Wells Fargo & Co disclosed in a new regulatory filing that the company had reduced the base salary of the company’s CEO, John Stumpf, to $2.8 million, down from his previous base salary of $5.6 million.
According to the filing, the action was taken on February 23rd by the Board of Directors Human Resources Committee. The [...]
Archive for February, 2010
Wells Fargo & Co Cuts Compensation for CEO John Stumpf (NYSE: WFC)
JP Morgan Chase (NYSE: JPM) Bullish on Japanese Banking Sector
JP Morgan Chase & Co (NYSE: JPM) raised its recommendation on the largest Japanese bank, indicating that the firm may be bullish on the Japanese financial sector, helping raise the Nikkei in Monday’s trading.
JP Morgan Chase’s team of analyst raised its recommendation on Mitsubishi UFJ Financial Group Inc., Japan’s largest bank in terms of market [...]
Citibank (NYSE: C) Reportedly Seeking Buyer for its Egg Internet Business
Citibank (NYSE: C) is rumored to be looking for a buyer for its U.K. based Egg internet banking business, just three years after purchasing it for £546 million.
Several sources have reported that Citi held talks with trade buyers and a private equity firm over the potential sale, which would effectually take Citigroup out of the [...]
American Banking News Twitter Updates for the Week of 2010-02-28
Bank of America (NYSE:BAC) Hires Merrill Lynch Veterans for Investment Banking … – American Banking News http://tinyurl.com/yfjgjat #Econ #
Bank Lending Decline in 2009 – Largest Since the 1940's – Benzinga http://tinyurl.com/yg7nsek #Econ #
China Tells Banks to Restrict Loans – New York Times (blog) http://tinyurl.com/y9jsztd #Econ #
The Big Bank Excuse – Wall Street Journal http://tinyurl.com/yargjbp #Econ [...]
Pending Federal Regulations Influence JP Morgan Chase’s Acquisition Strategy (NYSE: JPM)
JP Morgan Chase (NYSE: JPM) investment banking chief James Staley acknowledged on Thursday that pending regulatory changes that are being considered in Congress has influenced the company’s acquisition strategy.
The admission by Mr. Staley leaves many to believe that the bank may be increasingly concerned by the impact of tougher rules on financial firms. Staley noted [...]
New Bank of America CEO Earned $6.5 Million in 2009 (NYSE: BAC)
Bank of America (NYSE: BAC) CEO Brian Moynihan earned a total of $6.5 million in compensation during 2009 when he served in a number of executive positions, according to a new regulatory filing from the company.
Most of Moynihan’s compensation was in the form of $5.2 million worth of stock awards. His base salary was $800,000 [...]
Citibank Apologizes to Customers for Printing Social Security Numbers on Envelopes (NYSE: C)
During the month of January, Citibank (NYSE: C) sent over 600,000 mailers to customers with their social security numbers printed on the outside of the envelopes. The company has since apologized for their mistake in a public statement and sent customers a letter informing them of the situation.
Here is the public statement that Citibank made [...]
Debt Consolidation Loans Becoming Increasing Popular on Peer-to-Peer Lending Marketplaces
Borrowers are turning to peer-to-peer lending companies, such as Prosper Marketplace and Lending Club, for debt consolidation loans more than every other type of loan request made, according to new data from Prosper Marketplace.
Prosper has originated more than $190 million in peer-to-peer loans since the company was founded in 2006. A recent press release from [...]
J.P. Morgan (NYSE:JPM): Passing Funding Costs to Borrowers
At a recent conference for investors in J.P. Morgan Chase (NYSE:JPM), Jes Staley, investment bank chief executive officer at the company, talked of concerns over the increasing cost of fixed income trading, whereby he said if increased regulations result in costs cutting into profits, those costs could be passed on to borrowers.
This is part of [...]
Why is Bank of America (NYSE:BAC) Stock Rising?
In light of the ongoing recession and continual bad economic news emerging from the Labor Department and Commerce Department, it’s definitely puzzling as to why Bank of America (NYSE:BAC) has become one of the investment darlings of Wall Street. There’s nothing happening to justify the confidence in the stock to warrant its surge in stock [...]
February 26th, 2010 | Gary | Comments | Continued
Citibank Set to Expand Singapore Division (NYSE: C)
Citibank’s (NYSE: C) Singapore unit is set to expand its distribution network and franchise by adding at least four new branches and 50 new any-time teller machines this year.
The additional branches will place a total of 26 Citibank branches in the city and will result a total of more than 220 ATM machines located in [...]
I am a Realtor trying to consumate a short sale for a senior citizen on social security with Citi holding ...
When you are down there, try the number 3 with sour cream... The green enchiladas are wonderful!!!!!! 
It would seem that they see the light at the end of the tunnel...I just hope that what they see ...