recruiter InSearch Worldwide, says his firm has seen an influx...
Posted on June 23, 2008 4:07 PM
In May, CD brought you news of executive changes atop Alcoa Inc., the world's third-largest producer of aluminum. Former Siemens AG chief executive Klaus Kleinfeld was named president and CEO of Alcoa. And joining the CD community just before that was ex-Citigroup Inc. banker and Skadden, Arps, Slate, Meagher...
Posted on May 21, 2008 11:33 AM
Citigroup Inc.'s vice chairman of global banking is leaving the firm to become the lead dealmaker for Alcoa Inc,, a company being slammed by high energy costs. Mike Schell has been appointed executive vice president, business development and law, for Alcoa and will be responsible for the company's mergers and...
Posted on May 1, 2008 3:08 PM
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