Home » Archive for February, 2010
Wells Fargo (NYSE:WFC) Looking to Investment Banking Unit for Growth
With a lot of past revenue and profits being dried up through new government regulations, major banks are looking for other sources of revenue, and with Wells Fargo (NYSE:WFC), like many other major banks, investment banking could... More of this article »
Data Treasury Corp. Lawsuit May Cost U.S. Bancorp (NYSE: USB), Bank Of America (NYSE:BAC) And Wells Fargo (NYSE: WFC) Millions
Several big banks are at risk of losing upwards of two hundred million each in a lawsuit filed by Data Treasury Corp. based out of Plano, TX. The suit alleges that JP Morgan Chase (NYSE: JPM) took the company’s check imaging technology... More of this article »
Citibank and Chase Sidestep New Credit Card Act Regulations (NYSE: C) (NYSE: JPM)
Citibank (NYSE: C) and J.P. Morgan Chase (NYSE: C), two of the nation’s largest credit issuers, are largely sidestepping the Credit Card Accountability, Responsibility and Disclosure Act passed by Congress last May by changing fee... More of this article »
Bank of America (NYSE:BAC), Citibank (NYSE:C) and J.P. Morgan (NYSE:JPM) Looked to as Lending Plunges at Banks
As reports come in that bank lending is at its lowest levels in decades, the major banks like Bank of America (NYSE:BAC), Citibank (NYSE:C) and J.P. Morgan (NYSE:JPM) are being pressured to take up some of the slack left from struggling... More of this article »
J.P. Morgan (NYSE:JPM) Says Increased Regulation Could Crush Revenue in 2010
As lawmakers continue to interfere with the market and banks, it is becoming increasingly clear that large financial institutions like J.P. Morgan (NYSE:JPM) and its shareholders will suffer revenue and profit declines as a consequence... More of this article »
Bank of America Predicts Increased Risk of Corporate Defaults on Bonds (NYSE: BAC)
Bank of America Merril Lynch (NYSE: BAC) is predicting that a large amount of “junk” debt that is set to mature over the course of the next four years will significantly increase the risk of corporate defaults. According to New... More of this article »
Prosper Marketplace May Build Student Loan Peer-to-Peer Lending Product
Peer-to-peer lending company, Prosper Marketplace, has hinted that it may build a peer-to-peer lending product targeted specifically at student loans, following in the footsteps of Fynanz and People Capital. During a recent interview... More of this article »
Peer to Peer Lending Companies Partner with Online Retailers
Peer to peer lending companies are now turning to partnerships with online retailers to further growth as future growth from natural loan demand is beginning to slow. The first company to make such a partnership was Prosper Marketplace... More of this article »
Banking Losses to Continue for Wells Fargo, Bank of America and JP Morgan Chase (WFC, BAC, JPM)
Some of the nation’s largest banks including Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) and JP Morgan Chase (NYSE: JPM) will continue to face major losses from commercial real estate despite having repaid their emergency... More of this article »
Citibank Predicts Strong Comeback for Russian Economy (NYSE: C)
Citibank’s (NYSE: C) team of analysts raised its economic outlook on the Russian economy, predicting a 6.2% GDP growth rate as consumer spending speeds up. Citi’s previous forecast for the nation of Russia predicted a 3% growth... More of this article »
Bank of America (NYSE:BAC) Hires Merrill Lynch Veterans for Investment Banking Unit
With new regulations cutting into revenue and profits at large banks, it looks like Bank of America (NYSE:BAC) and others are responding by putting more of an emphasis on the investment banking side of the business, which has been... More of this article »
Morgan Stanley (NYSE:MS) Continues Top Management Shuffle: Chief Legal Officer Gary Lynch Stepping Down
New Morgan Stanley (NYSE:MS) chief executive officer James Gorman has been consistently working on putting his own team in place since his installment on January 1, and that continues as chief legal officer Gary Lynch announced he’ll... More of this article »
Bank of America (NYSE:BAC) Finally Gets Approval for SEC Settlement
U.S. District Judge Jed S. Rakoff has been unusually antagonistic toward Bank of America (NYSE:BAC) in their attempt to settle a lawsuit from the Securities and Exchange Commission (SEC) over allegedly not fully disclosing bonuses... More of this article »
Rising Bank Failures Bad Sign for Bank of America (NYSE:BAC), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC)?
The news keeps getting worse for the banking industry, as recent data released show that it isn’t just the expected commercial loans that are faltering, but the number of foreclosures are finally being reported in a way that... More of this article »
Wells Fargo (NYSE: WFC) Shareholders To Get “Say On Pay”
The board of directors for Well Fargo (NYSE: WFC) announced Tuesday that the bank’s shareholders will have a chance to vote on executive compensation at the annual meeting in April. Shareholders can cast votes on compensation for... More of this article »
The Differences Between Credit Unions And Financial Institutions
With the business market building back up today as it recovers from the latest financial downpour, there are many reasons why individuals will question where it may be better to keep your hard-earned money: credit unions or financial... More of this article »
Goldman Sachs Accepts Criticism Related to Greece’s Economy (NYSE :GS)
Goldman Sachs (NYSE :GS) managing director Gerald Corrigan said that the currency swaps that his bank had entered into with Greece in 2001 could have been more transparent. Corrigan told The U.S. Treasury’s Select Committee that... More of this article »
Wells Fargo (WFC) and US Bancorp (USB) Offering Payday Loans on Checking Accounts to Make-Up for Lost Overdraft Fees
U.S. banks including Wells Fargo (NYSE: WFC) and U.S. Bancorp (NYSE: USB) are offering payday loan-style short term lending options for checking account holders at interest rates as high as 120% as they seek to replace more than $15... More of this article »
Citibank (NYSE:C) Increasing its Footprint in India
Citibank (NYSE:C) recently said they’re looking at increasing their investment in India, which would even further their lead as far as the largest foreign investor in the country concerning the financial services industry. While... More of this article »
First PREMIER Bank Card Now Offering 59.9% APR Credit Card with $300 Limit and $75.00 Annual Fee
We reported last October that First PREMIER Bank was offering a credit card with a 79.9% interest rate to some sub-prime borrowers and it appears that First PREMIER Bank of Sioux Falls, SD is at it again. The new offer that the LA... More of this article »
JP Morgan Chase and Bank of America Slap New Fees on Credit Card Customers and Kill Rewards Programs (JPM, BAC)
As new provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 come into effect, JP Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) have slapped new fees on their credit card customer base and... More of this article »
Morgan Stanley (NYSE:MS) Close to Selling Stake in China International Capital Corp. (CICC)
After a number of years battling for a larger say in some of the strategies of China International Capital Corp. (CICC), and fighting over whether or not they had exclusive right to partner with the large Chinese investment bank concerning... More of this article »
Goldman Sachs (NYSE:GS) Fighting Shaw Communications (NYSE: SJR) over 2007 Shareholders Agreement
The bankruptcy of Canwest Global Communications Corp. left Goldman Sachs (NYSE:GS) with little control over its ownership agreement with the company concerning 13 Canadian cable channels after Shaw Communications (NYSE: SJR) was given... More of this article »