Home » Archive for November, 2009
“Banks Do God’s Work” Says Goldman Sachs’ CEO (NYSE: GS)
Lloyd Blankfein, Goldman Sachs’ current chief executive, commented in an interview with London’s Sunday Times, that banks serve a special “social purpose” and are doing “God’s work.” During an interview with London’s... More of this article »
Bank of America (NYSE: BAC) May Snub CEO Kenneth Lewis’ Picks for Successor
Outgoing Bank of America (NYSE: BAC) CEO, Kenneth Lewis, has made it very clear who he would like to see succeed him in the position, but Bank of America’s board of directors choice to follow Lewis’ suggestions may determine if... More of this article »
Lloyds Banking Group (LON: LLOY) Prospectus Reveals Reliance on Government Support
Lloyds Banking Group Plc (LON: LLOY) has been “heavily reliant” on the England’s central bank and other government-sponsored liquidity schemes, according to a newly released company fundraising prospectus. The prospectus stated... More of this article »
Citibank (NYSE: C) and UBS (NYSE: UBS) To Advise British Government on Railway Asset Sales
Investment banks Citibank (NYSE: C) and UBS (NYSE: UBS) will be retained as advisers to the British government during the sale of Government and London & Continental Railways, when its Channel Tunnel rail link is sold in 2010. The... More of this article »
Editorial: Smaller Banks Like Prosperity Bancshares (NASDAQ:PRSP) and MB Financial (NASDAQ:MBFI) Growing As They Buy Up Failed Rivals or Grow Organically
In what I consider a testimony to the strength of capitalism left alone, smaller banks around the country like Prosperity Bancshares (NASDAQ:PRSP) and MB Financial (NASDAQ:MBFI) are doing what should have been done in the first place:... More of this article »
Congressional Oversight Panel Challenges Treasury Dept to Release Details of Citibank (NYSE: C) Bailout
The Congressional Oversight Panel released a report saying that the U.S. treasury should provide regular reports about losses from the $301 billion worth of assets that the federal government agreed to guarantee for Citibank (NYSE:... More of this article »
Citibank’s (NYSE: C) Primerica Financial Services IPO to Be Valued at $1.6 billion, Will Net Citigroup $100 Million
Primerica Financial Services, which is a life insurance business that Citibank (NYSE: C) owns, plans to sell to shares in an initial public offering, which may have a starting valuation of $1.6 billion, according to an analyst at Fox-Pitt. Citibank... More of this article »
Attempt to Sell Primerica Highlights Challenge of Restructuring at Citigroup Inc. (NYSE: C)
In a much expected move, the Wall Street Journal reported that Citgroup Inc. (C) released plans to spin off its Primerica Inc. Life-insurance and mutual fund sales unit. The move, which will undoubtedly be cheered by regulators, signals... More of this article »
Battle Over Who Will Supervise American Banking System Heating Up
In what seems to be a political move to build up his political capital after being perceived as too friendly with the major banks, Senate Banking Committee Chairman Christopher Dodd (D., Conn.), has been preparing legislation which... More of this article »
Fannie Mae (NYSE: FNM) Posts Third-Quarter Loss, Requests $15 Billion In Aid
Fannie Mae (NYSE: FNM) announced Thursday evening it lost $18.9 billion in the third quarter as the number of delinquent loans it holds continues to surge. The loss is larger than a year ago, when the company was in the red by $14.8... More of this article »
Bank of America (NYSE: BAC) Officials to Testify at Congressional Hearing
Three Bank of America (NYSE: BAC) officials have been asked to appear before the House Committee on Oversight and Government affairs at a hearing later this month, relating to its purchase of Merril Lynch. The three executives that... More of this article »
Citibank (NYSE: C) and Goldman Sachs (NYSE: GS) Receive Swine Flu Vaccine in NYC
Some of New York City’s largest employers, including Goldman Sachs (NYSE: GS) and Citibank (NYSE: C) employees have begun to receive doses of the swine flu vaccine. New York City officials said that doctors for company health services... More of this article »
J.P. Morgan Chase (NYSE: JPM) Coming Soon to a Gym Near You?
In what some are describing as a 21st century, “Morganization”, J.P. Morgan Chase (JPM) is being forced to take ownership in bankrupt companies, including health club Bally Total Fitness Holding Corp., to salvage the value of their... More of this article »
Warren Buffet and Berkshire Hathaway’s (NYSE: BRK.A) Current Investments: USB, WSC, JNJ, COP, KFT, AXP, PG, BNI, WFC and KO)
Warren Buffet has made a reputation for being one of the best investment managers in the world, some even refer to him as the “Oracle of Omaha.” Buffet has consistently beaten the market despite the financial crisis, which is one... More of this article »
Bank of America Merrill Lynch (NYSE: BAC) Picks Up Former AIG (NYSE: AIG) Executive
Bank of America’s Merrill Lynch (NYSE: BAC) has appointed former AIG (NYSE: AIG) executive Randall Lynch as the managing director within the Americas industrials investment banking business, according to a recently released statement... More of this article »
Mexican Legislature Asks for Legal Ruling on Citibank (NYSE: C) Ownership of Banamex
A group of Mexican senators asked Mexico’s Supreme Court on Wednesday to make a ruling as to whether or not Citibank’s Mexican arm is breaking the law because it’s partially owned by the U.S. government, a Senate spokesperson... More of this article »
Editorial: Does the Breakup of British Banks – Royal Bank of Scotland Group (LON:RBS) and Lloyds Banking Group (LON:LLOY) – Miss the Point?
Some have been heralding the breakup of British banks Royal Bank of Scotland Group (LON:RBS) and Lloyds Banking Group (LON:LLOY) as a road-map to deal with the alleged issue of “too big to fail,” in relationship to huge... More of this article »
Understanding the Gamble of Wells Fargo (NYSE: WFC) with its Interest-Only Mortgage Strategy
Wells Fargo’s (NYSE: WFC) decision to allow customers with option-adjustable rate mortgages to change them to interest-only loans has generated some consternation as to the wisdom of the strategy. While there are several elements... More of this article »
TD Bank (NYSE: TD) Posts Record Results
TD Asset Management Inc., a subsidiary of TD Bank (NYSE:TD) and the manager of TD Mutual Funds, today reported long-term fund net sales totaling $624 million for the month, and money market fund net redemptions of $466 million. Assets... More of this article »
Goldman Sachs (NYSE: GS), JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) Benefit from Zero-Interest-Rate Policies
Although all banks have benefit from the Federal Reserve’s zero-interest-rate policy, some banks have benefited much more than others, with Goldman Sachs (NYSE: GS), JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) near... More of this article »
Citibank (NYSE: C) to Lay Off 175 Employees in Credit Card Business and Wealth Management Group
Citibank (NYSE: C) will be laying off approximately 100 employees and an additional 75 employees in Citi’s personal wealth management group this week, according to several sources. The most recent job cuts are part of a broader corporate... More of this article »
JP Morgan Chase (NYSE: JPM) Had the “Most to Lose” and Morgan Stanley (NYSE: MS), Citibank (NYSE: C) and Goldman Sachs (NYSE: GS) Had the “Most To Gain” From Bailouts
Just over a year ago, the Bush administration pumped $125 billion in new capital into the nine largest U.S. banks in exchange for preferred shares and J.P Morgan Chase (NYSE: JPM) came out a “loser” out of the deal. At least, that’s... More of this article »
Citibank (NYSE: C) to Sell Bellsystem24 Inc. To Bain Capital
Bain Capital has secured exclusive bidding rights with Citibank (NYSE: C) to purchase its Japanese telemarketing firm Bellsystem24 Inc. In a deal that could bring Citibank more than $1 billion in new capital to cash-strapped mega bank. Bain... More of this article »