Latest news from citigroup was to be take over wachovia for $2.2 billion.
Quote: As part of all-stock deal, Citi will acquire deposits, loans from nation's fourth largest bank. Citi also to raise $10B in stock sale, cuts dividend.
link: http://money.cnn.com/2008/09/29/news/companies/wachovia_citigroup/index.htm?postversion=2008092910
2 other news that occurred for european banks:
Fortis has been suspected as going to be bankrupted and has been bailed out by a few nations.
Quote: European financial giant Fortis partially nationalized. Three governments to pour 11.2 billion euro ($16.4 billion) into the bank.
Link: http://money.cnn.com/2008/09/28/news/international/fortis_nationalized.ap/index.htm?postversion=2008092818
In Britain, Bradford & Bingley is another victim.
Quote: In Britain, the government nationalized its second bank this year, taking over Bradford & Bingley's £50 billion ($91 billion) mortgage and loan books and paid out £18 billion ($33 billion) to facilitate the sale of its savings business, including its entire retail branch network, to Spain's Banco Santander.
link: http://money.cnn.com/2008/09/29/news/international/Europebanks_bailout.ap/index.htm?postversion=2008092911
That pretty much sums up the whole day. Will asian banks be spared of this? The only thing I felt sad for was the graduates that are going to complete their banking and finance degrees or masters soon. It's pretty much clear that the golden era of investment banking might be over.
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