Archive for March, 2010
Bank of America to Hold Consumer Conference on March 10th and 11th (NYSE: BAC)
Bank of America Merrill Lynch (NYSE: BAC) will be holding its annual Consumer Conference on March 10th and 11th. The event will take place in New York City at the Palace Hotel. A number of companies have made statements indicating that they will be participating in the conference, including Hanesbrands Inc, Iconix, The Cheesecake Factory, [...]
Citibank Settles 15 Year-Old Lawsuit Related to Bruno’s Supermarkets (NYSE: C)
Citibank (NYSE: C) announced that it had finally reached a settlement agreement in a lawsuit related to the buyout of Bruno’s Supermarkets which dated back to 1995 with former bondholders of the company. Plaintiffs in the case were seeking an an-unspecified amount of damages in the several hundred million dollar range over claims that some [...]
JPMorgan (NYSE:JPM), Citicorp (NYSE:C), Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) Sued by Tribune Bondholders
Bondholders of Tribune, in connection to the Chapter 11 bankruptcy case, have sued JPMorgan (NYSE:JPM), Merrill Lynch Capital Corp.,Citicorp (NYSE:C), Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) over the financing of the buyout of the company in 2007. The financing of Tribune by the financial institutions led to the leveraged buyout of Tribune in [...]
Citigroup (NYSE:C) Hearing: “There is No Too Big to Fail”
After laying into Vikram Pandit about the size of Citigroup (NYSE:C) yesterday, and the need to take steps to shrink the company down to levels where they aren’t a hazard to the rest of the country, it got even more interesting. as the congressional oversight panel got a change to grill Herbert Allison on the [...]
Wells Fargo (NYSE:WFC) to Hire 10,000 Brokers
Wells Fargo (NYSE:WFC) is going to hire another 10,000 brokers going forward, according to a company spokeswoman, who confirmed the story which had been circulating since last night. As far as the time frame this is going to happen in, there were no details issued, and it seemed it would be over a period of [...]
Bank of America Corp. (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co. (NYSE:WFC) and Citigroup Inc. (NYSE:C) Buying Back $21 Billion in Home Loans
Fannie Mae and Freddie Mac are reportedly going to force Bank of America Corp. (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co. (NYSE:WFC) and Citigroup Inc. (NYSE:C) ot buy back up to $21 billion in residential mortgages in 2010 in response to what they consider mortgages which shouldn’t have been made in the [...]
Bank of America’s (NYSE: BAC) Moynihan to Present at Citibank (NYSE: C) 2010 Financial Services Conference
Bank of America (NYSE: BAC) Chief Executive Officer and President Brian Moynihan will be a participant in Citibank’s (NYSE: C) Citi 2010 Financial Services Conference in New York on Wednesday, March 10th, 2010. Moynihan will be speaking at 12:45 PM E.T. and be discussing various issues that the banking industry is currently facing including pending [...]
Broker Must Repay $960,000 to Citibank (NSE: C) After Losing Arbitration Case
Citibank’s (NYSE: C) Citigroup Global Capital Markets unit will be repaid a $960,000 signing-bonus from a broker in a case involving an alleged breach of contract, according to documents from an arbitration case. An arbitration panel from the Financial Industry Regulatory Authority (FINRA) ordered Daniel J. Henrichs, a broker based out of Missouri, to pay [...]
U.K to Collect £1 Billion in Bonus Taxes from U.S. Banks including Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS)
Major U.S. banks including Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) will be paying up to £1 billion to the British treasury as part of the country’s banking bonus tax. A new survey from the Financial Times of London among 16 global banks predicts that the British [...]
U.S. Treasury Wants Out of Citibank ASAP (NYSE: C)
The United States Treasury wants out of its investment in Citibank (NYSE: C) as soon as it can be done in an orderly manner, said Assistant Secretary of the Treasury for Financial Stability Herbert Allison during a hearing related to the Congressional Oversight Panel for the Troubled Asset Relief Program. The exchange took place during [...]
American Express (NYSE: AXP) And Capital One (NYSE: COF) Joined The Big Banks Raising Credit Card Rates
American Express (NYSE: AXP) and Capital One Financial Corp. (NYSE: COF) raised rates on two of their most popular cards before February 22, when the Credit Card Accountability, Responsibility and Disclosure (CARD) Act kicked in. American Express bumped its average annual percentage rate (APR) on its Blue Card to start at 15.24 percent, up from [...]
Funding Circle Raises $1.1 Million to Build Social Lending Platform for Small Business Loans
Funding Circle, a U.K. based start-up, has raised $1.1 million worth of Series A circle to complete building its social lending platform for small business loans and plans on launching during Q2 of 2010. The service that Lending Circle plans on offering will allow individuals to lend small amounts of money to a wide range [...]
Wells Fargo (NSYE:WFC) Economist: Housing Weaker than Believed to Be
Do you ever wonder why every time we hear some economic news that doesn’t line up with the official line, the term “unexpected” is used, as if the government or someone else is completely caught off guard by it. That’s the case with the housing market recently, as a Wells Fargo (NSYE:WFC) economist confirmed it’s [...]
CEO’s at Wells Fargo (NYSE: WFC), JP Morgan (NYSE: JPM) And Goldman Sachs (NYSE: GS) Get Huge 2009 Paydays
Chief executives at several big banks received extraordinary paydays for 2009, with Wells Fargo (NYSE: WFC) CEO John Stumpf receiving compensation that doubled his 2008 earnings. Though incredible high payouts at banks are still the norm despite public outcry, a large majority of the payouts were based in stock, better liking the executives’ earnings to [...]
Citibank (NYSE: C) To Expand Cell-Phone Payment System in India
Citibank (NYSE: C) announced that they will e expand in their “Tap and Pay” cell-phone based payment system in India. The bank started a trial launch in Bangalore to determine if it could successfully use mobile phones with near-field communications (NFC) technology at retail outlets and other point-of-sale locations. Citibank branded the service as “Citi [...]
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