Archive for October, 2009
Citibank (NYSE: C) Brokerage to Move to Fee-Only Business Model
Citibank (NYSE: C) has sold a significant portion of its brokerage businesses across the world and now plans on reforming what’s left of its North American brokerage business. Citibank’s reform will involve making it so that financial advisers will charge service-fees for advice rather than earning commissions from sales on stocks, bonds, mutual funds and [...]
HSBC Holdings (NYSE:HBC): The rise of the East and Demise of the West
There’s no doubt the move last month by HSBC Holdings (NYSE:HBC) to embed their CEO in Hong Kong, moving him from the London office, speaks volumes as to where they see their future growth, and it’s definitely Asia. In a report they released called “The Tipping Point — The rise of the East and Demise [...]
Wells Fargo (NYSE: WFC), Comerica (NYSE: CMA) and Capital One (NYSE: COF) Lift Financial Sector
Shares of major U.S. banking companies led gains in the financial industry on Monday after analysts from Goldman Sachs and other firms upgraded the sector as a whole and said that earning power for the firms is improving. In a report issued by Goldman Sachs, an analyst stated, “The market has failed to recognize the [...]
Goldman Sachs (NYSE:GS): Huge Banks Undervalued
Goldman Sachs (NYSE:GS) increased its rating on a number a large banks based on the premise that current stock prices aren’t reflecting the real earnings power the huge banks have. While Goldman has already had conviction buy ratings on Bank of America (NYSE:BAC) and J.p. Morgan (NYSE:JPM) , they’ve also recently added Capital One Financial [...]
Saudi Prince urges U.S. to Sell Stake in Citigroup (NYSE: C)
Prince Alwaleed Bin Talal, a major investor in Citigroup (NYSE: C), urged the U.S. federal government to sell its ownership stake in Citigroup as soon as possible in order to boost investor confidence. Alwaleed made the statement in a recent interview with Emeging Markets magazine. “The earlier the U.S. government exits its investments in those [...]
Citibank (NYSE: C) and Wells Fargo (NYSE: WFC)’s Student Loan Businesses to be Regulated out of Existence
Citibank (NYSE: C) and Wells Fargo (NYSE: WFC)’s student loan businesses are under threat as Congress works on the most significant overhaul of the financial aid system since it was introduced in the 1960’s, leading many to believe that Citibank’s and Wells Fargo’s lucrative student loans businesses soon may out of business as the government [...]
Support for Ron Paul’s Audit of the Federal Reserve Grows: Over 300 Co-sponsors Now on Board
Understanding that the highly secretive Federal Reserve has had a major role in undermining the value of the U.S. dollar, and unregulated and unaccountable non-government agency had pretty much done whatever it has wanted almost since its inception in 1913, a consensus in growing in the U.S. House that the agency must be reined in [...]
How Does Investing with Lending Club Compare to Saving with a High-Yield Savings Account?
With the Federal Reserve keeping target interest rates near zero, consumers are becoming increasingly disappointed with the interest rates being offered by traditional “high-yield” savings accounts and are looking for investment options that will offer them higher-rates of returns. Many have looked into lending their money to people instead of banks through peer-to-peer lending brokers [...]
American Banking News Twitter Updates for the Week of 2009-10-04
Checkout our newly launched "Small Business Channel" http://bit.ly/4GkBWK # Time Magazine has a really good feature on Detroit this week – check it out. # Julius Baer's Private Bank Targets M&A – Wall Street Journal http://tinyurl.com/ydyd58n #Econ # Financial News: UBS Invest Bank Chiefs Name Top Lieutenants – Wall Street Journal http://tinyurl.com/ychqryc #Econ # Only [...]
Three More Banks Fail – Bringing Bank Failures to 98 So Far This Year
Three more banks were seized by banking regulators, bringing the number to 98 so far this year. Banks in Minnesota, Michigan and Colorado were the latest casualties. In Minnesota, Jennings State Bank, a family-owned bank in Spring Grove, Minnesots went under, and had assets worth $56.3 million and deposits of $52.4 million as of July [...]
Editorial: Everyone Needs a Strong U.S. Dollar? – Too Late!
Listening to the financial leaders of the Group of Seven as they head to Istanbul for talks saying there is a need for a strong U.S. dollar, is ludicrous in the face of the practices of the central banks across the globe, and specifically the Federal Reserve and Ben Bernanke who haven’t stopped the printing [...]
Federal Reserve President of Boston Says Stimulus Must Continue
Eric Rosengren, President of the Boston’s Federal Reserve Bank, said that the central bank and the government should continue its pro-growth economic policies until a self sustaining recovery is assured. In a recent speech to a business group in Boston, Rosengren said, “It is important that monetary and fiscal policy continue to support the economy [...]
Jennings State Bank, Warren Bank and Southern Colorado National Bank Fail—Marking 98 Failures in 2009.
State and federal regulators seized three banks in Colorado, Minnesota and Michigan this year, marking the 96th, 97th and 98th bank failures of the year. The family-owned Jennings State Bank, based in Spring Grove, MN, had assets of $56.3 million and deposits of $52.4 million as of July 31st. The Federal Deposit Insurance Corporation arranged [...]
Bank Of America (NYSE: BAC) To Pay $713 Million TARP Dividend
Bank of America’s (NYSE: BAC) board of directors approved on Friday $713 million worth of preferred dividend payments on stock issued to the U.S. Treasury Department. The Treasury received the preferred shares in exchange for funds provided through the Troubled Asset Relief Fund (TARP). The bank has paid the government $1.83 billion in TARP dividends [...]
Mortgage Interest Rates Dip Below 4.00%
With the Federal Reserve and various government organizations sending artificial support into the mortgage market, interest rates have reached record lows. Interest rates have hovered between 4 and 5% and now one bank is offering an adjustable rate mortgage with an APR of just 3.98%. ING Direct recently placed the 3.99% rate (3.98% APR) on [...]
worst video player ever- after over2:00 there's still no video appearing 