Sep 30, 2008 -- Wachovia (NYSE: | | | | ) today announced intentions to handle its retail bank, corporate and investment bank and affluence directing businesses to Citigroup. Wachovia Corporation will carry on a noted gathering with two greatest operating subsidiaries: Wachovia Securities, the nation's third largest brokerage firm, and Evergreen Asset Management, a best provider of resource handling services. "During fresh weeks, the monetary prospect has changed significantly and presented us with unprecedented challenges," said Robert K. Steel, CEO and President of Wachovia.
"Today's notice is the best variant for the company, enabling a stick-to-it-iveness on the Golden West portfolio." Under terms of the transaction, Citigroup will fee $2.1 billion to Wachovia and pretend to the superior and subordinated due of Wachovia Corporation.
The bargain is expected to intense before year-end. It has been approved by directors of both companies and is course to shareholder approbation of Wachovia and the meet regulatory approvals. Customers of both companies should extend banking as usual, and caress certain that their deposits are secure. Also, employees and vendors should take up to work point as usual. Sep 30, 2008 -- Expert Group, Inc. (PINKSHEETS: | | | | ) is over the moon to presage that the Company continues to physique on its well-heeled relation with CitiMortgage.
Expert Group has had a intermediary agreement with CitiMortgage for over a year after the Company met a series of stringent criteria in tranquillity for CitiMortgage to give the stamp of approval to the relationship. Headquartered in St. Louis, Missouri, CitiMortgage is a colleague of Citigroup and focuses on providing the highest value mortgage products as parcel of an expandable portfolio of pecuniary services that includes banking, mortgage banking, insurance, strength management, and ascribe cards. CitiMortgage is one of the ardent wholesale lending institutions that Expert utilizes in serving cater its high quality products and services to its clientele. The accord with CitiMortgage enables Expert to have access to Citi's software, which permits Expert to bring off expedited and wide okay of loans.
This in reorganize enables Expert to change a higher proportion of loan applications into closed advance revenues. "We are excited about our growing relationship with a consistent financial introduction such as CitiMortgage, which recently announced the gain of Wachovia Bank. Expert Group will pursue to align itself with banks for example Citigroup in order to keep providing the most up to swain products and services to our customers," stated Robert Rico, CEO. Sep 30, 2008 -- Bank of America (NYSE: | | | | ) today announced the embark upon of Reserve Account Services, an expanded entourage of specialized accounts and services that give the go-ahead securities broker-dealers and futures commission merchants to conceal larger balances in the charter accounts they make a stand for for the sanctuary of shopper assets.
"With this expanded retinue of capabilities and the immensity and resistance of our offset sheet, Reserve Account Services enables broker-dealers and FCMs to consolidate larger balances of set funds with one bank," said Kathleen Gowin, Bank of America's fiscal services bank executive. "This reduces the confusion, involvement and opening for boob that can conclusion from a sizeable edition of duplicative banking relationships." Reserve Account Services offers broker-dealers two types of accounts, protection care accounts or commercial legal tender shop deposit accounts, both of which will second broker-dealers in complying with SEC Rule 15c3-3.
For FCMs, Reserve Account Services offers certainty keeping accounts that similarly stand up for compliance with CFTC Rules 1.20 and 30.7. "Bank of America's Reserve Account Services demonstrates our commitment to driving novelty in liquidity solutions for our clients," said Greg Kavanaugh, ranking result brass management in Global Product Solutions at Bank of America.
Sep 30, 2008 -- optionsXpress Holdings, Inc. (NASDAQ: | | | | ) today announced the rollout of seven significant supplementary features to its grant fetching brokerage platform. The unexplored enhancements hub on investor education, procedure ranking and vocation execution. These lone and proprietary features are allotment of optionsXpress' fifth significant position manumit of 2008.
One such way is the likelihood calculator, a new, powerful, and interactive apparatus built into the tremendously common Trade Calculator. This restored feature allows traders to bring about their trading to a new analytical invariable - in an intuitive and easy to use interface. An interactive design and tabular department provide traders with various end probabilities, including the probability of distressful and finishing higher or lower than a specified price.
A benefit & collapse overlay combined with compliant to move probability bars return graphical analysis a snap. In addition, traders can utilize a recant odds calculation to find predetermined price points for further trading analysis. "We are constantly evaluating and implementing upgrades to our podium to demand the best overall undergo for our customers," said David Fisher, greatest executive officer of optionsXpress Holdings, Inc. "These changes will overhaul functionality for optionXpress customers across the trustees from leading set investors to experts.".
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