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TOP NEWS IN BANKING & FINANCIAL SERVICES
* Twitter Inc. subpoenaed records from several financial institutions, including Morgan Stanley, Bank of America Corp. and Citigroup Inc., as part of its legal tussle with Elon Musk over the canceled $44 billion acquisition deal, Bloomberg News reported. The subpoenas include requests for information on debt and equity financing in the deal, which need to be submitted before the five-day trial begins Oct.17.
* Confirming an earlier report, The Toronto-Dominion Bank is acquiring Cowen Inc. in an all-cash transaction valued at $1.3 billion, or $39 for each share of Cowen common stock. The transaction is expected to close in the first calendar quarter of 2023. To provide the capital required for the transaction, TD sold 28.4 million nonvoting common shares of The Charles Schwab Corp. for proceeds of approximately $1.9 billion, reducing TD's ownership interest from approximately 13.4% to 12.0%.
➤ Investment banking revenue continues to decline for large US banks in Q2
The continued slowdown in dealmaking was evident in the aggregate advisory and underwriting revenue from five of the largest investment banks in the second quarter.
➤ Swedish banks poised for 25% net interest income growth by 2024 as rates rise
Come 2024, Sweden's largest banks are set to grow net interest income by an average of 25% from 2021 levels, according to S&P Capital IQ analyst consensus estimates, as central bank rate hikes bolster margins.
READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue...