Archive for October, 2009
Citigroup (NYSE: C) Moving to Sell its Japanese Telemarketing Firm, Bellsystem24 Inc.
Citigroup’s (NYSE: C) Bellsystem24 Inc. is up for grabs and CVC Capital Partners Ltd., Permira Advisers LLP and Bain Capital LLC all made their final bids for the company on Friday. Citigroup is hoping to reach an agreement with a buyer as early as November, 13, according to Bloomberg News, citing an anonymous source. The [...]
Citibank (NYSE: C) Stock Suffers From $10 Billion 4th Quarter Write-down
Citibank (NYSE: C) shares took a major hit on Friday after accounting expert Robert Willens said that Citibank would likely have a $10 billion fourth-quarter charge on its tax-deferred assets. A $10 billion charge would be approximately 10% of Citibank’s tangible equity and about 25% of its $38 billion in deferred tax assets, according to [...]
Time to start buying Bank of America Stock
Bank of America (NYSE: BAC) has experienced a sell off as of late. Market researchers speculate that this activity has originated with the buy-and-hold investors, after reading last weekend’s Wall Street Journal article that indicated the Bank may need to issue more equity before exiting the Troubled Asset Relief (TARP) Program. If this is indeed [...]
Capital One Financial Corp (NYSE: COF) Leads the Way as Investors Shift Focus to Earnings Power
A recent analysis by investment bank Keefe, Bruyette & Woods Inc, reported third-quarter core pretax, pre-provision earnings rose slightly from the second quarter. Capital One Financial Corp. (COF) topped the list with a 5.58% return. The report, which looked exclusively at banks that make up the BKX benchmark bank stock index, suggests that pre-provision earnings [...]
Democratic Lawmakers Call for Regulations To Limit Bank Overdraft Charges
In a move that would affect commercial banks like Bank of America (NYSE: BAC), Wells Fargo & Co. (NYSE: WFC), and JP Morgan Chase (NYSE: JPM), Democratic lawmakers on Friday publicly called for regulatory changes to banks ability to charge overdraft fees. Rep. Barney Frank, chairman of the House Financial Services Committee, and Chris Dodd, Chairman of the Senate Banking Committee called for legislation that would allow bank customers to opt out of overdraft protection.
Uncertain Commercial Lending Losses Could Make 2010 a Scary Year for Wells Fargo (NYSE: WFC), Citigroup Inc (NYSE: C) and Bank of America (NYSE: BAC)
Although the projected surge in commercial loan defaults is expected to be felt largely by regional and community banks, some experts say big banks including Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC) may not be immune to the expected commercial loan collapse in 2010. Ill-defined or inconsistently applied rules for valuing securities [...]
Editorial: Obama Administration Under Attack from All Quarters Over Attempt to Institutionalize ‘Too Big to Fail’
Saying it would give the executive branch far too much “unprecedented power,” both Republicans and Democrats struck out at the bill introduced to battle against financial risk in the economy. Responses were it would not only institutionalize “too big to fail,” but would also offer “permanent, unlimited bailout authority,” to the executive branch. What it [...]
Bank of America’s (NYSE:BAC) Latest Ad Campaign Targets Building Trust with Consumers
Bank of America (NYSE:BAC) has decided in their latest $40 million marketing campaign to get back to simplicity with their message, and it seems to be working so far, as consumers seem to understand the trouble the economy is in, and now are looking for answers on how to receive help in getting through the [...]
HSBC Holdings (NYSE: HBC) Believes There Will Be More Bank Consolidation Than Breakups Going Forward
Although there has been a lot of talk lately of breaking up big banks so the idea that they’re “too big to fail” doesn’t have an effect on the banks going to the governments to be bailed out every time they get in trouble, HSBC Holdings (NYSE: HBC) sees it differently, believing we’re going to [...]
Citibank (NYSE: C) Unannounced Account Closing Highlights Necessity for Multiple Credit Cards
With credit card companies such as Citibank (NYSE: C), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and others raising interest rates on their credit cards, cutting limits and in some cases closing down cards without any advanced warning, it’s more important than ever to have access to multiple credit cards. This need was [...]
Genworth Financial (NYSE: GNW) Posts Q3 Profit On Shrinking Investment Losses
Genworth Financial Inc. (NYSE: GNW) announced Thursday after the market closed that it earned $45 million or 10 cents a share in the third quarter of 2009. The result compares to a loss of$258 million or 60 cents a share in the same period a year ago. The insurance and financial products company received a [...]
Ten Things You Didn’t Know About Lending Club
Peer-to-Peer lending company, Lending Club, has made a big splash in the world of person-to-person lending by providing consistently good interest rates to its lenders over the last few years. Here are ten facts you may not know about the company. (1) Loans in the “C” credit score bracket have performed the better than loans [...]
Met Life Posts Loss
Earnings season is in full swing – and although GDP data came in at a better than expected rate today, we also had a sobering reminder that that does not flow equally to all firms, nor are all the tough times behind us. Today, MetLife Inc. reported a loss of $650 million for the third [...]
JP Morgan (NYSE: JPM) and Goldman Sachs (NYSE: GS) Analysts Predict GDP Growth Rates
The U.S. economy expanded at a pace of 3.5% annual growth during the months from July to September fueled by automotive and real estate stimulus. Now that the recession is over, analysts have begun the debate of how strong the recession will be. JP Morgan Chase (NYSE: JPM)’s chief economist, Bruce Kasman, told the Wall [...]
Citibank (NYSE: C), Bank of America (NYSE: BAC) and Other Credit Card Issuers Raising Rates to “Clear the Books” of Old Debt?
Citibank (NYSE: C), Bank of America (NYSE: BAC) and other credit card issuers have been sending customers letters informing them that their interest rates would be jumping dramatically. Some Citibank customers with perfect credit have even gotten letters informing them that the interest rates would be jumping to 29.99%. What’s the reason for the sharp [...]
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