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Some former bankers are planning to bid for failing banks in the Federal Insurance Deposit Corp auction process, and getting financial backing from Wall Street firms like Goldman Sachs and Deutsche Bank, the Wall Street Journal reported citing sources.
JPMorgan Chase's former Chief Executive William Harrison, former Wachovia CEO Robert Steele and Herb Boydstun, former CEO of Hibernia were among the banking veterans considering such plans, the paper said citing people familiar with the situation.
Last month, former executives at Citizens Financial Group, a unit of Royal Bank of Scotland, raised $1.15 billion in a private placement and formed NBH Holdings in an effort to buy battered banks, the Journal said.
Other bankers who are looking for investors to enter the auction include Charles Rinehart, former chairman and CEO of H F Ahmanson & Co and Daniel Healy, former finance chief of North Fork Bancorp, the Journal said citing sources.
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