Friday, April 27, 2012

Wells Fargo to buy brokerage services firm

Welcome to the morning roundup. Here's a look at today's banking and finance news.

Wells acquisition. Wells Fargo & Co. has agreed to buy Merlin Securities LLC, a prime brokerage that serves hedge funds and other clients with as much as $2 billion in assets, Bloomberg reports. The deal, the San Francisco bank's first foray into prime brokerage services, is part of a plan to bolster the investment bank acquired when Wells bought Charlotte's Wachovia in 2008, Bloomberg writes.

Goldman probe. Authorities are looking deeper into the potential involvement of Goldman Sachs Group Inc. employees in a high-profile insider trading ring, the Wall Street Journal reports.

Executive pay. CNBC takes a look at whether CEO bonuses are wrecking the wider economy.

Economic slowdown. The U.S. economy grew at an annual rate of 2.2 percent in the first quarter, slower than the 3 percent rate the quarter before, the New York Times reports. Still, the number represents what economists say is a sustainable pace of recovery.