Archive for December, 2009
RBS (LSE: RBS) Loses More Than 1,000 Investment Bankers Over Government Interference in Bonuses
Proving that government interference in the market always has a negative impact, over 1,000 investment bankers have left the Royal Bank of Scotland (LSE: RBS.L) since the British government gave bailout funds to the bank and assumed it then had the right to determine what the pay of the bankers were, according to a report [...]
U.S. Gov’t To Slash Estimate Of TARP Cost By $200 Billion
The Obama Administration is expected to announce a drastic reduction to its cost estimate of the Troubled Asset Relief Program (TARP). The new estimate will reportedly be for a cost of $141 billion, well lower than the $341 billion the administration predicted back in August. The report published by the Wall Street Journal did not [...]
Federal Reserve Forcing Bank of America (NYSE:BAC) To Sell Some Businesses to Pay Back TARP Funds
As part of their deal to pay back TARP funds, the Federal Reserve has given Bank of America (NYSE:BAC) till the summer to name businesses in can sell in order to raise $4 billion in common equity. Last week the banking giant raised $19 billion in securities to also pay back part of the $45 [...]
Bank of America (NYSE: BAC) Provides 600,000 Trial Modifications to Homeowners
Bank of America (NYSE: BAC) announced on December 7th that they had provided mortgage relief via concluded and trial modifications to more than 600,000 homeowners since January of 2008 in a statement. Bank of America’s head of credit loss mitigation strategies, Jack Schakett, commented in the statement, “At Bank of America, we remain focused on [...]
JP Morgan (NYSE: JPM) Benefits from Goldman Sachs (NYSE: GS) Woes
If there’s any bank that’s benefiting from the issues that Goldman Sachs (NYSE: GS) is having, it’s JP Morgan Chase & Co (NYSE: JPM), at least that’s what one Bloomberg columnist believes. David Reilly recently penned a column arguing that Goldman Sachs is indirectly protecting JP Morgan from the prying eyes of the stock market. [...]
Wells Fargo (NYSE: WFC) Refinance Rates Set to Increase before Christmas
Wells Fargo refinance rates have recently reached new all-time lows but are now beginning to creep upwards. During the last week in November, refinance rates for mortgages sat around 4.49% for 30 year fixed-rate loans. Since then, the 30-year refinance rate has moved back up to 4.74%. Much of the increase can be attributed to [...]
Goldman Sachs (NYSE:GS) CEO Lloyd Blankfein Looking to Pay Out More Executive Compensation in Equity
With the news media, and consequently, politicians, focusing on the pay of banking executives, Goldman Sachs (NYSE:GS) CEO Lloyd Blankfein is looking at weighting their pay with more equity in order to calm the negative perceptions concerning executive pay. A recent report in the Financial Times states that not only will the pay be weighted [...]
Wells Fargo (NYSE: WFC) Names James S. Kimball as New Senior Vice President
Wells Fargo (NYSE: WFC) recently named James S. Kimball as its new regional senior vice president of its North Coast Regional Commerce Banking Office. Mr. Kimball succeeds Michael Sullivan, who will be joining the company’s Global Financial Institutions group. Kimball most recently served as a regional sales manager for Wells Fargo. In his new role, [...]
Citigroup (NYSE:C) Waiting For Treasury to Sell Shares Before Repaying Final TARP Funds
Unnamed sources says Citigroup Inc. (NYSE:C) has become frustrated over the Treasury continuing to hold the shares which account for a 34 percent stake in the company, and until the government sells their shares in the company, it wouldn’t be able to pay back the $25 billion they still owe from the $45 billion they [...]
Royal Bank of Canada (TSE:RY) Fails To Exceed Expectations
The headline sounds odd, but Canadian banking in general has been generating profits, and when the Royal Bank of Canada (TSE:RY) “only” met, rather than exceeded expectations, it was considered a negative for the company. Royal Bank of Canada is the largest in the nation measured by assets, and its smaller rivals have been returning [...]
Visa (NYSE: V), MasterCard (NYSE: MA) and American Express (NYSE: AXP) Questioned over Mystery Credit Card Charges
The United States Senate has requested information from Visa (NYSE: V), MasterCard (NYSE: MA) and American Express (NYSE: AXP) as part of a continuing investigation as to whether or not consumers were mislead into enrolling into online discount clubs. “Consumers will only shop online if they are confident that their billing information will be used [...]
JP Morgan (NYSE: JPM) Could Lose $3 Billion in Clearinghouse Profit
JP Morgan Chase & Co (NYSE: JPM), the second largest U.S. bank in terms of assets, could lose as much as $3 billion in revenue if most derivative trades are moved to exchanges, according to a Sanford C. Bernstein & Co analyst. Derivatives traders profit on the gap between what they charge customers and what [...]
Kuwait’s Sovereign Wealth Fund Makes $1 Billion Profit in Citigroup (NYSE: C) Stock Sale
Kuwait’s Sovereign Wealth Fund recently liquidated its $4.1 billion stake in Citigroup in a seemingly rare case of buying low and selling house. The fund earned a $1 billion profit and had a 37% rate of return on its investment according to the Kuwait Investment Authority. The Sovereign Wealth Fund invested $3.1 billion in Citigroup [...]
Bank of America (NYSE: BAC) Stock Sale Largest Since 2000
Bank of America (NYSE: BAC) raised $19.3 billion by selling new securities at $15.00 per share in the largest sale of preferred shares of stock by a public U.S. company during the last decade. The bank is planning on using the funds to repay its $45 billion debt to the U.S. government. In the sale, [...]
Bank of America’s (NYSE:BAC) Board of Directors to Meet Tuesday, May Discuss New CEO
The Board of Directors of Bank of America (NYSE: BAC) is slated to meet next week and may discuss a new Chief Executive Officer (CEO) to succeed the retiring Kenneth Lewis who is set to retire at the end of this year. The Tuesday meeting is a regularly scheduled one, and though no formal agenda [...]
worst video player ever- after over2:00 there's still no video appearing 