Home » Archive for April, 2010
Morgan Stanley (NYSE: MS) Pulling out of Revel Casino in Atlantic City
Morgan Stanley (NYSE: MS) announced that it will be pulling out of Revel casino in Atlantic City, a move that will result in what the company refers to as a “substantial loss” of its $1.2 billion investment in the partially-built... More of this article »
Peer To Peer Lending Executives at Prosper Marketplace Take Salary Cut
Top executives at Prosper Inc, a peer-to-peer lending company, have taken significant cuts in pay in 2009 compared to their 2008 compensation levels, according to a new regulatory filing that th company made with the Securities and... More of this article »
Prosper Marketplace SEC Filing Admits Riskiness of Peer-to-Peer Loans
Prosper Inc, a peer-to-peer lending company, admitted that it loans are much riskier to investors than its marketing material might lead investors to believe in a new 10-K filing with the Securities and Exchange Commission last week. In... More of this article »
Former Citigroup (NYSE: C) Chairman to Testify before Financial Crisis Inquiry Commission
Charles Princes, former chairman of Citigroup (NYSE: C), will be answering questions related to Citigroup’s near downfall for the first time since the financial crisis ended to the Financial Crisis Testimony Commission (FCIC)... More of this article »
JPMorgan Chase & Co (NYSE: JPM) To Enter Liquefied Natural Gas Market
JP Morgan Chase & Co (NYSE: JPM) announced that it would be entering into the liquefied natural gas (LNG) market on Wednesday under a deal with U.S. LNG natural gas importer Cheniere Energy. Under the terms of the two-year agreement,... More of this article »
Bank of America (NYSE: BAC) to Close Call Center, 165 Employees Laid-Off
Bank of America (NYSE: BAC) told employees of a Pennsylvania-based call center on Thursday that they would lose their jobs as the company winds down operations in the Ferguson Township, PA-based office. Operations at the building located... More of this article »
Bank of America (NYSE:BAC) Inks Human Resource Deal with Hewitt Associates and Plateau Systems
Bank of America (NYSE:BAC) has decided to switch human resources providers, and have signed a deal with Hewitt Associates Inc. and Plateau Systems to provide the services starting in 2011. The current contract with fidelity investments... More of this article »
Citigroup (NYSE:C) Hires Paul Phillips from Bank of America (NYSE:BAC)
Looking to shore up its global telecom, media and technology investment banking unit, Citigroup (NYSE:C) hired Paul Phillips away from Bank of America (NYSE:BAC) to become managing director of the division. Phillips was the managing... More of this article »
General Electric (NYSE: GE) to Invest in Norway’s Wind Power Industry
General Electric (NYSE: GE) has announced that it will be investing $100 million into expanding its wind power activity in the country of Norway, a move which will create 100 new jobs for the country. According to the Norway Post,... More of this article »
S&P Reaffirms AIG’s (NYSE: AIG) Credit Ratings
Standard & Poor’s reaffirmed its A-/A-1 counterparty credit ratings for American International Group (NYSE: AIG) on Thursday. The rating firm also reaffirmed AIG’s A+ counterparty credit and financial strength ratings on its... More of this article »
Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) Hurting From Drop-Off in Investment Banking
Analysts are cutting their earnings forecasts for Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS), two of the largest U.S. investment banks, as the result of a general decline investment banking activities such as IPOs, mergers... More of this article »
Citigroup (NYSE: C) to Revamp Algorithm-based Trading Strategies
Citigroup (NYSE: C) will be overhauling its platform of trading strategies as part of an ongoing effort to grow its share of the U.S. equities from 14%, according to Young Kang, global head of algorithmic products at the firm. The... More of this article »
EMI Seeking Sony (NYSE:SNE) Deal to Avoid Seizure from Citigroup (NYSE: C)
EMI needs to make up for a funding gap of £100 million or it could face a potential seizure by Citigroup (NYSE: C) a creditor. It now appears that Sony (NYSE:SNE) is ready and willing to make a deal with EMI to win the distribution... More of this article »
GMAC Names Former Bank of America (NYSE: BAC) Executive as Interim CFO
GMAC Inc, the automotive-lender owned primarily by the U.S. government, has named Bank of America (NYSE: BAC) alumni James Mackey, currently a senior finance executive for GMAC, as its interim Chief Financial Officer, following the... More of this article »
Wachovia Name All But Gone from Wells Fargo (NYSE: WFC)
Wells Fargo & Co (NYSE: WFC) announced last weekend that the majority of its Wachovia international locations have begun operating under the Wells Fargo name and brand. Wells Fargo purchased Wachovia Corporation on December 31st... More of this article »
JPMorgan (NYSE: JPM) Hoping For Smoother CEO Transition than Bank of America (NYSE: BAC)
JPMorgan Chase (NYSE: JPM) is hoping to avoid the drawn-out CEO transition that Bank of America (NYSE: BAC) suffered from last year after retired CEO Kenneth Lewis transitioned out of the company. According to the New York Post, JPMorgan... More of this article »
BlackRock (NYSE: BLK) Downgraded by Citigroup (NYSE: C) and Deutsche Bank
Money management behemoth BlackRock (NYSE: BLK) was downgraded by analyst at both Citigroup Inc (NYSE: C) and Deutsche Bank AG, citing the belief that investors were overestimating the company’s future profits. Citigroup analyst... More of this article »
Wells Fargo Insurance (NYSE: WFC) Announces Appointment of New Executive
Wells Fargo’s Insurance Services (NYSE: WFC) announced that it has hired Lisa Flick as a commercial lines account executive based out of its Fargo, ND office. Flick will be responsible for servicing an existing book of commercial... More of this article »
Citigroup (NYSE: C) Reiterates Hold Rating on eBay (NASDAQ: EBAY)
Citigroup (NYSE: C) reiterated its “hold” rating and $28.00 price target for popular online-auction company eBay (NASDAQ: EBAY), but said that despite the company’s 15% year-to-date rally, the stock still trades at... More of this article »
Citigroup (NYSE: C) Says Buy Teva Pharmaceutical Industries (NASDAQ: TEVA)
Citigroup Global Markets (NYSE: C) analyst John Boris re-iterated his “buy” rating for shares of Teva Pharmaceutical Industries (Nasdaq: TEVA), with a new price target of $72. Boris made his re-iteration on the company... More of this article »
Credit CARD Act May Cost JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) $1.55 Billion
Some of the major reforms from the Credit CARD Act of 2009 went into effect in February and banks are beginning to feel pinched from the legislation. JPMorgan Chase (NYSE: JPM) said that the reforms would cut $750 million from their... More of this article »
Is Goldman Sachs (NYSE:GS) Right that Chinese will Increase Value of Renminbi?
The announcement by China that President Hu Jintao will be visiting Washington in a couple of weeks makes one wonder if the idea thrown out by Goldman Sachs (NYSE:GS) that the Chinese were ready to increase the value of the renminbi... More of this article »
Financial Crisis Inquiry Commission Takes Aim at Citigroup (NYSE: C)
The Financial Crisis Inquiry Commission has setup three-days worth of hearings next week placing a strong emphasis on Citigroup (NYSE: C), in which the group will interview current and former executives at the bank as well as various... More of this article »