Financial Roundup: Obama Picks Experienced Team, U.S. Bancorp Expanding, Bank Analyst Layoffs, And More

Obama goes with experience on economics team — President-elect Barack Obama is assembling an experienced economics team to boost his proposed stimulus package and tighten financial regulation. Congressional budget guru Peter R. Orszag is expected to lead the White House Office of Management and Budget. Other veterans include proposed National Economic Council head Lawrence H. Summers and proposed Treasury Secretary Timothy F. Geithner. [Source: The Washington Post]

U.S. Bancorp expanding — U.S. Bancorp is looking at opportunities to buy banks in Oregon, Washington, Nevada, Arizona, Tennessee and the Chicago area. The Minneapolis bank just picked up two failed banks in Southern California. [Source: American Banker]

Bank analyst layoffs — The mass of layoffs caused by failing banks is extending to bank analysts. Goldman Sachs, Citigroup and Bank of America have been laying off some analysts who had covered their competitors. [Source: The New York Times]

FASB to require more disclosure — The Financial Accounting Standards Board is rewriting its rules to require companies and banks to reveal more about their off-balance-sheet transactions. [Source: CFO.com]

Wachovia bosses could collect — Ten Wachovia executives are eligible to received $98.1 million in severance in their banks takeover by Wells Fargo. The proposed merger doesn’t involve federal rescue money. [Source: The Wall Street Journal]