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Entries tagged "financial services"Treasury Secretary Geithner on the economyThe Treasury secretary talks about a number of subjects including the economy, regulatory reform and government intervention in the private sector during the worst of the financial crisis. Will UBS follow Citi's lead?Citigroup Inc. is not the only bank being battered in the markets. Swiss giant UBS' shares lost nearly 50% over the past month, and reports indicate that the bank may need another capital infusion as well. Daniel Zuberbuehler, director of the Swiss Federal Banking Commission, told SonntagsZeitung newspaper on Sunday that the state will likely have to dole out more capital to keep the bank in business. ... Rabble Babble: Will Citigroup make it past the weekend?Citigroup Inc.'s stock dipped below $4 a share Friday. "Rumor mongering" was the cause of the stock's cliff dive, according to CEO Vikram Pandit, as executives over at Citi continue to reiterate that its capital position is "very strong." Of course, we've heard that before from the likes of Bear Stearns Cos. and Lehman Brothers Holdings Inc. before they failed, so naturally bloggers and the Street are wary of what the executives are saying and speculating that over the weekend Citigroup will probably get rescued by the U.S. government or could even be acquired.... Inside The Deal: Lazard's Gary Parr on the outlook for banks and regulationGary Parr, deputy chairman of investment bank Lazard, spoke about the crisis on Wall Street recently at The Deal's M&A Outlook 2009 conference. In this edition of Inside The Deal, Parr speaks with Suzanne Stevens about the financial services industry landscape for 2009 and how regulation will change under Barack Obama's administration. See video after the break. ... Bank Watch: Wachovia sends everyone into the redWith the Chicago Board Options Exchange Volatility Index soaring, and the Dow dropping almost 514.45 points or 5.69% to close at 8519.21, it should surprise no one that every firm on Dealscape's Bank Watch list was in the red at market close. The financial sector massacre was likely prompted by Wachovia Corp.'s earnings announcement. The troubled Charlotte, N.C.-based bank, which is slated to become part of Wells Fargo & Co., reported a $23 billion loss, the largest loss ever reported by a U.S. bank. - Matthew Wurtzel ... Watch Bernanke testimony liveHear what Federal Reserve Chairman Ben Bernanke has to say about the credit crisis, Fannie Mae, Freddie Mac, regulatory reforms and more at a congressional hearing Wednesday. See the live video from WashingtonPost.com ... The little bank that forced TD to do the right thingA little bank in central Massachusetts has forced the hand of Canada's second-largest bank, Toronto-Dominion Bank, into unifying its entire U.S. branding strategy. Last year, Toronto-Dominion acquired Commerce Bancorp, a Cherry Hill, N.J.-based bank with branches from New York to Washington, with a beachhead in South Florida. With the acquisition, TD's U.S. moniker, TD Banknorth, began to seem inappropriate, and the firm announced a rebranding around the Commerce name.... Carlyle's annual report outlines post-credit crunch strategyPrivate equity giant the Carlyle Group released its annual report on Monday giving some insight into where the Washington-based firm thinks the industry is headed after facing nearly a year of headwinds. ... Merger Arb Alert: M&A down in the first quarterIf dealflow seems slow, that's because it is. Just take a look at the first quarter's stats and compare them to last year's first quarter, and it's evident that M&A transactions have decreased even just looking at deal announcements, according to The Deal's Merger Arb Alert. ... Little Mass. bank challenges TD in courtToronto-Dominion Bank closed its largest U.S. purchase to date by buying Commerce Bancorp Inc. on Monday, and already the Canadian banking giant is facing a lawsuit concerning its post-merger integration plans.... Bear runs like bull, pushing markets to the skyBuying Bear Stearns Cos. [BSC] for a mere $2 per share seemed to be too good to be true. And many of Bear shareholders such as billionaire shareholder Joseph Lewis vociferously said so. To deter any possibility of losing the deal, J.P. Morgan Chase & Co. upped its bid for Bear to $10 per share, sending the stock up 114% and causing a positive domino effect on the overall markets. The Dow jumped 221.89, or 1.79% to 12,582.35, and the Nasdaq rose 65.86, or 2.92% to 2,323.97 in Monday midday trading. ... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "financial services." 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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