Home » Archive for December, 2009
Treasury Department To Auction Off Capital One (NYSE: COF) Warrants, JP Morgan (NYSE: JPM) Warrants Likely Next
The U.S. Treasury Department announced Tuesday it plans to auction off 12.66 million warrants it holds for stock in Capital One Financial Corp (NYSE: COF). The credit card company received $3.55 billion in government bailout money... More of this article »
US Treasury Set to Auction Capital One Financial (NYSE: COF) Warrants
The United States Treasury announced on Tuesday plans to auction off 12.66 million warrants to buy stock in Capital One Financial (NYSE: COF). The auction, scheduled for Thursday (starting at 8:00am EST), is the first sale by the... More of this article »
Wells Fargo (NYSE: WFC) to Combine Brands with Wachovia in California, 122 Branches to Close
Wells Fargo & Co (NYSE: WFC) said that it will be combining its Wachovia and Wells Fargo brands in the state of California early next year. As a result, 122 Wachovia branches that are smaller and less prominently located than Wells... More of this article »
European Banks, including HSBC (LON: HSBA), Standard Chartered (LON: STAN), Royal Bank of Scotland (LON: RBS) and Lloyds (LON: LLOY), Join Forces on Dubai Debt Restructuring
Some of the world’s largest banks, including HSBC (LON: HSBA), Standard Chartered (LON: STAN), Royal Bank of Scotland (LON: RBS) and Lloyds Banking Group (LON: LLOY) have joined with bondholders in organizing their response to Dubai... More of this article »
Wells Fargo Analysts (NYSE: WFC) Predict Stocks Will Remain Flat in 2010
Wells Fargo Analysts (NYSE: WFC) predict that the S&P 500 will remain relatively flat during 2010. In a recent report, the banks analysts said that the S&P 500 will remain “fairly flat relative to current levels” throughout... More of this article »
Citigroup (NYSE: C) Faced 1,000 Angry Investors at Belgian Trial
Citigroup (NYSE: C) faced criminal charges and over 1,000 angry investors at a trial that began in Brussels on Tuesday, as a trial began which is questioning the way that Citigroup sold investments connect to Lehman Brothers in Belgium. Citibank... More of this article »
Obama Administration Putting Pressure on JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) to Increase Home Modifications
The Obama administration is placing pressure on JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) as part of an attempt to bring the government’s $75 billion Home Affordable Modification Program (HAMP)... More of this article »
JP Morgan (JPM) Analyst Cuts Earnings Predictions for Bank of America Corp. (BAC), Regions Financial Corp. (RF), Wells Fargo & Co. (WFC), SunTrust Banks Inc. (STI) and Fifth Third Bancorp (FITB) in 2010.
JP Morgan Chase (NYSE: JPM) analysts say that major banks are scaling back their lending activities and boosting their cash reserves to cover lingering credit losses. Meanwhile, the firm also cut ratings for several large-cap banks... More of this article »
Citigroup (NYSE: C) Analysts Believe U.S. Bank Stocks Have “Significant Risks”, Provide New Ratings for BB&T Corp (NYSE: BBT), Fifth Third Bancorp (NASDAQ:FITBP), Bank of America (NYSE: BAC) and Zions Bancorp (NASDAQ:ZION).
Analysts at Citigroup’s brokerage unit (NYSE: C) said that there are significant risks that U.S. bank stocks face in the immediate term, but in the near future bank stocks could see modest gains give the Federal Reserve’s current... More of this article »
Bank of America (NYSE: BAC) an Environmental Villain?
When consumers think of companies that aren’t friendly to the environment, typically they think of large industrial manufacturing concerns that are rampant with pollution, but now protesters are turning their eyes to the banking... More of this article »
Citibank’s (NYSE: C) Taiwan Division Expects Increase in 2010 Profit
Citibank Taiwan Ltd. (NYSE: C) expects that its pretax profit for 2010 will increase compared to its 2009 profits because of the improving economic situation in the country and its integration of Bank of Overseas Chinese, which was... More of this article »
Citibank (NYSE: C) Cancels Overdraft Protection for Customers with Balanced Checkbooks
Citibank (NYSE: C) and other firms offer overdraft protection because it’s a very profitable business. Banks can collect massive fees and interest when customers overdraft while using their overdraft protection services. It appears... More of this article »
Morgan Stanley (NYSE: MS) Takes First Step to Building Securities Platform in China
In a first step towards forming a new joint venture to tap China’s domestic securities market, Morgan Stanley (MS) has shortlisted bidders in an attempt to sell its 34.3% stake in China International Capital Corp. (CICC). As reported... More of this article »
AIG (NYSE: AIG) Cuts Debt By $25 Billion In Deal With New York Fed Bank
American International Group (NYSE: AIG) announced Tuesday that it closed two deals with the Federal Reserve Bank of New York that will reduce the debt it owes the bank by $25 billion. The move knocks AIG’s debt balance with the... More of this article »
JP Morgan Analysts (NYSE: JPM) Say that Build America Bonds Managed by Goldman Sachs (NYSE: GS) and Barclays (NYSE:BCS) Will Increase by 40% in 2010.
Analysts from JP Morgan Chase & Co (NYSE: JPM) have said that new issues on Build America Bonds, which are partially managed by Barclays Financial (NYSE: BCS) and Goldman Sachs (NYSE: GS), could rise as much as 40% in 2010, totaling... More of this article »
JP Morgan Chase (NYSE: JPM) names Greg Guyett as Chief Executive of its Global Corporate Bank
JP Morgan Chase & Co has named Greg Guyett as its new chief executive of its global corporate bank, according to a memo obtained by Reuters and several oher news organizations. Guyett had previously been JP Morgan’s senior country... More of this article »
Britain, HSBC Holdings (NYSE: HBC), Citigroup (NYSE:C) at Risk in Dubai Debt Crisis
Although they’re not anywhere near at risk as their British counterparts, Citigroup Inc. (NYSE:C) has the most exposure of an U.S. bank to the Dubai debt crisis, having lent $1.9 billion to the United Arab Emirates. Overall,... More of this article »
Former Wells Fargo (NYSE: WFC) Vice President Pleads Guilty on Bank Fraud Charges
Federal prosecuters say that a former Wells Fargo (NYSE: WFC) vice president has pleaded guilty on charges of conspiracy to commit bank fraud. According to Rosenfeld’s plea agreement, Rosenfeld supervised a team of bank employes... More of this article »
Wells Fargo (NYSE: WFC) May Be Overvalued Because of TARP Obligations and Mortgage Losses
Wells Fargo & Co (NYSE: WFC) shares may look expensive by some measures because of mounting losses from a large pool of troubled loans that it has taken on as part of its Wachovia take-over and its obligations to the fedearl government. Currently... More of this article »
Goldman Sachs (NYSE: GS) Predicts 36% Growth in Asian Markets during 2010
Goldman Sachs (NYSE: GS) said that Asian stocks may offer returns as high as 36% in terms of the US dollar next year, being helped by emerging markets and earnings growth. Goldman Sachs regional analyst, Timothy Moe, released a report... More of this article »
Lloyds Banking Group (NYSE: LYG) Cuts 535 Additional Jobs
Employees at Lloyds Banking Group (NYSE: LYG) have been dealt another blow after the lender has revealed its plans to cut an additional 535 jobs. According to the union Unite, the most recent round of redundancies puts the total to... More of this article »
Citigroup’s (NYSE: C) Valuation Conundrum: Overprice or a Value Stock?
Citigroup’s (NYSE: C) stock is either one of the cheapest of the large financials around or perhaps the most expensive depending on what measure you make use of. On a price to earnings basis comparing major banks’ stock prices... More of this article »
Goldman Sachs (NYSE: GS) Positive on JP Morgan Chase (NYSE: JPM), Bank of America (NYSE: BAC) and Capital One (NYSE: COF) Citing Declining Credit Losses
A new report from Goldman Sachs (NYSE: GS) indicates that U.S. banks, including JP Morgan Chase & Co(NYSE: JPM), Bank of America Corp (NYSE: BAC) and Capital One Financial Corp (NYSE: COF) have already recognized an estimated... More of this article »