RJ and Makay

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Raymond James Financial Inc. announced yesterday that it would acquire Morgan Keegan brokerage from Regions Financial Corp. for $930 million.  As part of the deal, Morgan Keegan will pay a $250 million divided to Regions, bringing the total transaction to $1.8 billion.  The acquisition will create one of the largest wealth management and investment banking firms away from Wall Street.

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Oswald Gruebel’s exit from UBS Saturday makes it unlikely that the Swiss banking giant will rejoin the global investment banking elite any time soon, and that its status as an integrated bank remains uncertain, according to industry observers.  It has been a quick decline for the firm after showing positive earnings results as recently as April.

John Havens, currently head of Citigroup's institutional clients segment, will be taking over as the bank's president and COO, says Citigroup. The company announced the promotion along with several other management changes earlier today.

These moves are aimed at, among other things, bolstering Citigroup's investment banking operations, which have fallen from fourth to eighth place in the Thomson Reuters rankings. Havens' promotion comes a day after Citigroup reported fourth quarter earnings that were lower than expected mainly because of a steep drop in bond-trading revenue.