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Financial Services Top Stories Of The Day – August 21, 2006 August 21, 2006

Posted by notapundit in Economic News, Main.
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BAIN CAPITAL NAMES NEW PRINCIPAL

Bain Capital names Todd MacLean the firm’s third principal. MacLean previously served as vice president at Summit Partners, involved with later-stage investments in health care, business services and tech companies.

MACK TO HEAD WACHOVIA INVESTMENT SERVICES

Wachovia names Mary T. Mack president of investment services, replacing Dwight Moody, retiring in 2007. Mack is currently executive V.P. and head of firm’s Client Partnership. She will head 1,200 financial advisers.

REFCO CREDITORS HAVE RIGHT TO BAWAG SALE REVIEW

The creditors of collapsed U.S. brokerage Refco could receive compensation should Austria’s Bank Fuer Arbeit and Wirtschaft AG, or BAWAG, be sold to a domestic entity at a discount, a U.S. attorney representing BAWAG says.

BARCLAYS NAMES LATAM TRADING DIRECTOR

Barclays Capital appoints William Murphy director of Latin America corporate trading. Murphy reports to Diego Gradowczyk, head of Latin America credit and rates and Emerging Europe, Middle East and Africa credit trading.

CANADIAN BANK 3Q PROFITS SEEN AT RECORD LEVELS

Buoyed by strong loan growth, Canada’s biggest banks are expected to report one of their best operating quarters ever when they release 3Q earnings beginning tomorrow.

SOME LENDERS CUT RISKIER MORTGAGES

Mortgage lenders are feeling the heat from Wall Street to tighten lending standards and cut exposure to some riskier loans. Lenders are having to buy back loans sold to investors due to borrowers’ failure to make their first few payments.

LEHMAN HIRES TWO INTERNET BANKING HEADS

Lehman hires David Kostman, who left Lehman to run a software company, and Paul Inouye, who previously worked for Piper Jaffray. Kostman will head firm’s global Internet investment banking group, while Inouye will head its U.S. segment.

TRENNERT TO START OWN FIRM

Jason Trennert is leaving International Strategy & Investment Group as chief investment strategist to found his own firm with two associates. He is considered one of Wall Street’s top investment strategists.

QUATTRONE MAY GET PLEA DEAL TO AVOID TRIAL

Frank Quattrone’s attorneys and federal prosecutors are in talks on a possible deal that would enable the star investment banker to avoid a third trial on obstruction charges, The Wall Street Journal reports.

MELLON WON’T BE PROSECUTED FOR MISSING TAX RETURNS

Mellon Bank has reached a settlement with the federal government under which it won’t be prosecuted for an incident in which employees who felt overworked destroyed thousands of federal tax returns and payments.

FREDDIE IN PACT TO SETTLE ERISA LAWSUIT

Freddie says it had agreed to pay $4.65 million to settle a class-action lawsuit related to both its employee 401(k) plan and its accounting scandal, a move the company said also closes a separate investigation by the Labor Dept.

WAL-MART BANK COULD SQUEEZE PROCESSORS

Wal-Mart’s attempt to launch a state-chartered bank sparks fear among community, retail bankers and especially transaction processors, writes Nick Godt. Company wants to handle customers’ debit-card, credit-card and check payments.

BANKS’ US BUSINESS LENDING HITS RECORD

Banks’ U.S. business lending has risen to record levels in recent months, spurred by lenders offering easier terms to help compensate for slower home mortgage activity, economists say.

MORGAN STANLEY TO CLOSE FLORIDA OFFICE

Closure of the Florida office over the next two weeks is among the ongoing branch closures at company’s global wealth management unit. It had fewer than 10 financial advisers, to be consolidated with brokers at Boca Raton office.

JANNEY MONTGOMERY ADDS 5 BANKERS

Philadelphia-based regional brokerage firm hires Jeff Levinson, Neal Fischer, Andrew Kolb, Terence P. Rooney, and Elena Stavrakas, who will report to William Rulon-Miller, director of investment banking.

BOFA HIRES EX-MERRILL MANAGER KRUG

Wall Street veteran broker manager Jan Krug, who retired from Merrill Lynch after 20 years, joins Bank of America Investment Services as market director in Los Angeles.

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