General Electric Co is in advanced talks to sell a specialty finance portfolio, worth more than $30 billion, to Wells Fargo & Co , according to a person familiar with the matter, as the industrial conglomerate returns to its roots. Wells Fargo has so far outbid other parties for General Electric's vendor financing, commercial distribution finance and direct lending assets, the person with direct knowledge of the situation said on Friday. GE and Wells Fargo representatives declined to comment.
Dell Inc is planning to use equity in cloud software company VMware Inc to help pay for its acquisition of EMC Corp in a deal valuing the data storage company at more than $55 billion, according to people familiar with the matter. While the bulk of its offer will be in cash, Dell also plans to pay EMC shareholders with "tracking stock" that follows the value of the 20 percent of VMware that EMC does not own, the people said on Friday. Dell, EMC and VMware did not immediately respond to requests for comment.
By Joseph Ax NEW YORK (Reuters) - JPMorgan Chase & Co on Friday won the dismissal of a U.S. whistleblower lawsuit filed by a former vice president who claimed the bank ignored red flags about a client’s potential fraud, even after authorities exposed the massive Ponzi scheme operated by longtime JPMorgan client Bernard Madoff. U.S. District Judge Robert Sweet in New York granted the bank’s motion to throw out the complaint, finding that Jennifer Sharkey had failed to demonstrate that her termination in August 2009 was in retaliation for speaking out. Instead, he said, JPMorgan had shown there were legitimate performance-related reasons to fire her at the time.
By Chuck Mikolajczak NEW YORK (Reuters) - The financial sector, recently a weak performer in the stock market, will garner the majority of investor attention next week as a number of big banks post their quarterly results. Goldman Sachs Group Inc, Bank of America Corp, Wells Fargo & Co, Citigroup and JPMorgan Chase & Co - the five biggest U.S. banks by market cap - are due to report results as the sector has trailed the market in recent weeks and earnings estimates have fallen. In the last 30 days, banks have seen their estimates steadily lowered, with Goldman the biggest victim.
Mexico expects preliminary findings from a probe into Volkswagen's compliance with emissions standards within three months, the environment minister said on Friday, adding the review will include gasoline-fueled cars as well as diesel. Mexico announced last month it was investigating whether Volkswagen cars complied with emissions rules in Latin America's second economy, after Europe's largest carmaker admitted to cheating in U.S. diesel emissions tests. "I expect we can begin to have the first results from Volkswagen diesel vehicles...in the next three months," Rafael Pacchiano told local radio on Friday.