10 result(s) displayed (1 - 10 of 10):

Fifth Third, Advent complete processing JV (from Corporate Dealmaker)

Fifth Third Bancorp  (NASDAQ:FITB) and the private equity firm Advent International Corp. have completed their $2.35 billion processing joint venture. As The Deal Pipeline subscribers learned in March, Advent agreed to acquire 51% of the Cincinnati bank's payment processing division for $561 million in cash. Fifth Third loaned $1.25 billion...

Posted on July 1, 2009 10:22 AM

Mystery investor in First Data-BofA JV (from Corporate Dealmaker)

On Monday credit and debit card processor First Data Corp. -- a highly leveraged portfolio company of Kohlberg Kravis Roberts & Co. -- announced the formation of a payments joint venture with Bank of America Corp. (NYSE:BAC).The JV will be based in Atlanta, have 1,000 employees, and it expects to...

Posted on June 29, 2009 2:10 PM

Broker boss bails at BofA: Culture clash or turf battle? (from Corporate Dealmaker)

Probably the most closely watched post-merger integration going on right now is the absorption of Merrill Lynch & Co. -- and especially its crown jewel wealth management division -- by Bank of America Corp. So it was naturally big news Tuesday when Merrill said Robert McCann (pictured), leader of Merrill's...

Posted on January 6, 2009 1:31 PM

Surprises in BofA's executive layoffs (from Corporate Dealmaker)

The conventional wisdom about the integration of Merrill Lynch & Co. by Bank of America Corp. -- offered on this site, among other places -- is that executives on both sides face cuts, but on the BofA side, it's the wealth management folks who are most likely to have to...

Posted on December 16, 2008 11:11 AM

Financial mergers will mean outsourcing deals, Tata CEO says (from Corporate Dealmaker)

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

IT industry cross-currents in these big financial sector mergers (from Corporate Dealmaker)

Computerworld provides some context for John Thain's comments Monday indicating that the merger of Merrill Lynch & Co. with Bank of America Corp. would result in thousands of job cuts -- many in information technology -- as the companies sought $7 billion in cost savings. Though Merrill was laying off...

Posted on October 21, 2008 9:58 AM

BofA-Merrill and other extraordinary integrations (from Corporate Dealmaker)

The bad news for brokers at Bank of America Corp. is that they will probably bear the brunt of the layoff burden as BofA combines its wealth management operation with that of Merrill Lynch & Co., following BofA's  acquisition of Merrill. The good news, such as it is: BofA brokers...

Posted on October 13, 2008 12:29 PM

BofA continues to put its stamp on Countrywide (from Corporate Dealmaker)

"We have a history of wanting to do things our way," Mr. Stickler said.Those were the words of a Bank of America Corp. spokesman in May when the company announced that  the integration of Countrywide Financial Corp. would be run by BofA veteran Barbara Desoer and not Countrywide COO David...

Posted on September 24, 2008 12:43 PM

Political complexities loom in these emergency bank mergers (from Corporate Dealmaker)

Yesterday we noted the huge volume of classic post-merger integration work ahead in the financial services industry -- everything from knitting IT systems together to real estate consolidation to personnel decisions to creating new marketing and ad campaigns.The latest hastily arranged deal reminds us that there will be an extra...

Posted on September 18, 2008 9:39 AM

BofA's model wins the prize. Now for the integration issues (from Corporate Dealmaker)

My family banks at Bank of America Corp. simply because it bought the bank that bought the bank that bought our bank. Plenty of other people bank there for similar reasons. And over the weekend Bank of America reaped the benefits of an acquisition strategy that made it the kingpin...

Posted on September 15, 2008 9:41 AM