Archive for September, 2009
Citibank (NYSE: C) Announces Customer Appreciation Week for Manhattan Residents
Citibank (NYSE: C), one of the largest banks in the United States will be kicking off their “Our Promise to New York” event on Saturday to let customers in New York City to know that they are committed to them. The bank will be having “NYC Appreciation” events at branches throughout Manhattan on Saturday, September [...]
Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) Follow Bank of America’s (NYSE: BAC) Lead in Overdraft Fee Changes
Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) have also said they are making substantial changes to their overdraft policies and fee structure, just one day after Bank of America (NYSE: BAC) announced a similar plan. All three banks offer overdraft protection on customers’ checking accounts and will at same point in the [...]
Fed Sees Continued Economic Improvement, Leaves Key Rate Unchanged
The Federal Open Market Committee released on Wednesday its latest statement on the condition of the U.S. economy. Continued improvement and stabilization were seen in several key areas, such as financial markets and consumer spending. However, the committee, in a unanimous vote, decided to keep the federal funds rate at a target of 0 to [...]
Sarah Palin: “Government Cause of Financial Crisis”
Sarah Palin went on the economic offensive in a speech in Hong Kong, where she spoke to a group of executives and bankers about her take on the causes behind the economic turmoil across the globe, blaming the excesses of the government as the source of the problem. The former Governor of Alaska asserted that [...]
Peter Schiff Blasts Chris Dodd and His Plan to Create Super Regulatory Agency
It hasn’t taken long for Peter Schiff, who recently announced he’s running against Chris Dodd and others for his Connecticut Senate seat, to attack Dodd over his recent proposal to create a super regulatory agency by combining four existing regulatory agencies into one. The four agencies Dodd would want to make into one include the [...]
Bank Of America (NYSE: BAC) To Limit Overdraft Fees, Offer Opt-Out Options
Bank of America (NYSE: BAC) announced that it will cap the fees it charges when customers overdraw accounts and place an annual limit on the number of times a customer can overdraw their accounts on point of sale transactions. The move come just less than a year after the bank had hiked many similar fees. [...]
Why Investing in a Large Number of Loans is Key to Lending Club Success
Peer-to-peer loans have become an increasingly popular way for investors to diversify their portfolios, but some have failed to use these services properly and have left themselves unprotected. Make sure to diversify your loan portfolio to maximize your investment with Lending Club or Prosper. On a recent online conference, the Lending Club team shared the [...]
Editorial: Economic Insanity – FDIC May Borrow From Healthy Banks to Prop Up More Zombie Banks
The news concerning banking regulators in the U.S., along with some of the bankers and their lobbyists, isn’t good, as now the idea is being thrown around by the FDIC to tap the healthy banks in the industry to shore up the Deposit Insurance Fund in order to protect depositors. There are a couple of [...]
Bank of America Corp. (NYSE: BAC) and HSBC Holdings (NYSE: HCS) Added to Case Against Obama Fundraiser Hassan Nemazee
The original arrest of Barack Obama’s and Hillary Clinton’s leading fundraiser Hassan Nemazee was for allegedly defrauding Citigroup Inc. (NYSE: C) of $75 million. In the grand jury indictment, Bank of America Corp. (NYSE: BAC) and HSBC Holdings (NYSE: HCS) were added to the case, bringing the total amount of the fraud case against Nemazee [...]
Citibank (NYSE:C) in Deal with Virgin Money to Expand Market Share in Australia
In a move that directly aims at the four major banks in Australia, Citibank (NYSE:C) has signed a deal with Richard Branson’s Virgin Money to offer products and services of new credit cards, mortgages and retail deposit accounts. Virgin Money was a force in Australia in their partnership with Westpac, which yielded over 750,000 new [...]
Citibank (NYSE:C), Bank of America (NYSE:BAC) and Wells Fargo (NYSE: WFC) To Face Profitability Issues in 2010
Many of the financial stocks including Citibank (NYSE: C) and Bank of America (NYSE: BAC) have had powerful rebounds since their March lows, but new federal regulations and non-performing assets will continue to haunt some of the major financials through 2010. When the market hit bottom in March of 2009, many wondered if the financial [...]
P2P-Lender, Prosper Marketplace, Passes Colorado Regulatory Exam
P2P Lending Giant, Prosper.com, announced that it has cleared a significant hurdle that will allow it begin operating soon in the state of Colorado. Prosper received the results of a regulatory exam done by Colorado’s Office of the Attorney General, the agency that manages consumer lending laws in the state. State regulators gave Prosper an [...]
Bank Of America (NYSE: BAC) Fails To Meet Merrill Disclosure Deadline, SEC Targets Trial
Bank of America (NYSE: BAC) failed to satisfy a deadline on Monday lawmakers had set for the bank to hand over additional information in regard to its Merrill Lynch acquisition. The deadline was set after a federal judge shot down a $33 million settlement the bank reached with the Securities and Exchange Commission. Bank of [...]
Editorial: Federal Reserve Out of Control – Rejects Another Public Review
The more the Federal Reserve digs in and resists or rejects all attempts at reviews, the more damning the idea becomes that they have something to hide. This time they rejected a request from Treasury Secretary Timothy Geithner for a public review of the structure and governance of the institution. When you consider the sole [...]
Wells Fargo (NYSE: WFC) CEO, John Strumpf, Predicts More Losses from Troubled Loans in Q4
Wells Fargo’s (NYSE: WFC) chief executive, John Stumpf, recently made a statement that he anticipates the bank will see an increased amount of non-performing assets (delinquent loans) during the 4th quarter. Last week, during a financial services conference in New York hosted by Barclays (NYSE: BCS), Stumpf commented that his bank had used 21% of [...]
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