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Entries tagged "National City Corp."J.P. Morgan turns lemons into $29B in lemonadeThe bank is poised to book $29 billion in income on the toxic assets it bought from Washington Mutual. Report: U.S. Bancorp may make acquisitionsU.S. Bancorp is apparently on the hunt for opportunistic large acquisitions, according to a Wall Street Journal report. U.S. Bancorp chief financial officer Andrew Cecere told The Wall Street Journal that although it doesn't need a deal, it may seek one."We are absolutely of sufficient size to effectively compete," Cecere said. "We have the products, we have the customer base, we have the scale." ... Bank Watch: No love for National CityThe banking sector was another weak link in Friday midday trading. National City Corp. [NCC] fell 59 cents, or 22%, to $2.14 after the company announced it would be acquired by PNC Financial Services Inc. [PNC] for $5.2 billion, while the acquirer was one of the few advancers in the sector, jumping $2.62, or $4.68%, to $59.54. National City peer and rumored takeover candidate Fifth Third Bancorp [FITB] dropped nearly 14%. Meanwhile, insurer American International Group Inc. [AIG] dropped nearly 15% following a report that it used $90.3 billion of its $122.8 billion government loan. - Gerald Magpily ... NatCity and Downey meet Bove's low expectationsNational City Corp. and Downey Financial Corp. are two financial institutions that were listed last week on "Who is next?," Richard X. Bove's infamous report of banks in peril. Some banks on Bove's list claim the Ladenburg Thalmann & Co. analyst's assertions are more fiction than fact, but no one can deny that NatCity and Downey Financial are facing difficult times. NatCity announced a larger-than-expected second-quarter $1.36 billion loss Thursday. Meanwhile Downey tapped a new CEO, who is tasked with exploring strategic alternatives after a loss of $218.9 million.... National City and other banks to shop assetsNational City Corp. may consider selling its lucrative money management unit, heading a trio of troubled Ohio lenders whose asset managers may be on the block, The Wall Street Journal reports.... Just In: Advisers on National City-Corsair CapitalCorsair Capital LLC and TPG-Axon Capital Management LP hired RBS Greenwich Capital in the National City Corp.'s 9.7% stake sale valued at $7 billion. Cosair used Lee Meyerson, Sean Rodgers, Ellen Patterson Simpson Thacher & Bartlett LLP for legal counsel, and TPG-Axon turned to Michael Ryan, Benet O'Reilly, Esther Farkas, Kenneth Bachman and Derek Bush of Cleary Gottlieb Steen & Hamilton LLP.The target's investment bankers Kendrick Wilson III, Ken Coquillette and Scott Romanoff of Goldman, Sachs & Co. National City also used H. Rodgin Cohen, Donald Toumey, Mark Welshimer, Ronald Creamer of Sullivan & Cromwell LLP and Lyle Ganske, Christopher... BofA, National City: Can you spare a dime?The financial sector was in the forefront of investors' minds once again, as concern about disappointing earnings results from Bank of America Corp. [BAC] and National City Corp. [NCC] pervaded the markets Monday, but both have devised plans to raise more capital to strengthen their balance sheets. Overall, the Dow fell 54.31, or 0.4%, to 12,794.89 as the Nasdaq was down 3.90, or 0.2%, to 2399.07 in Monday midday trading. ... Liquidity watch: National City raising $7B from PE consortiumAdd National City Corp. to the list of banks taking money from private investors. The Cleveland bank is planning to raise $7 billion from an investor group led by New York private equity firm Corsair Capital LLC. ... Markets shift in reverse, dragged down by financial Deal StocksMost Deal Stocks in the banking sector were driving in reverse despite Citigroup Inc.'s [C] plan to sell $12 billion in commercial high-yield loans to private equity firms. The possible sale follows Washington Mutual Inc.'s [WM] $7 billion capital infusion on Tuesday. Look for more deals to be consummated in the banking sector as financial institutions look to strengthen themselves in this gloomy economic atmosphere. Overall, the Dow was trading down 70.18, or 0.56%, to 12,506.26 in Wednesday midday trading while the Nasdaq was also down 25.54, or 1.09%, to 2,323.22. Here's a closer look at the performance of Deal... Goldman Sachs to advise National City on possible saleCNBC's David Faber confirmed Tuesday last month's Wall Street Journal report that mortgage lender National City Corp. has put itself on the Auction Block. Faber said the Cleveland bank has hired Goldman Sachs Group Inc. as its strategic adviser and is reviewing all its options including a sale. Faber posed the obvious observations concerning troubled National City. He said that "it's not selling from a position of strength" and pointed out the following obvious weaknesses that would hamper price:... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "National City Corp.." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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