Archive for December, 2009
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 than $110 billion in new bonds. Build America bonds are a stimulus initiative [...]
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 officer for Japan since 2007 and will be moving to London in his new role. JP [...]
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, the United States lent out $13.4 billion to the UAE. Here’s how individual UK banks fared as to [...]
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 that executed fraudulent wire transfers. Prosecuters say that Rosenfeld and a co-conspirator created false invoices causing fraudulent wire transfers to [...]
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 Wells Fargo’s shares are trading at about 2.2 times its tangible book [...]
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 yesterday saying that the MSCI Asia-Pacific excluding-Japan Index may rise to 540 by next December [...]
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 15,000 since the bank’s merger with HBOS in January of this year. A spokesman for [...]
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 versus their estimated earnings in 2010, Citibank is much more expensive than its contemporaries. Using consesus [...]
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 two-thirds of the expected $2.1 trillion to $2.6 trillion in credit losses. In the report, Goldman said that [...]
John Deere (NSYE: DE) Upgraded by JP Morgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) Analysts
Wells Fargo & Co (NYSE:WFC) and JP Morgan Chase (NYSE: JPM) analysts both upgraded farm equipment maker Deer & Co (NYSE: DE) today. JP Morgan Chase boosted its rating on Deere & Co from “Underweight” to “Neutral” and raised its price target for Deere & Co’s stock to $52.00 from $7.00. Analysts at Wells Fargo [...]
Bank of America (NYSE: BAC) Sends Letter Explaining Fees to 40 Million Credit Card Holders
Bank of America (NYSE: BAC) will be sending over 40 million credit card customers a one page letter explaning the interest rates and fees that they are being charged starting today. Although the Credit Card ACT provisions that are coming into effect in February do not mandate the move, Bank of America’s letter of explanation [...]
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