Archive for December, 2009
J.P. Morgan Chase & Co (NYSE:JPM) and Washington Mutual Fighting for Ownership of $7 Billion
The saga of the failure of the largest bank in U.S. history, Washington Mutual, continues on, as the latest focus is on who owns $7 billion; JP Morgan Chase (NYSE:JPM) or Washington Mutual Inc., the holding company of WaMu. Both companies claim the $7 billion is theirs, and a federal bankruptcy judge will make decision [...]
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 last year in exchange for preferred share and warrants. Capital One has since paid back the government funds received. [...]
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 Treasury of assets purchased under the governments’ bank bailout program whereby banks received capital injections of [...]
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 Fargo branches will be shuttered. These closures are set to occur next April as [...]
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 World’s request for restructuring over $26 billion in debt. A group of bank creditors including HSBC, Standard Chartered, RBS, [...]
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 2010 and the market will end the next year about where it’s at now. According to the firm’s [...]
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 Belgium is accused of failing to sufficiently inform investors about the risked involved in investment [...]
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) back on track. The administration has decided to increase the available resources to institutions that do offer homeowner assistance [...]
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 including Bank of America Corp. (BAC), Regions Financial Corp. (RF), Wells Fargo & Co. (WFC), SunTrust Banks Inc. (STI) [...]
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 policies of accommodation during the modest recover that is occurring. In a recent report, the bank said, [...]
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 industry, especially Bank of America (NYSE: BAC). Several sources, including the San Francisco Chronicle, recently reported a protest at a Bank [...]
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 completed in August. The statement was made by company president Victor Kuan, on Monday. Citibank Taiwan expects [...]
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 that for at least one customer, Citibank appears to be cancelling customer’s overdraft protection when they don’t make use of the service. [...]
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 in the Wall Street Journal, according to people familiar with the situation the list of bidders whose [...]
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 New York Fed bank down to $17 billion, after being as high as $42 billion [...]
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