Hub gains clout but no jobs as bank buys US Trust
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Bank of America Corp.'s $3.3 billion acquisition of U.S. Trust Corp. is a significant addition to the firm's Boston-based Global Wealth &amp; Investment Management unit, but don't expect the deal to yield new jobs here anytime soon.
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Alan Leventhal's Midas touch didn't work on one property in Boston. The Boston real estate executive and his firm Beacon Capital Partners LLC, which has made a bundle buying and selling big commercial properties such as the John Hancock Tower, unloaded a loser yesterday for $19 million less than it paid for it.
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The Bank of England provided emergency funding to mortgage lender Northern Rock PLC on Friday after the bank, citing the global credit squeeze triggered by the U.S. subprime mortgage crisis, said it was unable to line up short-term loans from other financial institutions. Even after the central bank issued a statement saying Northern Rock was solvent, slow moving lines of customers snaked through its doors to make withdrawals.
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KeyCorp , a large Midwest U.S. bank, on Friday said it agreed to sell its Champion Mortgage subprime lending unit to Britain's HSBC Holdings Plc   and investment firm Fortress Investment Group LLC, so it can focus on consumer and business banking.
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PARAMUS, N.J. -- A group led by Vornado Realty Trust boosted its offer for Equity Office Properties Trust to $23.24 billion, or $56 per share, in cash and stock on Thursday, topping a private equity firm's buyout bid.
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Salvaging a deal that appeared dead earlier this week, the regional bank PNC Financial Services Group Inc. struck an agreement to pay about $642 million in cash and stock for Riggs Bank, an old-line Washington institution that ran into legal trouble over suspicious financial transactions.
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Profit at No. 4 bank rises, but misses estimates as revenue from home loans tumbles 40 percent. NEW YORK  - Wells Fargo &amp; Co.
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Beacon Capital Partners LLC, which had sold most of its Boston-area real estate, is jumping back in as a buyer despite record high prices for commercial properties, agreeing to acquire half of One Financial Center for a reported $390 million.
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Bank of America Corp.  said on  Monday it completed its $3.3 billion purchase of the U.S. Trust  business from Charles Schwab Corp. , and is defying  analyst concern that it would have trouble retaining many of  U.S. Trust&#39;s ultra-wealthy clients.
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The Blackstone Group  raised its bid for Equity Office Properties Trust  to $55.50 per share in cash on Tuesday after rival bidder Vornado Realty Trust  sweetened its offer in the latest step in a fight to control the top U.S. office landlord.
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U.S. equity fund Lone Star  is selling part of its two-thirds stake in Korea Exchange Bank (KEB)  in a block trade to raise up to $1.08 billion, sources familiar with the deal said on Thursday.
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London lost intraday gains  on Friday, after news of weaker-than-expected job creation in the US resurrected fears of a recession in the world's biggest economy.
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Bank of America Corp., the second-biggest US bank, said it will retain the U.S. Trust name for its private wealth-management business when it buys the business from Charles Schwab Corp. in July.
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Business & money: Â· Business reborn after new stock offer accepted  Â· Debt halved as vote ends difficult chapter for firm
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Britain takes over the beleaguered bank after private-sector bids fail to impress.
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Global banking giant HSBC Holdings announced a a 35.5-percent surge in bad debts in 2006 owing to increased defaults by US borrowers, with net profit showing a modest 4.7 percent rise over the period.
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Europe's biggest bank HSBC Holdings  has ousted the head of its North American operations, Bobby Mehta, in the wake of this month's shock profit warning from its troubled U.S. mortgage business.