Archive for March, 2010
Shareholder Approval for Prudential Plc Buying AIG Unit not a Surety, Says Bank of America (NYSE:BAC) Analyst
According to Bank of America (NYSE:BAC) analyst Blair Stewart, the attempt by Prudential Plc to acquire an Asian unit of American International Group is not a guarantee at this time, as it’s possible shareholder approval may be withheld in the $20 billion rights offer for AIA Group Ltd. In a note to clients, Stewart stated [...]
JP Morgan Chase Upgraded by Zacks Citing Market Improvements and Acquisitions
JP Morgan Chase (NYSE: JPM) was upgraded by Zacks Investment Research to a “Neutral” rating, up from and “Underperform” rating, citing the market’s recovery and valued growth indicators. Zacks said that JP Morgan Chase will benefit from its core businesses and its recent large scale acquisitions. The analyst noted that each of JP Morgan Chase’s [...]
Wells Fargo Retreats from Hiring Report (NYSE: WFC)
Wells Fargo (NYSE: WFC) attempted to clarify a Reuters report published last weekend suggesting that the bank would be hiring an additional 10,000 brokers for its wealth management business. In a statement, the San Francisco-based bank told the press that it does anticipate “strong growth”, but declined to discuss any specific projections of hiring. The [...]
Fifth-Third Bancorp (NYSE: FITB) Declines Another 1.5% After Citigroup (NYSE: C) Downgrade
Shares of Fifth-Third Bancorp (NYSE: FITB) have fallen by another 1.5%, after closing down 5% on Thursday when a Citigroup (NYSE: C) analyst downgraded the regional bank’s outlook, citing that the stock has almost met Citi’s target price. Citi analyst Keith Horowitz said hat Fifth-Third Bancorp’s stock recently had a strong performance, growing more than [...]
Customers Use Citibank CEO Pandit’s New Blog to Complain About Fees and Other Issues (NYSE: C)
Citibank (NYSE: C) CEO Vikram Pandit has recently begun blogging and now disenchanted Citibank customers and other upset consumers are now using Citibank’s “New Citi” blog to voice their distaste for new fees being charged on credit cards, the company’s treatment of its investors and its acceptance of billions worth of taxpayer dollars. In his [...]
AIG (NYSE: AIG) Readies Another Big Sale, Alico Unit Likely Going To MetLife (MYSE: MET)
American International Group (NYSE: AIG) is apparently not wasting any time raising even more capital following capital last week’s sale of American International Assurance (AIA) to Prudential plc. The firm is expected to announce as early as Monday morning that it has reached a deal to sell its American Life Insurance Co. (Alico) to MetLife [...]
Fannie Mae and Freddie Mac May Force Bank of America, JP Morgan Chase, Wells Fargo and Citigroup to Buy Back $21 billion in Home Loans (BAC, JPM, WFC, C)
Freddie Mac and Fannie Mae are forcing some of the nation’s largest lenders to purchase back poorly-written mortgage that helped trigger the 2008 recession and led to the failure of many financial institutions. The two government-controlled mortgage companies could force some of the nation’s largest lenders, including Bank of America (NYSE: BAC), JP Morgan Chase [...]
New York Judge to Decide if Citibank and Terra Firma Lawsuit Should be Moved to London (NYSE: C)
A New York-based judge will make a decision as to whether or not to move a case made against Citibank (NYSE: C) to London that has been filed by Terra Firma Capital Partners. Private equity firm Terra Firma Capital Partners accused Citibank of tricking it into buying EMI Group Ltd. The firm accused Citibank, which [...]
American Banking News Twitter Updates for the Week of 2010-03-07
Senate Continues Talks on Financial Reform Bill – CNBC http://tinyurl.com/yg2vwl6 #Econ # Consumer Groups Rip Chris Dodd Over Financial Protection Agency Compromise – Huffington Post (blog) http://tinyurl.com/ydv6kbr #Econ # Regulator warns against caving in on bank reform – Reuters http://tinyurl.com/ykxya58 #Econ # Yen Falls as Japanese Government Puts Pressure on Central Bank – BusinessWeek http://tinyurl.com/yl9fscn [...]
Bank of America (NYSE: BAC), Citibank (NYSE: C) and Goldman Sachs (NYSE: GS) Attempting to Win Over Public Opinion with Online Marketing
Citibank (NYSE: BAC), Goldman Sachs (NYSE: GS) and Bank of America (NYSE: BAC) are trying to sway public opinion back in the favor of banks as consumer contempt toward the financial industry grows and as new regulatory legislation works its way through congress. Citibank CEO Vikram Pandit has been actively writing on a Citibank blog [...]
Centennial Bank, Waterfield Bank, Sun American Bank and Bank of Illinois Shutdown by Federal Regulators
Centennial Bank, Waterfield Bank, Sun American Bank and Bank of Illinois were shut down by federal regulators on Friday, pushing the number of bank failures to 26 for the year of 2010. The Federal Deposit Insurance Corporation (FDIC) has since far been unable to find buyers for two of the banks, Centennial Bank in Ogden, [...]
Bank of America (NYSE: BAC) Upgrades Walt Disney (NYSE: DIS)
Bank of America increased its rating on Walt Disney Co (NYSE: DIS) to ‘buy” from “neutral” citing that the entertainment monolith’s 2011 earnings could outperform expectations. The value of shares in Walt Disney increased by more than 5% during the week, closing at $33.22 per share. The research note by Bank of America Merrill Lynch [...]
Goldman Sachs Attempting to Improve Public Image by Acknowledging Mistakes (NYSE: GS)
Goldman Sachs (NYSE: GS) is attempting to win over public opinion by acknowledging mistakes and being more open to interviews. The company rarely has a need to advertise to the public, but has received substantial criticism related to the financial crisis and its executive’s high levels of compensation and bonus pay. According to a regulatory [...]
Prosper Marketplace Loan Origination Growth Rate Slowing
Peer-to-Peer Lending Company Prosper Marketplace saw a decline in the amount of new loans that the company is originating for the second consecutive month during February. Prosper Marketplace issued a total of $1.7 million in new loans during the abbreviated month. During the month of January, Prosper Marketplace issued $1.9 million in new loans. The [...]
$7.5 Million in New Loans Originated by Lending Club in February
Lending Club, a U.S. based peer-to-peer lending company, originated $7.5 million in new loans during the month of February and now has funded more than $91 million worth of peer-to-peer loans to consumers. Lending Club’s loan growth rate has increased every month since the peer to peer lending industry came under fire from the Securities [...]
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