Archive for November, 2009
HAMP Update: JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Morgan Stanley (NYSE: MS) Lead the Pack, Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) Have Room to Improve
JP Morgan Chase (NYSE: JPM), Morgan Stanley (NYSE: MS) and Citigroup (NYSE: C) have done the best job of modifying mortgages for troubled borrowers under the Obama administrations primary efforts to prevent foreclosure on residential real estate, according to a new report from Treasury Department. The report also stated that Bank of America (NYSE: BAC) [...]
Bank Of America (NYSE: BAC) CEO Lewis Says Merrill Merger Ahead Of Schedule
Kenneth Lewis, CEO of Bank of America (NYSE: BAC) said today that the Merrill Lynch deal is ahead of schedule, according to several reports. Lewis said the merger has already created $2.2 billion in cost saving through the end of September. The comments came while Lewis was speaking to analysts in New York. Lewis said [...]
HSBC Holdings (LON:HSBA) and Barclay’s (LON:BARC) Benefit From Declines in Loan Losses, See Decline in Investment Banking
Both HSBC Holdings (LON:HSBA) (NYSE:HCS) and Barclay’s (LON:BARC) both benefited from a decline in loan losses during the third quarter, but while HSBC reported a healthy profit, Barclays reported a 54% drop in earnings. HSBC’s pretax profit was greater than it was during the 3rd quarter of 2008, despite a 43% decline in its U.S. [...]
JP Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) Make Fewer Loans Because of Tightened Lending Standards
A new Federal Reserve survey released last week showed that fewer banks have tightened lending standards during the third quarter, but also said that “tigh credit” remains a drag on the economy because many banks, including JP Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) have reduced lending as a response to stricter [...]
MBIA Inc. (NYSE: MBI) Posts Q3 Loss Due To Insurance Losses
Bond insurer MBIA (NYSE: MBI) announced Monday after the market close it suffered a third quarter loss of $727.8 million or $3.50 a share as insurance losses on mortgage-backed securities saddled the company yet again. However, the loss is smaller than the $806.5 million MBIA shed in the third quarter a year ago. According to [...]
Bank of America (NYSE: BAC) Board Face Difficult Decision in Naming Successor for Lewis
In a report by the Wall St. Journal, directors at Bank of America Corp. (BAC) are looking at a Thanksgiving deadline on whether to endorse a succession plan by outgoing CEO Kenneth Lewis. In light of the bank’s current problems stemming from the collapse of the subprime and credit markets, the directors are deliberating between [...]
East West Bancorp (NASDAQ: EWBC) Acquires Failed California Bank ‘United Commercial Bank’
United Commercial Bank, a subsidiary of UCBH Holdings, was shut down on Friday and its assets acquired by East West Bancorp (NASDAQ: EWBC), becoming the 120th bank to fail so far in 2009. United Commercial Bank was based in San Francisco. Four other banks closed on Friday, which were located in Georgia, Minnesota, Missouri and [...]
Citigroup (NYSE: C) to Relaunch “Citi Alternative Investments” Hedge Fund Operations as “Citi Capital Advisors”
Citigroup (NYSE: C) is set to relaunch its unit that contain its troubled hedge fund operation after two years of lackluster performance, internal division and unrest among its investors. Various sources are reporting that the company will relaunch the unit that has $14 billion worth of assets under its management, including private equity operations, from [...]
Editorial: Are We Still Missing the Lessons from Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) , Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) Disaster?
As Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) , Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) have grown even more “too big to fail” in the eyes of many industry watchers, the trend seems to be that we are missing what the real lessons of bailing out these gigantic financial institutions [...]
Bank of America Merrill Lynch (NYSE:BAC) Takes Over for Goldman Sachs (NYSE:GS) as United Company Rusal Stock Market Listing Adviser
Goldman Sachs (NYSE:GS) has dropped out of its role as adviser to United Company Rusal, and has been replaced by Bank of America Merrill Lynch (NYSE:BAC) to help them navigate the IPO waters. UC Rusal is a huge aluminum company based in Russia which Goldman Sachs had been working with for some time before they [...]
“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 Sunday Times newspaper, Blankfein said he believed that big profits and bonuses at banks were an indication that the global economy was on [...]
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 the megabank is ready to turn a new corner. Kenneth Lewis presented three options to [...]
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 that the bank currently has outstanding borrowings and guaranteed debts of about 165 billion GBP, or about $274 billion USD, under different government sponsored [...]
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 move to sell various railway assets including “the Tote” and the “Dartford Crossing” are part of [...]
American Banking News Twitter Updates for the Week of 2009-11-08
socgen, Bank of Ireland rise after beating forecasts – MarketWatch http://tinyurl.com/yflfu7r #Econ # FOREX-US dollar rises to 1-mo highs on banking worries – Reuters http://tinyurl.com/yhw73g8 #Econ # Lloyds Hires Bates As Head Of Credit Sales; To Join Jan – Wall Street Journal http://tinyurl.com/ylrqcvu #Econ # FX COLUMN-Risk attitudes in focus as central banks meet – [...]
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