Archive for October, 2009
First PREMIER Bankcard Offers Customer 79.9% APR Credit Card
It has been reported that many banks are raising their credit card interest rates before new federal regulations come into effect as part of the Credit Card Act of 2009, but First Premier Bankcard of Sioux Falls, SD, took it to the next level and is now offering some of their customers credit cards at [...]
Banks Charging Record High ATM and Monthly Checking Fees
BankRate.com released a new survey regarding the fees that customers are paying on average to banks and found that some of the largest banks in the United States are charging their customers record fees for out-of-network ATMs, checking accounts and overdrafts. According to the survey, ATM fees have risen over the last three consecutive years. [...]
P2P Lending’s Idle Money Problem: How Lending Club and Prospers Rates of Return Could be Better
When peer-to-peer lending companies first began originating loans for borrowers in 2006 and 2007, they didn’t do the best job of reviewing their customer’s credit history and the interest rates simply were not where they need to be in order to provide a reasonable rate of return. Since then, Prosper and Lending Club have wised [...]
For Wealthy Homeowners, Things Will Get Worse Before Market Turns Around
With the luxury home market all but drying up, a number of indicators show that things will probably get worse for those homeowners, as it could for many of the lower end residential owners in America. Even though some are trying to make it look like the housing crisis is largely over or regular homeowners, [...]
Goldman Sachs (NYSE: GS) Earnings Jump As Trading Profits Soar
Goldman Sachs (NYSE: GS) announced Thursday that fiscal third quarter profits more than tripled to $3.03 billion as strong results from its trading division helped pad the bottom line. Earnings for the third quarter easily topped analyst estimates of $4.24 a share, as the result works out to $5.25 per share. The result easily surpassed [...]
Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and Citibank (NYSE: C) Benefit from JP Morgan Chase Earnings Report
A trifecta of top U.S. bank stocks, including Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and Citibank (NYSE: C) rose on Wednesday after J.P. Morgan Chase & Co. reported earnings that were 30 cents per share better than wall-street estimates. The insurance sector also weighed in on earnings and lifted financial stocks by [...]
Analysts Cautiously Optimistic about JPMorgan’s (NYSE: JPM) Earnings Results
The market opened strong today as JPMorgan Chase’s earnings wildly beat the street’s expectations. JP Morgan earned $3.6 billion in net-profit, or about $0.82 per share, beating the $0.52 per-share earnings that analysts had expected. How are analysts viewing the results? Overall, the tone has been cautiously optimistic among analyst. UBS probably summed it up [...]
Feds Knew About Merrill Lynch Bonuses Says Court Documents in Bank of America (NYSE:BAC) Case
It doesn’t come as a surprise that court documents in the Bank of America (NYSE:BAC) case alleging the institution withheld information from the government about bonuses awarded to executives at Merrill Lynch before they took them over, state in fact that Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson were made aware [...]
Pay Czar Asks AIG (NYSE: AIG) Not Pay Full Retention Bonuses
Executives in the Financial Products Group at American International Group have paid back just over 40 percent of the $45 million in promised bonus repayments. However, now it looks as if the remaining $26 million in expected repayments hinges on the outcome of Pay Czar Kenneth Feinberg’s latest request to AIG, asking that the insurer [...]
Sonn and Erez File $6 Million Arbitration Suit Against Morgan Stanley (NYSE:MS)
A well known securities law firm, Sonn and Erez, announced they’ve filed a $6 million arbitration law suit against Morgan Stanley (NYSE:MS) concerning the sale of proprietary structured products. The arbitration suit is filed before the Financial Regulatory Authority (FINRA), alleging that Morgan Stanley brokers Jose Canasi and Carlos Molina were involved with misrepresentation in [...]
Citibank (NYSE: C) Slapped with $600,000 Fine from Financial Industry Regulatory Authority
Citibank (NYSE: C) has been assessed a $600,000 fine to settle claims from the Financial concerning supervision over certain derivative transactions that allowed some foreign clients to avoid paying taxes on dividends. The Financial Industry Regulatory Authority (FINRA) stated that Citigroup failed its duty to supervise trades and swaps of derivatives between 2002 and 2005. [...]
Mortgage-servicing Rights Writedowns Could Crush Banks’ Earnings for Quarter
Preliminary outlooks for the major U.S. banks on their mortgage servicing rights (MSRs) doesn’t look good, and it devastate the earnings of the banks for the quarter. Especially vulnerable are Bank of America Corp. (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C) and Wells Fargo & Co. (NYSE:WFC), who combined possibly may have to [...]
Citibank (NYSE:C) Launches ‘Citi Mobile en Espanol’ for Spanish-speaking Smartphone Users
While a number of banks haven’t even offered mobile banking options to their customers at this time, Citibank (NYSE:C) is moving beyond general mobile banking service to target their customers who prefer or must do their banking in Spanish via their new Citi Mobile en Espanol service for their Hispanic customers using smartphones. Struggling to [...]
Citibank (NYSE: C) Begins Offering Retail Services in Vietnam
Citibank (NYSE: C) has been selling off some of its business units in order to generate new capital and focus on its core business of retail banking, including newly expanded retail banking services in Vietnam. Citibank added its first retail outlet in Ho Chi Minh City in Vietnam. This bank will allow Citibank to capture [...]
Uncovering Prosper.com Investors’ True Return on Investment
American Banking News has recently come under fire from members of the “Prospers” peer-to-peer lending community for citing Prosper.com’s statistics about the interest rates that its investors are earning, contending that the true interest rate that borrowers are earning is much lower and that most lenders are actually losing money by investing in personal loans [...]
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