Who's Jamie Dimon Said To Be Looking Over Now ?
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That canny investor Warren Buffett was said to be thinking of making a large investment in Wachovia just last week, and the smart money does think that the Charlotte-based bank, reeling from asset writedowns and having recently lost its CEO (Ken Thompson fell on his sword earlier this month), is a prime takeover candidate.
A JPMorgan deal for Wachovia, which would fit in with Dimon's goal of broadening the bank's base in the Southeast US, would, however, breach the Federal deposit cap that states that no bank can control more than 10% of all US deposits (JPMorgan is said to have 7%, to Wachovia's 6%). Jamie apparently thinks that the cap issue is not insurmountable.
In the meantime, Reuters has reported that Lloyds TSB might be up for a run at Dresdner Bank in a $11.8bn deal. Dresdner and Commerzbank are also said to be looking over each other's books, and any deal might also involve Deutsche Postbank (which Lloyds is also said to be looking at independently!). It remains unclear what would become of Dresdner's investment banking arm, Dresdner Kleinwort, in the event of any deal. But the folks there have been used to lack of clarify and uncertainty for years, so it's business as usual for that hardy lot.
Lloyds TSB does have a very small capital markets business, and if the bank had the appetite, a deal which included Dresdner Kleinwort could make the bank a player in investment banking. Lloyds might be tempted to give Dresdner's insurance owner Allianz its Scottish Widows life assurance business as make-weight in any deal. The saga of financial services consolidation in Germany continues.......
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