Credit Suisse Recruits BofA Exec for Asia-Pacific Investment Banking and 2 Other Hot Stocks to Watch
Bank of America Corp. (NYSE:BAC): Current price $14.28
Knowledgeable sources report that Credit Suisse Group AG has recruited Michael Tan from Bank of America Corp. to oversee its financial-institutions investment banking team in the Asia-Pacific region. Tan will join Credit Suisse in December and be based in Hong Kong, according to one of the sources.
Charlotte-based Bank of America ranks at the top in advising on banking and insurance mergers in the region in 2013 after collaborating with Mitsubishi UFJ Financial Group Inc. on its $5.7-billion acquisition of a majority interest in Thailand’s Bank of Ayudhya Pcl, says data compiled by Bloomberg, which also indicates that Credit Suisse ranks 35th in such deals this year.
Citigroup Inc. (NYSE:C): Current price $48.69
Only three days after trader Tom Hayes was sacked by Citigroup Inc. for attempting to manipulate benchmark rates, he fired off a letter on September 9, 2010, to one of the bank’s human-resources executives, saying that, “My actions were entirely consistent with those of others at senior levels” in Citigroup Japan and that, “the senior management at [Citigroup Japan] were aware of my actions.”
Now, regulators in the United States and United Kingdom are looking at as many as a dozen banks, including Citigroup, regarding alleged efforts to manipulate the Libor so as to benefit their trading positions. The agencies want to know whether senior executives knew of, or participated in, illegal activity. An inside source says that Hayes’s letter is now with investigators in the United Kingdom’s Serious Fraud Office, and the former trader has been cooperating for months with their inquiry.
AT&T Inc. (NYSE:T): Current price $34.00
Close to one high school student in five does not graduate with their class, lending a devastating impact on lives and a difficult problem for the future job force, the economy, and United States world competition. AT&T and Communities In Schools, the nation’s top dropout prevention organization, are working jointly to resolve this problem with a proven model for success.
Backed by a $5-million contribution from AT&T, Communities In Schools will grow and reinforce its network that is helping 1.25 million of the nation’s most challenged students achieve in school, graduate, and go on to college and career success. Beyond that, AT&T employees will back these efforts as volunteer mentors across the country.
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