A Bank Merger With M&T and Provident (MTB, PBKS)
M&T Bank Corporation (NYSE: MTB) has agreed to acquire Provident Bankshares Corporation (NASDAQ: PBKS) for roughly $401 million in stock.
Banking, finance, and taxes
All Banking, finance, and taxes Articles
Newest first · Page 256Posted Without Comment: S&P Cuts Every Bank In The Universe
According to MarketWatch, "Standard & Poor’s cut the credit rating or outlook of 12 major U.S. and European financial institutions Friday, saying the move reflected its view of the significant pressure on large, complex…
Just When They Need The Money, The Government Hacks Credit Card Firms (MA)(C)
Just when credit card issuers from Mastercard (MA) to Citigroup (C) need the extra money due to deadbeats, the federal government is going to make it hard for them to get it. Default rates…
Moody’s Kicking Citi & Pandit (C, MCO)
As if Citigroup Inc. (NYSE: C) had any real strength to its ratings, Moody’s has downgraded Citigroup’s senior debt. Interestingly, Moody’s says that this downgrade was moderated by the expecation that Citigroup will probably…
Goldman Sachs Outlines 2009 Financial & Credit Expectations (GS)
Goldman Sachs has come out with a new financial sector outlook for 2009, and much of how you receive it will depend whether you see things as"half empty" or "half full." It is not…
Richard Bove Sounding More Like Meredith Whitney on Citi (C, GS, MS)
Citigroup Inc. (NYSE: C) is getting a more "in-line" view from analyst and fan Dick Bove of Ladenburg Thalmann. Bove is capitulating at least a bit with the admission that the quarter may look…
Wall St. Needs A Czar All Its Own (C)(AIG)(FNM)(FRE)
America is short on czars. The ones in charge of energy, the war on drugs, intellectual property, and, perhaps, cars are not enough. The one segment of the economy that has needed a czar…
Goldman Sachs (GS) Cuts Bonuses, Cash Cap At $400,000
For bankers used to making millions of dollars in bonuses, $400,000 might seem like a big comedown. Goldman Sachs (GS) has elected to make that the cap for cash compensation for everyone at the…
Posted Without Comment: Credit Crisis Cost Tops $1 Trillion
According to Bloomberg, "Losses and writedowns from the credit crisis surpassed $1 trillion today, and show little sign of ending, as Morgan Stanley marked down the value of mortgages and leveraged loans." "The losses…
No Goldman Reaction for Morgan Stanley (GS, MS)
Yesterday was a rather odd day in more than one way. The reaction to Goldman Sachs Group (NYSE: GS) was given a warm reception, despite the much wider losses than expected, the negative revenues…
Citigroup Reorganization: Playing With Toy Soldiers
Citigroup (C) will probably merge its commercial bank and investment bank. That makes sense. They both serve corporate customers. Investment banking fees are down and so is corporate lending. Efficiency is the battle cry…
FOMC Enters Realm of 0% Interest Rates
The FOMC voted, and the Fed Funds Rate has now been given a TARGET RANGE of 0% to 0.25%. The Discount Rate was cut 0.75% and is now at 0.50%. Some of the statements…
Worst News Of The Recession: Goldman Sachs (GS) Pay Drops 45%
In another sign that the recession is deepening, the average employee at Goldman Sachs (GS) will make only $363,654 a drop of 45% from last year. In other words, that would still pay the…
Goldman Sachs Sighs, Amputation Trumps Guillotine (GS)
Imagine a wide loss being considered a win. That is partly the case at Goldman Sachs Group, Inc. (NYSE: GS) This morning. The former "Golden Slacks" posted a loss of $4.97 EPS for the…
Bank Stocks Get Ready For New Lows (HBC)(C)(BAC)
Despite all the capital the Treasury has put into large US banks, their stocks may be about to make new multi-year lows. While the housing market is still hurting their derivative holdings, consumer credit…