Washington Mutual (WM) , the US mortgage giant which is under immense plenty of losses is all set to be up for sale. The news is that it has commissioned Goldman and Morgan Stanley (the two banks whose situation is better than all investment banks) to conduct a search for possible buyers. The suitable buyers could be Citigroup, HSBC Holding, JP Morgan Chase and Wells Fargo (5th biggest US bank).
The company was pushed into deep troubles in the recent global market recession due to the losses of sub-prime mortgage loans. There was no official statement by the company yet. But as per the reliable sources it’s weighing up its options before the situation becomes so worse. From the lessons of Lehman all financial institutions are trying to be on safer side.
Sathish Emmadi
Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.
Related posts:
- American International Group (AIG) share price tumbles
- Morgan Stanley and Goldman Sachs shares tumbled
- Bank of America acquires Merrill Lynch
- Security Shortages – Close-out procedures at NSE
- What is Impact Cost – Effect of Impact cost on Mutual funds (Index Funds)
Loading ...