Canadian bank in talks to buy Ameritrade

Article Abstract:

Canadian Imperial Bank of Commerce (CIBC) is negotiating the acquisition of Ameritrade, the US' fifth-largest discount brokerage, for as much as $1.8 billion. CIBC is offering between $9 and $10 for each share of Ameritrade, which closed at $7.96 on May 10, 2001. The Canadian bank is reportedly buying Ameritrade to expand its presence in the US, particularly its Amicus electronic banking unit. On the other hand, Ameritrade lost $54.2 million during 2nd qtr 2001, down from a profit of $3.2 million during the year-ago period.

Commercial Banks, Commercial Banking, Canada, Foreign operations, Securities Brokerage, Stock Brokerage, Stockbrokers, Canadian Imperial Bank of Commerce, Ameritrade Inc.

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Investment banks forge $12.3B alliance

Article Abstract:

Credit Suisse First Boston has entered into an agreement to purchase Donaldson Lufkin and Jenrette for $12.3 billion. The deal is expected to provide both investment banks with an improved chance of survival against the giant financial services firms. It will also give Credit Suisse First Boston with a stronger business in junk bonds, online trading and merchant banking. However, a large overlap in invvestment banking and research operations would require them to conduct layoffs from a combined staff of around 26,500.

Investment Banking and Securities Dealing, Investment Banking, Donaldson Lufkin and Jenrette

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