Merger Rumours & Other Gossip
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Firstly, a rumour we first reported on a couple of weeks back - HSBC is said to be sniffing around UBS. Although some are saying that the Swiss authorities would never allow one of their best to be taken over, the newspaper says that there were 'murmurs' again last week about a possible deal. Nick Brown from Evolution Securities said: 'HSBC should unquestionably be one of the best in the investment banking business, and they may be looking at UBS to do just that.....It's an interesting proposition'. Another rumour that was flying around the markets last week, although less credible, was that Barclays was mulling a bid for troubled French bank Societe Generale.
And what do you think is currently the toughest job on Wall Street ? Yep, according to The Observer it's Vikram Pandit's boss role over at Citi. What with the company shares hitting a 9-year low and rumours that another $18bn of writedowns are likely this quarter, Pandit might not be getting too much sleep at the moment. One bit of good news, however, is that Punk Ziegel analyst Richard Bove now rates Citi a buy. Bove says that the company stock is now trading below 2010 projected revenues and well below book value. He has called this 'simply ridiculous. Fear has replaced logic. Buy it'.
Finally, Jerome Kerviel, SocGen's $7.1bn rogue trader, is said to be undergoing psychiatric tests in an effort to ascertain whether his judgement has been affected by his actions. The trader is currently being detained while investigating judges attempt to get to the bottom of what occurred at the French bank.
