BofA, F&C, JPMorgan, Merrill Lynch , RBC, Wachovia
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The Financial Times reports that shares in F&C Management fell 28% Thursday, after Dawnay Day, one of the asset manager's largest shareholders, sold is stock as hopes for the sale of the unit appeared to have faded away. F&C stock closed Thursday at its lowest level since the entity was formed in 2004.
Reuters reports that former Citi CEO Sandy Weill told the news agency this week that 'JPMorgan has positioned themselves better than a lot of others in this crisis.....I think Jamie (Dimon) has done a very good job in being the leader of JPMorgan'. Weill didn't mention Citi. Funny that.
The news agency also reports that Merrill Lynch will determine exactly how much it will sell of its stakes in BlackRock and Bloomberg when executives have had time to digest the firm's second-quarter earnings. Fitch Ratings, like many analysts and market commentators, now expect Merrill to reveal its fourth consecutive quarterly loss when it posts its second-quarter earnings Tuesday. Fitch has now placed Merrill and its businesses on Rating Watch Negative.
Bloomberg reports that Genuity Capital Markets analyst Mario Mendonca is predicting that Royal Bank of Canada is likely to take up to $1.48bn in writedowns in the third-quarter on widening credit spreads and subprime exposures.
Finally, The Wall Street Journal reports that Wachovia has named US Treasury Undersecretary Robert Steel as its new CEO. Steel, 56, used to work at Goldman (of course).
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