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Wachovia Cutting One Third of Fixed-income Jobs
The Charlotte, North Carolina, bank plans to cut a third of its fixed-income headcount, as well as a 10 percent reduction in corporate and investment bank support staff... Continued »
BNET Financial Services Insights
U.S. Banks Losing Ground in Debt Underwriting
Banks in Asia, Europe and Canada are growing more active in underwriting the debt that companies raise to finance buyouts, the Daily Deal reported, mentioning HSBC, Royal Bank of Canada, Barclays Capital, Société Générale and Bank of Ireland.
The non-U.S. banks are handling a larger share of the biggest underwriting deals, although mid-tier U.S. banks such […]
Financial Services Articles
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Clear Channel Parties Have Deal in Principle
NEW YORK (Reuters UK) - The parties in the dispute over financing the $20 billion (10.3 billion pound) Clear Channel Communications (CCU) buyout reached an agreement in principle on Tuesday on settling the case and striking a new deal at a lower price, a source...
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Housing Downturn Gathers Pace
By Matt Falloon LONDON (Reuters UK) - House prices suffered their most widespread decline across Britain for 30 years and retail sales fell for a second consecutive month in April, surveys showed on Tuesday, in a sign the economic slowdown is worsening. The weak figures are...
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Stock Futures Lower on Banks, Wal-Mart
By Kristina Cooke NEW YORK (Reuters) - Stock index futures fell on Tuesday after Oppenheimer & Co slashed its price targets on a number of brokerages and on concern about Wal-Mart Stores Inc's (WMT) outlook. A number of Federal Reserve speakers will be...
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Westpac Deal Raises Hopes of Australia Bank Shake-out
By Victoria Thieberger MELBOURNE (Reuters) - The largest banking takeover in Australia's corporate history has spurred investors to pile into shares of smaller banks in the hope of a sector shake-out. Westpac Banking Corp Ltd's (WBC) $17.6 billion all-share bid for smaller rival...
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Oil Retreats From Record While Asian Shares Gain
By Rafael Nam HONG KONG (Reuters UK) - Oil prices retreated on Tuesday as some investors saw a recent rally to record highs as excessive, while Asian shares gained as banks were bolstered by further signals the worst of the credit crisis may now be over....
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Australia's Westpac Bids $17.6 Billion For St George
By Miranda Maxwell SYDNEY (Reuters) - Westpac Banking Corp Ltd (WBC) launched a $17.6 billion all-share bid for smaller rival St George Bank Ltd (SGB) in a tie-up that would create Australia's biggest bank by market value. Analysts said the deal could trigger...
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Finmeccanica to Buy DRS For $5.2 Billion
By Paolo Biondi and Robin Pomeroy ROME (Reuters) - Italy's Finmeccanica SpA (SIFI) reached a $5.2 billion deal to buy DRS Technologies Inc. (DRS) securing itself a bigger presence in the growing U.S. defense market which accounts for half the world's military spending....
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AIG Sees No Need to Honor Ex-CEO Request to Delay AGM
By Lilla Zuill NEW YORK (Reuters) - Maurice "Hank" Greenberg, former chief executive of American International Group (AIG), has said the insurer is in "crisis" and urged a delay in its annual general meeting scheduled for Wednesday, according to a letter he sent...
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U.S. Victims of Attacks in Israel Sue Swiss Bank
NEW YORK (Reuters) - American victims of bombings and rocket attacks in Israel have sued Swiss bank UBS AG for more than $500 million, accusing the bank of helping fund the militants behind the attacks through dealings with Iran. The lawsuit seeks damages...
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MBIA Posts Huge Loss on Credit Derivatives
By Dan Wilchins NEW YORK (Reuters) - MBIA Inc (MBI), the world's largest bond insurer, posted a quarterly loss of $2.4 billion on Monday as it took charges on billions of dollars of exposure to bonds linked to subprime mortgages. But MBIA's beaten-down...
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JPMorgan May Face SEC Civil Charges
NEW YORK (Reuters) - JPMorgan Chase & Co (JPM) said on Monday that it received a notice from federal regulators indicating that one of its units may face an enforcement action related to "the bidding of various financial instruments associated with...
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Clear Channel in Settlement Talks, Trial Delayed
By Megan Davies and Leslie Gevirtz NEW YORK (Reuters) - Talks are underway to settle a dispute over financing the $20 billion leveraged buyout of U.S. radio operator Clear Channel Communications Inc (CCU), the company said in a statement on Monday. A trial...
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Comerica Index: Auto Affordability, Incentives on the Rise
In a bit of good news for consumers -- and clearly bad news for the domestic carmakers -- vehicles were more affordable in the first quarter of 2008 than at any other time since immediately after the Sept. 11 terror attacks of 2001. "It's a buyers market and the producers...
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Wachovia Cutting Fixed-income and Support Jobs
By Joseph A. Giannone NEW YORK (Reuters) - Wachovia Corp (WB) Chief Executive Ken Thompson told investors on Monday his hard-hit U.S. regional bank was cutting back corporate and investment bank jobs to reduce costs. The Charlotte, North Carolina, bank reaffirmed plans to...
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Long Slump May Follow Crunch: JPMorgan CEO
By Joseph A. Giannone NEW YORK (Reuters) - JPMorgan Chase & Co (JPM) Chairman and Chief Executive Jamie Dimon on Monday told bank investors that while the current credit market crunch may soon be over, the U.S. economy could still face a deep...
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HSBC Profit Up But Bad-debts Jump
By Steve Slater and Clara Ferreira-Marques LONDON (Reuters UK) - Europe's biggest bank, HSBC Holdings (HSBA), said its profit in the first quarter beat a year ago as growth in Asia helped counter some $5 billion (2.6 million pounds) in hits from bad debts on U.S....
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Morgan Stanley Raises Billions For Infrastructure
By Aarthi Sivaraman and Mathieu Robbins NEW YORK/LONDON (Reuters) - Morgan Stanley (MS) and a fund set up by General Electric (GE) and Credit Suisse (CSGN) said on Monday they had collectively raised almost $10 billion for funds to invest in infrastructure. Morgan...
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Kingfisher Shares Jump on Bid Talk
LONDON (Reuters UK) - Shares Kingfisher (KGF) jumped as much as 10 percent in mid-morning trade on Monday, as traders cited market talk of private equity interest in Europe's biggest home improvements retailer. Two traders said there was talk of a bid of around 195 ...
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Centrica Sees Lower Operating Profit
By Mike Elliott LONDON (Reuters UK) - Energy company Centrica (CNA) said that, as expected, first-half group operating profit would be materially below that of last year due to lower profitability at its British Gas retail business, hitting its shares. Britain's biggest domestic energy supplier said...
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Circuit City opens books to Blockbuster and Icahn
Circuit City will let Blockbuster conduct due diligence for a possible takeover deal, having received a letter of commitment from the rental giant's largest shareholder, US billionaire Carl Icahn. In the letter, Icahn writes he is ready to buy the electronics retailer in case Blockbuster fails to raise sufficient...
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Top Companies
- Bank of America Corp. $169.6B
- J.P. Morgan Chase & Co. $160.7B
- Citigroup Inc. $133.5B
- Wells Fargo & Co. $100.0B
- Goldman Sachs & Co. $74.9B
- Citigroup Inc. $159.2B
- Bank of America Corp. $119.1B
- J.P. Morgan Chase & Co. $116.3B
- American International Group Inc. $110.0B
- Goldman Sachs & Co. $87.9B
- J.P. Morgan Chase & Co. $15.3B
- Bank of America Corp. $14.9B
- Goldman Sachs & Co. $11.5B
- General Electric Capital Corp. $9.8B
- Wells Fargo & Co. $8.0B
Top Rated
- Financial Research: The Customer Isn't Always Right+3 votes
- Federal Reserve Sees Paper Checks Declining+2 votes
- U.S. Banks Losing Ground in Debt Underwriting+2 votes
- Moody's, UBS Downgrade Each Other: Eyes Roll+1 vote
- Citi's Liquidity Plans Draw Poor Reviews+1 vote
- Wachovia's Golden West Becomes Golden Albatross+1 vote
- Wall Street's Shrinking Bonuses Smite Even the Successful+1 vote
- KeyCorp, Comerica, PNC See Builder-Loan Problems+1 vote
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AboutFinancial Services Industry
BNET Financial Services provides daily industry news coverage and insights for managers and executives about the major companies in the financial sector. In addition to detailed company profiles, we bring you critical analysis on new alliances and partnerships, new products, mergers and acquisitions, labor and cost management, investments and deal flow, and a host of other important business issues.