Archive for March, 2010
Demand for Citibank’s (NYSE: C) TRUPs Indicates Market Approval
Citibank’s (NYSE: C) sale of $2 billion worth of preferred securities was successful, indicating that investors are ready to move back into investing in the troubled bank. Analysts have considered Citibank the weakest of the mega-banks during the last year. The successful share of its preferred securities was a litmus test of sorts, which some [...]
Bank of America Facing Pressure to Sell Assets (NYSE: BAC) and Follow in Citibank’s (NYSE: C) Footsteps.
Bank of America (NYSE: BAC) executives including Chief Executive Brian Moynihan has been told by regulators that the largest U.S. bank in terms of assets must become “much smaller” in a similar manner to Citigroup’s (NYSE: C) shedding of non-core assets, reported Fox Business Network’s Charlie Gasparino on Wednesday. Federal regulators are becoming increasingly concerned [...]
J.P. Morgan Chase (NYSE:JPM) Going into Exchange-Traded Funds Business
The investment unit of J.P. Morgan Chase (NYSE:JPM) says it is making plans to offer exchange-traded funds in the near future, as the investment vehicles continue to surge in popularity, drawing large investment dollars to their coffers. Exchange-traded funds being put together by J.P. Morgan will be actively managed, meaning they will have higher fees, [...]
Wells Fargo (NYSE:WFC) CEO John Stumpf Named to Target (NYSE:TGT) Board
Wells Fargo (NYSE:WFC) Chief Executive Officer John Stumpf has been named to the board of Target Corporation (NYSE:TGT) today. The board position will be effective immediately, said Target. George Tamke, who is a partner at Clayton, Dubilier & Rice, a private investment company, is the man Stumpf is replacing. Tamke stepped down in retirement, which [...]
Citigroup (NYSE:C) Shares Continue to Rise
It’s fun watching the Citigroup (NYSE:C) shares rise, as it reminds you of people making huge investments based on nothing but the herd mentality, as Citigroup has nothing happening to it that justifies the stock being bid up like it is, but I know those moving in and out of the market are loving it. [...]
Senior Wells Fargo (NYSE: WFC) Executive Sells $5 Million in Shares
A Wells Fargo (NYSE: WFC) Senior Executive Vice President (David Carroll) sold 168,00 Wells Fargo shares at an average price of $28.88 each on March 8th and 9th indicating that the bank’s stock may have hit some form of ceiling. After the sale Carroll now holds 41,560 shares directly and 501,930 options to purchase the [...]
Bank of America (NYSE:BAC) Not Concerned Over Home Equity Losses
According to Bank of America (NYSE:BAC) Chief Executive Officer Brian Moynihan, he’s not too concerned over the losses the company will incur from their home-equity loans, which holds about $149 billion in its portfolio. Moynihan added he’s comfortable with this not being considered a “big issue” at the company going forward. He agreed that there [...]
U.S. Treasury Praise Bank of America (NYSE: BAC) Fee Reductions, Urges Citibank (NYSE: C), JP Morgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) To Follow Suit
U.S. Treasury Secretary Timothy Geithner praised a move by Bank of America (NYSE: BAC) to prevent customers from over drafting their accounts, effectively eliminating overdraft fees, and encourage other major banks including Citibank (NYSE: C), JP Morgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) to do the same. “We welcome these efforts by banks [...]
GMAC Sold $1.5 Billion in New 10 Year Notes
General Motors Auto Credit (NYSE: GE) sold $1.5 billion worth of 10-year senior unsecured notes on Wednesday, according to an un-named source familiar with the sale. The 8.00% notes were priced at 98.320 to yield 8.25% or 453.2 basis points over comparable U.S. Treasury notes. The join-book managers on the sale included Bank of America [...]
Visa (NYSE: V) To Hire 350 Workers In Miami Area
Visa Inc. (NYSE: V) announced they will hire 350 workers to staff a new customer service center opening in the Miami-Dade county of Florida. The new employees will provide support to Visa’s financial institution clients, merchants and cardholders. Once the center is operational, target is for this summer, it will function around the clock and [...]
JP Morgan Chase (NYSE: JPM) Downgrades Annaly Capital (NYSE: NLY) to “Neutral”
JP Morgan Chase (NYSE: JPM) analysts downgraded Annaly Capital (NYSE: NLY) from “Overweight” to “Neutral”, changing the company’s price target to $19.00. Annaly Capital Management Inc owns and manages a portfolio of real estate-related investment securities, such as mortgage pass-through certificates, collateralized mortgage obligations (CMOs), agency callable debentures and other securities that are backed by [...]
Pandit Predicts Citibank (NYSE: C) Will Earn $20 Billion in 2 Years
Citibank (NYSE: C) CEO Vikram Pandit is expected to state on Thursday that the company will earn as much as $20 billion from its core businesses within the next few years, according to a report from the Financial Times. Less than two years ago, the now-defunct business magazine Portfolio named Pandit as one of the [...]
JP Morgan (NYSE: JPM) to Provide Expanded Collateral Management Services to Canadian Government
(Business Wire) JP Morgan Worldwide Securities Services (NYSE: JPM) announced that it has been selected by the Government of Canada to provide an expanded set of collateral management services for derivatives. A derivatives collateral management client since March 2002, the Government of Canada also utilizes the firm’s treasury management and derivatives trading services. Darren Measures, [...]
SunTrust Banks Inc. (NYSE: STI) and Regions Financial Corp. (NYSE: RF) Remain Likely Targets of M & A Activity
In June of 2009, CreditSights issued a report that listed SunTrust (STI) and Regions Bank (RF) as the top two franchises in terms of merger attractiveness once banks exited the U.S. government’s Troubled Asset Resolution Program (TARP). “In general, we view the more ‘critical mass’ regional bank franchises such as SunTrust, Regions, and Fifth Third [...]
Stock Rises Over 4% on the Day as Analysts are Bullish on Citigroup (NYSE: C)
One day after reports that Citigroup (C) may have weathered the worst of the financial storm, shares of the financial giant were up over 3% in afternoon trading on Wednesday. Reports of high demand for a $2 billion trust offering were partly responsible for the rise in share price. Also at play was the announcement [...]
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