Entries tagged "bank deal"
Bank of America chairman emeritus Chad Gifford offers some thoughts on Obama's $500,000 compensation cap.
Shares of Bank of America Corp. are dropping like a stone Tuesday, after an analyst note speculated that the Charlotte, N.C.-based bank would need a minimum of $80 billion to get its capital position to the minimum levels required by regulators. ...
Probably the most closely watched post-merger integration going on right now (especially on Wall Street) 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, leader of Merrill's nearly 17,000 brokers, would be leaving. Is his departure a case of culture clash or simply a turf battle issue? Dealscape's affiliate Corporate Dealmaker attempts to answer the pressing question.See Corporate Dealmaker: Broker boss bails at BofA: Culture clash or turf battle? ...
So Capital One Financial Corp. acquired Chevy Chase Bank FSB for nearly $520 million Thursday. Citigroup Inc. reportedly was one of several potential acquirers for the Maryland-based lender, but in the end was left out in the cold. The news that Citigroup was pushed aside isn't shocking considering its recent bailout, which has renewed pressures on Citigroup CEO Vikram Pandit (pictured) to slim down the firm rather than to expand it. ...
Earlier in the week, Dealscape speculated that should troubled U.K. bank the Royal Bank of Scotland Group plc sell its U.S. retail banking business, Citizens Financial Group, Capital One Financial Corp. would be a natural fit. McLean, Va.-based Capital One was flush with $3.5 billion from a U.S. Treasury capital injection via the Troubled Asset Relief Plan, and additional deposits could help the firm ride out the recession, which will undoubtedly batter its credit card business. A Citizens purchase also made sense geographically. The logic was half right. Capital One was on the prowl, and it just opted for...
