Wells Closing In on Deal to Buy Wachovia

Related Newser Stories

• BoA, Wells Fargo Wrap Up Takeovers

  Jan 1, 09 3:27 PM CST
  Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7 trillion, while Wells Fargo is now fourth, with $1.4 trillion.
  More »

• Bank Woes Push Dow Down 196

  Dec 11, 08 3:23 PM CST
  The markets slid today as JP Morgan’s CEO made pessimistic comments about home prices, the Wall Street Journal reports. Adding to investor malaise was a Labor Department report that unemployment insurance claims are at a 26-year high, and continued uncertainty about the Detroit bailout. The Dow was down 196.33, to 8,565.09; the Nasdaq was off 57.60, to 1,507.88; and the S&P lost 25.65, to 873.59. More »

• Credit Suisse Cuts 5,300 Jobs, 11% of Workforce

  Dec 4, 08 6:30 AM CST
  Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal. Most of the cuts will come from its moribund investment banking unit as Credit Suisse refocuses on its more profitable private banking and waits for market conditions to improve. More »

• Bailed-Out Banks Won't Bail on Sports Sponsorships

  Nov 25, 08 11:06 AM CST
  Citibank is getting billions from taxpayers and cutting thousands of jobs, but it's not canning its 20-year, $400 million deal to dub the New York Mets’ new stadium “Citi Field.” Such big advertising deals are coming under the microscope—and have critics crying foul, ABC News reports. “This type of spending is indefensible to Citigroup’s new partner and largest investor: the American taxpayer," fumed one lawmaker.
  More »

• Citi Rescue Could Lead to More Trouble

  Nov 25, 08 7:23 AM CST
  The Citigroup rescue bolstered confidence in the financial sector in the short term, but in the long term it could spell more trouble for taxpayers and other struggling banks, writes Eric Dash in the New York Times. Other banks will see the bailout as a template for future ones—giving them a backstop for risky plays and even a way to gain a competitive advantage. It's only a matter of time before they begin lining up, Dash writes.
  More »