Archive for November, 2009
JP Morgan Chase & Co’s (NYSE: JPM) New Investment Banking Chief Announces Management Reorganization Plan
JP Morgan Chase & Co (NYSE: JPM) recently named Jes Staley as it’s a new head for its investment banking division and Staley is reorganizing the unit that combines its various fixed income businesses under two co-manages, according to a recently leaked internal memo. Last month, JP Morgan chased reported a bumper $3.6 billion third-quarter [...]
JP Morgan Chase (NYSE: JPM), Citibank (NYSE: C), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS) CEOs Meet with Federal Reserve Over Pay Packages
The Federal Reserve met privately with top banking officials at JP Morgan Chase (NYSE: JPM), Citibank (NYSE: C), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS) and others on Monday to discuss new compensation rules and to urge the bailed-out banks to begin their compensation reform plans immediately, even before the Federal Reserve finalizes its [...]
Citibank (NYSE: C), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) Hording Cash to Improve Liqudity
The four largest U.S. banks in terms of assets, Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), Citibank (NYSE: C) and Wells Fargo (NYSE: WFC) are, in response to the financial crisis, hoarding more cash than they have in the last 40 years. Bloomberg recently stated that Citigroup and JPMorgan Chase are holding [...]
Britain to Break Up Lloyds (LON: LLOY) and Royal Bank of Scotland (LON: RBS)
In hopes of adding competition to the banking sector, Britain’s Labour government is set to propose the breaking up of Lloyds Banking Group (LON: RBS) and the Royal Bank of Scotland (LON: RBS) and will sell pieces of Lloyds and RBS to new entrants into the market place. Chancellor Alistair Darling will likely unveil his [...]
CIT Group (NYSE: CIT) Files For Chapter 11 Bankruptcy Protection
Just two weeks after announcing major debt restructuring plans in an effort to avoid bankruptcy proceedings; CIT Group (NYSE: CIT) announced it has filed for Chapter 11 bankruptcy protection. The lender received overwhelming support from its debt holders in regard to the move that aims to reduce debt by about $10 billion. The filing was [...]
Ron Paul: Bank-Connected Democrat Mel Watt Strips H.R. 1207 of Almost Everything
With most Americans outraged over the behavior of the Federal Reserve and the part it has played in the bailouts of huge institutions in the financial and automotive industries, Ron Paul introduced H.R. 1207, which would have required a full audit of the Federal Reserve and its activities, which crosses international lines. According to Rep. [...]
Financial Stocks Weekly Market Preview for BAC, JPM, WFC, C, CIT, GS, GFIG
Here’s what could be in store for some of the largest financial firms in the United States including Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), Wells Fargo & Co (NYSE: WFC), Citigroup (NYSE: C), CIT Group (NYSE: CIT), Genworth Financial Inc. (NASDAQ: GFIG), and Goldman Sachs (NYSE: GS). Bank of America (BAC) [...]
American Banking News Twitter Updates for the Week of 2009-11-01
Feds seize parent of San Diego National – San Diego Union Tribune http://tinyurl.com/yekbc64 #Econ # Extradited banking fugitive arrives in Thailand – The Associated Press http://tinyurl.com/ya3qedy #Econ # Lloyds shareholders in legal move – The Press Association http://tinyurl.com/ycmmhrv #Econ #
CIT Group (NYSE: CIT) Files for Bankruptcy Protection
Today, what seemed like the inevitable finally happened: CIT Group filed for bankruptcy protection in a New York court. The company tried to avert this for many months, but now seems to be embracing the Chapter 11 protection they have sought. While bankruptcy has an obvious negative connotation, this may end up good for CIT. [...]
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