Wells Fargo & Co announced a 20% increase in quarterly earnings by taking advantage of the mortgage lending.
Investment banks
Greece approves Eurobank acquisition of Postbank
Greece's bank rescue fund approved of Eurobank to acquire the New Hellenic Postbank. Greece's bank rescue fund approved of Eurobank's acquisition of the New Hellenic Postbank.
Canadian dollar fluorishes amidst crisis
While many currencies have floundered, the Canadian dollar has provided great returns to investors. As the recent weeks have showed, many global currencies have been buffetted by volatile trade as well as the uncertainty as to the next decision of the US Federal Reserve as to its stimulus programs.
German Finance Minister approached UBS about acquiring 17% stake in Commerzbank - magazine
Wolfgang Schaeuble initiated exploratory talks with the chairman of UBS about its stake in Commerzbank.
Praet: ECB's rates to remain low while inflation is moderate
ECB's executive board member said that the bank's interest rates would remain the same as long as inflation stays moderate.
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Shuanghui International's US$4.7 billion bid for Smithfield Foods raised an additional US$5 billion from international banks.
CNP Assurances drew support from Asian private banks for capital deals. This week, CNP Assurances initiated a much-needed upsurge to the dollar Reg S market.
Scotiabank withdrew its offer for Bank of Guangzhou's 20% stake after Chinese authorities' refusal for its Can$719 million bid.
JPMorgan stated they would release 1st quarter report ahead of others. The nation's largest banks start their second-quarter earnings reporting season starting this week.
3i Group's stock value hit its highest since 2007. 3i Group's shares closed at a 4-year high as investors proceed to buy into 3i Group's turnaround strategy.
Silicon Valley Bank requested a loan receiver for Alvarion Ltd over a US$3 million debt that the bank says it cannot pay.
Orix Corp. stated it would invest half a billion dollars in fast growing markets. Japan's most active financial firm in acquisition, Orix Corp. , revealed plans to spend JPY50 billion (US$506 million) on buyouts around Southeast Asia and the Middle East within the next 12 months tapping on faster-growing markets.
RadioShack revealed that they are in talks with investment banks regarding firm's financial health.
French Crédit Agricole and its investment bank unit asked employees to cut costs. French bank Crédit Agricole launched a program to cut its costs by sending members of its investment-banking unit a memo to reduce travel, lodging, meal expenditures.
