Newspaper wrap-up: Merrill Lynch CEO discusses merger with Wachovia
Posted Oct 26th 2007 9:15AM by Eric Buscemi
Filed under: Newspapers, Magazines, Merrill Lynch (MER), Wachovia Corp (WB)
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MAJOR PAPERS:
- A former Royal Bank of Canada (NYSE: RY) trader alleged that some employees "miss-marked" bonds to increase profits at the New York office's investment banking unit, the Wall Street Journal reported.
- The WSJ also reported that private-equity firm J.C. Flowers & Co is in talks with UK lender Northern Rock, but has not confirmed it will launch a bid for the troubled firm wrapped up in the subprime meltdown.
OTHER PAPERS:
- The New York Times reported Merrill Lynch & Co Inc (NYSE: MER) CEO Stanley O'Neal contacted Wachovia Corporation (NYSE: WB) CEO G. Kennedy Thompson last week to discuss the possibility of a merger between the companies, according to inside sources; Merrill's board has reportedly started considering candidates to replace him.
- The Times also reported that designer Tommy Hilfiger agreed to sell his biggest clothing line exclusively at Macy's Inc (NYSE: M). Under the agreement, Mr. Hilfiger would remove his clothing lines from stores like The Bon-Ton Stores Inc (NASDAQ: BONT) and Dillard's Inc (NYSE: DDS).
Tags: Bon-Ton, BONT, DDS, Dillard's, J.C. Flowers, J.c.Flowers, JC Flowers, JcFlowers, M, Macy's, MER, merger, Merrill Lynch, MerrillLynch, Northern Rock, NorthernRock, private equity, PrivateEquity, Royal Bank of Canada, RoyalBankOfCanada, RY, Tommy Hilfiger, TommyHilfiger, Wachovia, WB
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