Archive for November, 2009
Bank of Japan Ready for Market Intervention?
As financial markets across the globe begin to regroup and find new direction, each country is seemingly taking steps to ensure the banking system does not collapse. The latest news comes out of Japan, where the governor of the Bank of Japan (BOJ) said that the bank will act decisively in the event of renewed [...]
Wells Fargo (NYSE: WFC) Chief Economist Predicts More Trouble for Housing Market
Wells Fargo’s chief economist, John Silvia, predicts that the housing market in the United States will likely weaken in the months to come. In his most recent economic forecast, Silvia said, “There is no clear, easy way out for housing.” Silvia continued, “Contrary to my hopes, housing prices and the housing market in general will [...]
Wells Fargo’s (NYSE: WFC) Mortgage Refinance Rates Hit New All Time Low
Wells Fargo’s (NYSE: WFC)’s mortgage refinance rates have hit new all time lows during the last several consecutive days. The most recent interest rate for a 30 year fixed rate mortgage that has been published is below 4.49%, well below the weekly all time low average of 4.61%. Last week’s data will likely be atypical [...]
Citibank (NYSE: C) Offers Consumers Lower Credit Card Interest Rates with a Catch
Citibank (NYSE: C) has recently sent out letters to untold numbers of consumers that their credit card interest rates were going to increase, but now the company is offering some of its customers a way to lower the interest rate that they are paying, but it’s not without a catch. Citibank is offering lower interest [...]
Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), Citibank (NYSE: C), Wells Fargo (NYSE: WFC) and Other Large Banks Decrease Lending by $157 Billion During 3rd Quarter
According to a new report from the FDIC, Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), Citibank (NYSE: C), Wells Fargo (NYSE: WFC) have decreased their lending during the 3rd quarter by over $157 billion. Although the federal government has loaned major banks hundreds of billions of dollars, the nation’s largest banks, continue [...]
State Street (NYSE: STT) Lands $300 Billion Investment Management Deal With Morgan Stanley (NYSE: MS)
The State Street Corporation (NYSE: STT) announced Monday it has agreed to a deal with Morgan Stanley (NYSE: MS) to provide them investment management operations services for about $300 billion in assets under management. As part of the terms, State Street will assume approximately 100 employees worldwide from Morgan Stanley’s Investment Management unit. According to [...]
Citigroup (NYSE: C), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) Avoid Major Impact from Dubai Debt Problems
U.S. banks, including Citigroup (NYSE: C), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), will avoid a major hit stemming from Dubai’s debt problems, because they have a lot less direct exposure than what European banks do and less than what was originally feared. There are still some potential issues that will linger [...]
Citigroup (NYSE: C) Hires Goldman Sachs (NYSE: GS) Consultant as New Chief Economist Citigroup announced this morning that it has hired Willem
Buiter, who is currently a professor at the London School of Economics and a consultant for Goldman Sachs, as its chief economist beginning in January 2010. Mr. Buiter will take the place of Lewis Alexander in Citigroup’s top economics post. Buiter will head the firm’s economic research unit and join the management team of Citigroup’s [...]
Wells Fargo (NYSE: WFC) Offers Customers Fraud Prevention Tips For The Holidays
Wells Fargo (NYSE: WFC) produced a press release last week offering its customers safety tips to help avoid being defrauded during the holiday shopping season. The advice is for both online shopping, along with transactions done in person. The bank suggests reviewing your account regularly, especially during stretches that involve big purchases. One way to [...]
HSBC (NYSE: HBC) Puts Focus Back on Asia for Growth
Although it has had a competitive advantage over its rivals in Asia, especially China, HSBC (NYSE: HBC) has been slow to take advantage of that and instead has focused on Europe and the United States for growth, to the detriment of the company and its shareholders. Now that credit demand in Europe has been falling, [...]
Senator Bernie Sanders To Vote Against Renomination of Ben Bernanke
Saying the Ben Bernanke is “part of the problem,” Senator Bernie Sanders said on Sunday that he will definitely vote against nominating Bernanke for a second term as Chairman of the Federal Reserve. The Federal Reserve, which has long wanted to keep their activities and persona quiet, are no longer able to operate under those [...]
Ben Bernanke Fears Ron Paul’s Audit Above All Else
In a recent and unusual action, Federal Reserve Chairman Ben Bernanke wrote a column in a newspaper, in this case the online version of the Washington Post, which attempted to undermine the legislation initiated by Ron Paul to at minimum require that the Federal Reserve be fully audited by the Government Accountability Office (GAO). Some [...]
JP Morgan Chase (NYSE: JPM) Increases Holdings of China National Building Material Co (HKG:3323)
JP Morgan Chase & Co has increased its shareholding in China National Building Material Co Ltd, which is Chin’s largest building and materials manufacturer, according to the Hong Kong Exchanges and Clearing Exchange (HKG:0388). Information from Hong Kong Exchanges and Clearing indicate that JP Morgan bought 5.07 million in shares or a 0.43% stake in [...]
Federal Reserve’s Balance Sheet Shrinks $2.4 Billion Last Week
The Federal Reserve released data on Friday that showed a $2.4 billion decrease in its total liabilities for the week prior. However, America’s central bank still has a balance sheet showing liabilities in excess of $2 trillion as it continues to buy mortgage debt to provide support to the credit market. For the week ended [...]
Pay Czar Slashes Salaries of Two Key Executives at Bank of America (NYSE: BAC)
Bank of America Corp. (NYSE: BAC) benefited from more than $45 billion in taxpayer bailouts has cut the 2009 salaries of two of its key executives after the U.S. Treasury’s pay czar, Kenneth Feinberg, reviewed the compensation of the bank’s top 13 executives. In a filing with the Securities and Exchange Commission, Bank of America [...]
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