In a stunning move announced early Friday morning, Wells Fargo & Company (NYSE:WFC) and Wachovia Corporation (NYSE:WB) have signed a definitive agreement to merge their operations in a stock-for-stock transaction requiring no government assistance.
This merger is a 180-degree turnaround from the news announced...
We just saw banking history being created.
It isn't over yet, the reshaping of the U.S. financial services landscape, but when you look back on the seismic changes that occurred in September, you appreciate that we have indeed just experienced a series of events unlike any since the Great Depression. It seems every...
Two days after the House narrowly rejected the Bush Administration's proposed $7 billion financial market bailout, the U.S. Senate on Wednesday approved an amended version of the bill.
By a 74-25 vote, the Senate gave thumbs-up to an aid package that includes new "sweeteners" to attract House critics - i.e. middle...
A quick update on economic events since Tuesday ...
The stock market rose on Tuesday on news that the work on the revised $7 billion financial market bailout bill looked promising. This was one day after the biggest point drop in its history.
The Countrywide insider case appears bigger than initially revealed.
After first informing the State of Massachusetts that only three of its citizens were affected by the data theft, Countrywide has now revealed that, as a result of an internal investigation, as many as 45,282 Massachusetts residents are "at risk."
Howard Schmidt, a recognized information security thought leader, offers exclusive insights as new president of the Information Security Forum.
Schmidt, a household name in information security circles since his days as CISO and information security leader at Microsoft and eBay, discusses the global war against...
In the wake of recent economic news, banking/security leaders everywhere are asking "What should I tell my customers about my own bank's safety and soundness?"
Here are three tips for your consideration.
1) Reinforce that Your Institution is Safe & Sound -- Community banks traditionally have had a unique, close...
A quick update on economic events since Monday morning ...
After the $700 billion bailout bill didn't pass in the House, the blame game began with finger-pointing and political posturing from both parties. Without much room to maneuver, the Senate will attempt to salvage the $700 billion financial-rescue package...
And so the hits just keep on coming.
Just when you think you've seen the biggest bank failure in modern times in IndyMac, WaMu comes along and tops them all.
Just when you think you've seen the blackest of Black Mondays in your lifetime, a darker day dawns, and the stock market reels from a record plunge of 777...
It used to be the mantra - "Bigger is Better" was the one thing that made sense when it came to risk management models. Goldman Sachs and Morgan Stanley's conversion into bank holding companies, allowing them to buy other retail banks and more readily borrow money from the Federal Reserve Bank, means that long-chanted...
Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation's largest banks, in a deal facilitated by the Federal Deposit Insurance Corp. over the weekend.
The Citigroup acquisition of Wachovia comes only four days after Washington Mutual failedand JP Morgan Chase bought the Seattle,...
It's all anyone wants to talk about.
In the wake of Washington Mutual's historic failure last week and the Wachovia takeover today, all anyone wants to discuss is the enormity of these events what they mean to the banking industry.
This time the news was so big it couldn't even wait til Friday.
Up to this point, as you know, whenever the FDIC has closed a bank this year, it's waited til after markets have closed for the week - let things settle over the weekend, and then the failed bank can reopen under its new flag on Monday.
But...
The second conspirator/hacker in the biggest hacking case ever has been convicted of conspiring to electronically break into computer networks, steal credit and debit card information and sell it. He faces up to 22 years in prison and a $1 million fine.
Christopher Scott pled guilty to conspiracy, access device...
It was another frantic weekend in the financial services industry, as one bank closed, two financial giants were reborn, and the Bush Administration proposed a historic $700 billion bailout plan for troubled institutions.
Financial markets had just begun to settle a bit after last week's dramatic events on Wall...
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