Dow LA will lay off 270 people
The Dow Chemical Company in the United States Louisiana Plaquemine and Hahnville the manufacturing center will lay off 270 employees, while the number of layoffs accounted for 11% of the total number.
PNC Financial will lay off 5800 people
PNC Financial Services Group Inc. (PNC) said Tuesday, with the deepening economic recession in the United States, the company would lay off about 5800 people in the integration process of National City Corp. which recently acquired.
Washington Hopes to Promote Local Banks Mergers and Acquisitions (M&A)
U.S. official said on October 21 that Ministry of Finance invested 250 billion USD in the banking industry but they would tend to allocate partial funds to those who were willing to merge other banks, so as to stimulate the new round merger wave.
Industry analysts estimated that the banks had ability to carry out large-scale acquisitions, including: KeyCorp, Fifth Third Bancorp, BB & T and SunTrust Banks, and so on.
PNC Company Completes the Acquisition with 5200 Million USD
According to Bloomberg News on October 25, PNC Financial Group announced on October 24 that they had acquired National City Group with 5200 Million USD. The market thinks that this deal means the local bank merger and acquisition planning advocated by U.S. Treasury Secretary Paulson has made a substantial progress. Therefore, the a wave of mergers and acquisitions among small and medium banks are likely to kick off since that.
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