Archive for December, 2009
Citibank (NYSE: C) Survey Says Recession Changing South Dakota Consumers’ Behavior
Residents of South Dakota are delaying major purchases, making use of their savings and working more in order to deal with the lingering recession, according to a survey released by Citibank (NYSE: C) this year. The survey that was commissioned by Citigroup, which has a major presence in the state, found that 46% of South [...]
Bank of America (NYSE:BAC), Citibank (NYSE:C), Wells Fargo (NYSE:WFC) and J.P. Morgan Chase (NYSE:JPM) Meeting with Obama Administration on Permanent Loan Modifications
Under the threat of being fined, Bank of America (NYSE:BAC), Citibank (NYSE:C), Wells Fargo (NYSE:WFC) and J.P. Morgan Chase (NYSE:JPM), among others, will meet with officials from the Obama administration next week concerning moving borrowers into permanent loan modifications. It’s unfortunate that the Obama administration is issuing threats like this, as the major reason the [...]
FDIC Study Shows One In Four U.S. Households Are Not Using Banks
The Federal Deposit Insurance Corporation (FDIC) released the findings from its FDIC National Survey of Unbanked and Underbanked Households on Wednesday. Results from the study showed that about one of every four U.S. households is either using banking services on a very limited basis or not at all. The survey was conducted by the U.S. [...]
Bank of America (NYSE: BAC) Paying Back Tarp, Finds The Next CEO?
Ken Lewis, the embattled chief executive who is stepping down at the end of this month may have saved his best for last. Bank of America (NYSE: BAC) has taken a major step late today: they have announced that they will repay the $45 Billion in taxpayer funds it received in last year’s TARP program. [...]
JP Morgan Chase (NYSE: JPM) Could Lose $3 billion from Derivatives Rules
Revenue from JP Morgan Chase & Co (NYSE: JPM) could drop by as much as $3 billion if the bulk of its derivative trades move to exchanges, said an analyst at Sanford C. Bernstein & Co. said on Wednesday. The figure that Bernstein released is the firm’s “worst case scenario” that could occur under a [...]
UK Financial Services Authority Probing RBS (LON: RBS) over Compliance with Money-Laundering Rules
Britain’s regulatory agency that oversees financial markets is investigating a claim against some units of the Royal Bank of Scotland Group (LON: RBS) over compliance issues with certain money-laundering related allegations. The bank disclosed the allegations in a prospectus to its shareholders. RBS, which is currently 70% owned by the British government, also announced that [...]
Goldman Sachs (NYSE: GS) and Bank of America (NYSE: BAC) Developing Brazilian Wealth Management Business
Bank of America (NYSE: BAC) is in a major hiring mode as it develops a new wealth management Brazil to compete with a similar effort by Goldman Sachs (NYSE: GS). The United States’ largest bank in terms of assets is setting up a new private banking unit for high-net worth clients in Brazil to compete [...]
Wells Fargo offering 4.15% 15-Year Fixed Mortgage Refinance Rates (NYSE: WFC)
Wells Fargo’s mortgage refinance rates have hit another all-time low. Currently borrowers are getting mortgage refinances at 4.15% for 15-year fixed-rate mortgages. 30-year fixed-rate mortgages are at 4.54%, which is just above its all-time low of 4.49% that was hit last-week. The previous record low for Wells Fargo’s 30 year fixed-rate mortgage on a weekly [...]
US Bancorp (NYSE: USB), American International Group (NYSE:AIG) and Fifth-Third Bancorp (NYSE: FITB) See Modest Gains after Downgrades from JP Morgan (NYSE: JPM) and Citigroup (NYSE: C) Analysts
Several U.S. financial stocks including US Bancorp, American International Group and Fifth-Third Bancorp overcame weakness in the banking sector on Tuesday to close slightly higher, despite cautionary notes from analysts at both JP Morgan and Citigroup. JP Morgan decreased its predicted earnings for some large cap banks on Tuesday and that the major banks are [...]
JP Morgan Chase (NYSE: JPM) and Bank of America Merrill Lynch (NYSE: BAC) See M&A Declining in Europe
Both Bank of America (NYSE: BAC) and JP Morgan Chase (NYSE: JPM) saw declining mergers and acquisitions activity in just about every European country with the notable exception of France, which has had more mergers and acquisitions activity than it did at the same point last year. The value of French companies that were purchased [...]
J.P. Morgan (NYSE:JPM) Says Build America Bond Sales Could Swell by 40% in 2010
Looking for ways to raise money the least expensively, Build America Bonds have become a popular way to raise capital, and according to J.P. Morgan (NYSE:JPM), could increase by 40 percent in 2010, which would bring the total for the year to about $110 billion. So far in 2009, sales of Build America Bonds stand [...]
Wells Fargo (NYSE: WFC) To Close 122 Branches In California
A report hit the wires early Wednesday morning that stated Wells Fargo (NYSE: WFC) intends to shutdown 122 of its banking branches in California due to overlaps from the acquisition of Wachovia. The locations being shuttered are mainly those bearing the Wachovia name that are in close proximity to existing Wells branches. The story broke [...]
Bank of America’s (NYSE: BAC) Refinance Rates Drop Even Further, Now at 4.55%
Bank of America’s (NYSE: BAC) refinance rates have continued to delve lower as the month of December begins. According to the most recent data, Bank of America’s 30 year refinance rate is currently at an all time low with an average interest rate of 4.55%. Previous to this new low, the lowest interest rate average [...]
Two CEO Candidates Suggest Breaking Up Bank of America (NYSE: BAC)
At least two candidates for the position of chief executive at Bank of America Corp. (NYSE: BAC) that the giant bank should consider breaking itself up into smaller firms, but board members in charge of the search for a new CEO have rejected the idea for the time being, according to several sources. The board [...]
Former Fed Governor Frederic Mishkin Says the Federal Reserve Being Held Accountable for its Actions is “Incredibly Dangerous”
Didn’t he say it that way? Actually, yes he did, just using different words. In a Bloomberg Radio interview, Mishkin stated: “It is remarkable the kind of attacks that are occurring on Fed independence.” Think of that in terms of the economic crisis we’re in. It makes you feel good that the Federal Reserve was [...]
worst video player ever- after over2:00 there's still no video appearing 