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Wednesday, April 7, 2010 as of 11:14 AM ET

Wachovia

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Wachovia (former NYSE ticker symbol WB) was a diversified financial services company based in Charlotte, North Carolina.

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Wells Fargo To Buy Brokerage Firm Merlin Securities

Wells Fargo & Co.

(WFC) is buying prime brokerage firm Merlin Securities LLC in its latest effort to expand its capital markets business.For Wells Fargo, the deal gives the bank a service it didn't have and one that is core to investment-banking competitors such as Goldman Sachs Group Inc. (GS) and J.P.Morgan Chase & Co. (JPM). And it is yet another example of Wells Fargo's deliberate strategy to buy businesses and assets that will help the nation's fourth largest bank by assets to grow despite the slow economic recovery.For Merlin, the deal comes at a tough time for independent firms that focus on trade execution and prime brokerage. At least two trading firms have closed this year and more consolidation is expected. Merlin isn't among the top 19 prime brokers, according to trade publication Global Custodian, but it is hiring and growing."Merlin was not for sale" when Wells Fargo pursued it, said John Shrewsberry, head of Wells Fargo's capital markets division. "If they chose to remai...

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  1. Panel Rules Wachovia Securities Must Pay $852,000 To Ex-Congressman

    An arbitration panel has ruled that Wachovia Securities Inc. must pay an ex-congressman from Florida $852,000 for damages related to an alleged Ponzi scheme.The awar...

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