While Wall Street banks are largely focused on the impact of new capital requirements, they retain some appetite for bolt-on deals. Citigroup ( C) chief Michael Corbat noted the bank's $7 billion credit card portfolio acquisition from Capital One Financial ( COF) in February had added to its retail service business and said the bank was open to acquiring portfolios--particularly in retail banking--that would help it expand geographically or into specific sectors. Bok said that new regulation had fuelled "tremendous uncertainty" for deal making in the banks sector but that insurance, healthcare, industrials and energy offered greater opportunity for M&A. Written by Jane Searle.
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.