RSS feedwachovia
’World’s best bank (2006 vintage)
It has long been known that consulting firm Oliver Wyman crowned Anglo Irish the world’s best bank in 2006 — just when Anglo was actually… well, you know the story.
Sadly, the report that bestowed this fateful distinction has (quite unaccountably!) vanished from the Oliver Wyman corporate site.
Wells Fargo Pick-A-Pay, Pick-A-Pray
Extend and pretend. Kicking the can. Fake it till you make it. Band-aided.
Any one of those expressions could be used to describe the latest loan modification technique from Wells Fargo.
Dow Jones,
What would a Goldman-Wachovia tie-up have looked like?
Vanity Fair is fast establishing itself a must-read for anyone interested in the back-room dealings of Wall Street and US regulators, and the upcoming November issue is no exception.
Consider the following press release,
Wachovia agrees ARS buy-back
Pennsylvania reached an agreement with Wells Fargo’s Wachovia unit to offer to buy back $324.6m of auction rate securities from residents in the wake of the collapse of the ARS market in early 2008, reports the WSJ.
SEC finalises ARS settlements with BofA, RBC, Deutsche…
From the SEC:
Washington, D.C., June 3, 2009 – The Securities and Exchange Commission today announced finalized settlements with Bank of America, RBC Capital Markets, and Deutsche Bank to resolve SEC charges that the firms misled investors regarding the liquidity risks associated with auction rate securities (ARS) that they underwrote,
Wells net jumps on Wachovia buy
Wells Fargo’s net income jumped 52% in the first quarter due mainly to its acquisition last year of regional lender Wachovia and a rise in mortgage refinancings, reports the WSJ. Wells’ latest results were slightly higher than preliminary results issued two weeks ago,
On Wells Fargo and banks’ well-being
The blogosphere – and analysts – are in varying states of agitation over Wells Fargo’s pre-announcement of its quarterly results on Thursday last week.
The bank said it would post $3bn in first-quarter profits when it releases Q1 results next month — more than double what analysts were expecting.
Wells Fargo rallies after early, positive earnings guidance
Wells Fargo on Thursday boosted US markets after it said it expected record first quarter earnings of $3bn, or $0.55 per common share after preferred dividends. Consensus forecasts had been for first-quarter earnings of around 23 cents per share.
Goldman held talks to buy Wachovia
Goldman Sachs engaged in talks to buy regional lender Wachovia on the weekend after Lehman Brothers collapsed in September, in a deal that would have given the top Wall Street bank a prominent position on main street. But the potential takeover,
Why Meredith Whitney thinks a “bad bank” is a bad idea
Meredith Whitney and her team at Oppenheimer remain steadfast in their opposition to the creation of a “bad bank” that would buy so-called “toxic assets” from Wall Street’s flailing institutions (and so,
“We’re like the Brady Bunch…”
So declares Matt Wadley, a member of Wachovia’s corporate communications team, writing on the new Wells Fargo-Wachovia Blog (One team, twice as strong).
Yes, this freshly-crunched banking duo are going to share the integration process with us all in pixelated form:
Wells Fargo to sell $10bn in stock
Wells Fargo said Wednesday it planned to sell at least $10bn of stock to fund its acquisition of Wachovia, the troubled east coast lender, to create the fourth-largest US bank by assets. Wells said the offering,
Mother of all losses
Net loss of $23.9 billion includes the following on a pre-tax basis: $18.8 billion of goodwill impairment; $4.8 billion credit reserve build to a 3.24 percent reserve-to-loan ratio; $2.5 billion of market disruption losses including $1.2 billion of securities impairments;
Three big US banks report $2.6bn in profits
Three of the nine big banks due to receive capital injections from the US government reported total Q3 profits of more than $2.6bn on Wednesday, highlighting the different needs of companies receiving assistance under the rescue plan.
Fed approves Wells takeover of Wachovia
The US Federal Reserve on Sunday approved the takeover of Wachovia Corp by Wells Fargo, which had battled Citigroup for ownership of the wounded bank, reports Reuters. In an unusual Sunday afternoon announcement that appeared timed to precede the opening of shaky global financial markets,
Citi hands Wells victory in fight for Wachovia
Wells Fargo looked set Thursday night to acquire Wachovia in a $11.7bn all-share deal after Citigroup pulled out of the bitter battle for the sixth-largest US bank because it did not want to buy the lender’s bad assets portfolio without government help.
Pandit defends Wachovia bid
Vikram Pandit, Citigroup’s chief executive, has defended his handling of the company’s bid for Wachovia, accusing the bank of reneging on a nearly done deal when Wells Fargo launched a counterbid to “steal” the lender.
Citi and Wells Fargo in legal truce
Citigroup and Wells Fargo on Monday agreed a truce until Tuesday afternoon in their bitter legal battle over the takeover of Wachovia, in an effort to gain more time to agree a deal to carve up the sixth-largest US bank.
Citi wins first round in Wachovia battle
Citigroup has won the first round in a bitter battle with Wells Fargo over the takeover of Wachovia after the Supreme Court of New York state gave it more time for exclusive negotiations with the sixth-largest US bank,
When bad things happen to good deals
Snowball Warren Buffett’s Goldman Sachs deal negotiated last week may be looking a little slushy right now. The same for Citigroup’s Wachovia buy. And it’s all because of Congress’s Tarp rejection.
Buffett wagered $5bn last week buying up GS stock — an action explicitly predicated on some form of government bailout.
Citi rescues Wachovia in $2.2bn takeover
Citigroup on Monday bought the banking operations of Wachovia, the sixth-largest US lender, in a government-aided, cut-price deal that reshapes the country’s banking landscape and is designed to prevent the failure of yet another financial institution.
Citi to acquire Wachovia
Statement has just hit (emphasis ours):
Citigroup Inc. to Acquire Banking Operations of Wachovia
FDIC, Federal Reserve and Treasury Agree to Provide Open Bank Assistance to Protect Depositors
FOR IMMEDIATE RELEASE
September 29,
Mystery bank on the brink
Things like this (via The Crypt) can’t be helpful for investor confidence, surely?
Sept. 27 — Sen. Robert Bennett (R-Utah), a key member of the Senate Banking Committee, warned Saturday that another major US bank was ‘teetering’ on the edge of failure and would go under if the bailout deal doesn’t come through soon.
Wells Fargo moves in on Wachovia
A takeover of Wachovia, the troubled regional lender, hinges on congressional approval of a proposed $700bn bail-out plan and the government’s willingness to extend financial aid to potential bidders, reports the FT.
The new consolidation: bail-outs
Paulson: Wachovia meet Morgan Stanley. Morgan Stanley meet Wachovia.
Wachovia has a deposit base and Morgan Stanley is being besieged by short sellers.
I’m sure you’ll both get along just fine.
Well that could’ve happened.
Morgan Stanley, Goldman, WaMu eye deals
While Morgan Stanley is reportedly talking to various banks including Wachovia, HSBC and Chinese entities, other banks are also making efforts to avoid becoming the next victim of the credit crunch, reports the FT.
Mor-chovia?
Oh, Colm Kelleher. Methinks thou didst protest too much on that conference call yesterday.
This just out from the New York Times:
Morgan Stanley, one of the two last major American investment banks,
Wachovia names new CFO
Wachovia on Monday named David Zwiener chief financial officer, the first major hire announced since Robert Steel became chief executive of the fourth-largest US bank in July, reports Reuters. Zwiener,
Wachovia leads share recovery
Wall Street stocks rose for the first time in three sessions on Thursday as a rally in the banking sector and a decline in oil prices offset concerns about rising inflation and persistently high levels of jobless claims.
US banks near ARS settlement
JPMorgan and Morgan Stanley were Wednesday night nearing settlements with regulators to buy back billions of dollars worth of auction rate securities from investors, people briefed on the negotiations said.