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Entries tagged "bank mergers"BofA's Ken Lewis still doing his patriotic dutyBank of America Corp. CEO Ken Lewis evidently sees himself as a great American hero who is struggling to do the right thing and save the day. And while Lewis may view himself as a Golden Age of comics type hero - think 1930s Batman and Superman - he might better fit the archetype of the Batman in Frank Miller's "The Dark Knight." ... BofA bailout puts Merrill defections in contextBank of America Corp.'s $138 billion second bailout package may explain the recent executive departures following the Charlotte, N.C.-based institution's $19.4 billion purchase of Merrill Lynch & Co. ... Canadian banks to be patient in the U.S.Canadian banks say they are not looking at buying major institutions in the U.S. right now, preparing to keep their powder dry until the economy improves. ... BofA, Wells outline layoff plansThe bloodletting continues on the Street as two of the nation's largest banks, Bank of America Corp. and Wells Fargo & Co., start issuing pink slips to staff in New York and elsewhere. The closer to home -- meaning Wall Street -- cuts are likely to come from Bank of America, which according to the New York Post is expected to eventually layoff 35,000 people over three years as it integrates Merrill Lynch. ... Rodgin Cohen on bank M&A in the crisisCognoscenti alert. The Harvard Corporate Law School Corporate Governance Blog has a video up of Sullivan & Cromwell LLP chairman Rodgin Cohen discussing issues in financial services M&A in the current crisis. ... Merrill, BofA wait for proxy firmsCould the Bank of America Corp. and Merrill Lynch & Co. deal be renegotiated? Proxy firms RiskMetrics Group Inc. and Glass, Lewis & Co. LLC have yet to make recommendations for the final vote on BofA's $50 billion in stock buyout of Merrill Lynch, which shareholders are set to approve on Dec. 5. ... Rabble Babble: Citi wants to buy a bank like Chevy Chase?That's right. Citigroup Inc. is in talks to buy Chevy Chase Bank FSB, but it is not alone in its interest for the troubled Bethesda, Md.-based regional bank, according to The Wall Street Journal. But, does it matter? And will it help the troubled giant?... Commerce's Vernon Hill is back in bankingIt's hard to keep an entrepreneur down. So even a shaky banking industry hasn't stopped Commerce Bancorp founder Vernon Hill from jumping back into the fray after a two-year layoff. The founder of what is now the crown jewel of Toronto-Dominion Bank's U.S. operations is looking to work his "magic" again by acquiring and building another small bank. ... Report: BofA gives Merrill brokers green-light to leave without penaltiesBank of America Corp. CEO Ken Lewis is focusing on keeping the luster of the Merrill Lynch & Co. brokerage unit he once described as the "the crown jewel." He's gone so far as allowing any of the 15,500 Merrill brokers to leave BofA without facing legal action, according to Bloomberg.... Treasury's 25 garbage menSo far 25 banks have won the support of the Treasury Department, which has deployed almost $160 billion in direct capital injections, usually in the form of preferred share purchases. It's widely speculated that these banks are not going to simply use the money to open the spigots of lending, but instead to do acquisitions. J.P. Morgan Chase & Co.'s CEO Jamie Dimon recently made it clear during an earnings call that he might use some of Treasury's $25 billion for acquisitions. Even smaller banks receiving funding such as City National Bank of Beverly Hills, Calif., may seek acquisitions... Fuddy-duddy banks feast on their once flashy peersBoring is beautiful in banking, and we should all be excited at the prospects of the world being populated soon by more boring bankers. There is a Darwinian process of natural selection taking place among banks now, and it is those financial fuddy-duddies in their pin-striped suits who are feasting on their once flashier peers.... PNC buys National City for $5.2B in stockPittsburgh-based regional bank PNC Financial Services Group Inc. is bulking up with the $5.2 billion all-stock acquisition of troubled peer National City Corp. Shareholders in both banks initially were none too pleased with the deal, as PNC fell 0.1% to $55.75 in early trading (by 10 a.m. it rebounded and became the only financial stock on Dealscape's Bank Watch list in positive territory), while the bottom fell out from National City, which plummeted 28.7% to $1.96.... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "bank mergers." 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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