Word: bankses
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Dates: during 1990-1999
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Italy is hardly the only place where this is happening. The consolidation wave in banking began on Jan. 15 when Spain's Banco de Santander announced an $11.3 billion merger with crosstown rival Banco Central Hispano. This was followed by the $18 billion bid by Societe Generale, one of France...
An important aspect of the recent shuffling is that nearly all the mergers have been domestic corporate marriages rather than cross-border European takeovers, which had been expected to proliferate when the euro was introduced in financial transactions in January. The main reason is efficiency: it is becoming obvious that...
A third reason for bulking up, according to Francesco Giavazzi, a professor at Milan's prestigious Bocconi business school, is that corporate size really does matter in banking, especially since the biggest banks are turning into one-stop service centers. According to Giavazzi, European banks are starting to follow another...
After banking, next in line for the takeover fever are automobiles, chemicals and pharmaceuticals. Who benefits most from this? One sector that surely is not suffering is the overseas branches of American investment banks, which have vaulted ahead of their European financial rivals in advising European companies on mergers and...
In dealing with money rather than people, however, Morgan was self-confidence personified. Strouse argues convincingly that he saw his own interests as synonymous with those of the nation, and at times he was right. He raised enough capital to put the U.S. economy well on the road to financial...