Archive for April, 2010
Citibank Singapore (NYSE: C) Launches New Wealth Management Division
Citibank’s (NYSE: C) Singapore unit is positioning itself for growth from high net-worth individuals with investment portfolios between $1 million and $10 million in Asia with a new wealth management division. The New York-based bank believes its Asian markets segment is likely to grow by between 15% and 20% during the next three to five [...]
Morgan Stanley (NYSE:MS) Says Tory Victory Better for Pound, Stock Market
Morgan Stanley (NYSE:MS) has said a victory by the British Conservative party would be better for the British Pound and the stock market, reiterating what Deutsche Bank recently stated as well. In a note to clients, Morgan Stanley said, “Investors are likely to react most positively to an outright Conservative victory, with sterling and gilts [...]
Goldman Sachs (NYSE:GS) Upgrades J.C. Penney (NYSE:JCP) to “Buy”
Goldman Sachs (NYSE:GS) analyst Adrianne Shapira upgraded J.C. Penney (NYSE:JCP) from “Neutral” to “Buy,” with expectations that consumer spending will increase driving the decision. Including with the assumption is the fact that J.C. Penny is a mid-priced department store, implying some consumers are moving out of the discount mode into more of a regular buying [...]
Bank of America (NYSE:BAC) Worth Three Times What it is Today if Broken Up Says Richard Bove
Rochdale Securities analyst Richard Bove took a look at Bank of America (NYSE:BAC) if they were to be broken up, and suggests if that scenario were to unfold, it would be worth about $53 a share, about three times what it stands at today. Bove wrote that “A series of smaller companies would outperform the [...]
Citibank to Provide $57.3 Million to Spanish Lehman Brothers Victims (NYSE: C)
Citibank (NYSE: C) announced on Thursday that it had come up with an agreement to pay $57.3 million (or 42.9 million euroes) in compensation to Spanish clients who lost money in investments made through Citibank in the failed investment group Lehman Brothers. In a statement made by the company, Citigroup’s Spanish branch said that the [...]
Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), J.P. Morgan (NYSE:JPM) and Bank of America (NYSE:BAC) Hid Debt Levels
Citing data from the Federal Reserve Bank of New York, the Wall Street Journal reported that 18 banks, including giant banks Citigroup (NYSE:C), Goldman Sachs Group (NYSE:GS), Morgan Stanley (NYSE:MS), J.P. Morgan Chase (NYSE:JPM) and Bank of America (NYSE:BAC), hid debt levels before having to report their quarterly results over the last five quarters. According [...]
Barney Frank says Bank of America CEO Doing a “Very Good Job” (NYSE: BAC)
House Financial Services Committee Chairman, Barney Frank, praised current Bank of America (NYSE: BAC) CEO Brian Moynihan in a short interview Thursday with the Charlotte Observer. Frank (D-MD) said that the Charlotte-based bank has “out in front recognizing the need for mortgage changes.” “I think he’s doing a very good job, not taking a defensive [...]
Goldman Sachs (NYSE: GS) Proprietary Trader Leaving Company
Goldman Sachs Group (NYSE: GS) co-head of its largest internal hedge fund, Ali Hedayat, has left the company, the second major departure from the unit in less than a month, according to a new report from Business Week. Mr. Hedayat’s departure from Goldman Sachs follows Pierre Henri Flamand, who left the company in March. Mr. [...]
Citigroup (NYSE: C) Hits 5 Month High
Citigroup (NYSE: C) shares have hit a new five-month high closing at $4.47 on Thursday, marking a 2.41% gain for the day. The New York-based bank previously closed at $4.46 on October 23rd. In the past month, Citigroup has outperformed the market as well as its competitors and has risen by more than 27%. Recently, [...]
NAACP to End Lawsuit Against Wells Fargo (NYSE: WFC)
The NAACP announced today that it will be ending a lawsuit against Wells Fargo & Co (NYSE: WFC) which accused the San Francisco-based bank, as well as other large-cap banks, of violating the Fair Housing and Equal Credit Opportunity Acts and racial discrimination. “We brought these lawsuits against lenders to change and stop patterns of [...]
Lending Club Hits New Record in Month Loan Demands
Lending Club, a company which offers a peer to peer lending marketplace to its customers, has reached a new monthly record in loan demand with applicants requesting to borrow more than $100,000,000 in personal loans during the month of March. Out of the loan requests, Lending Club funded $8.5 million funded in loans because it [...]
Ford Motor (NYSE: F) to Join Carbon Disclosure Project
Ford Motor Co (NYSE: F) has become the first auto manufacturer to join the Carbon Disclosure Project (CDP) Water Disclosure, a project that measures companies’ water usage, water risks and water management plans of their operations as well as their supply chains. The Carbon Disclosure Project established a reporting framework used by 2,500 of the [...]
Goldman Sachs (NYSE: GS) Jumps After Dick Bove Calls Firm Anti-Greece Play
Shares of Goldman Sachs (NYSE: GS) got a boost on Thursday after Rochdale Securities analyst Dick Bove said he believes the firm is buying credit-default swaps on Greece. If Bove is correct, it kind of makes Goldman an anti-Greece play, considering that if Greece were to falter then Goldman would get paid a nice return [...]
Goldman Sachs (NYSE: GS) on Defense, Denies Betting Against Clients
Goldman Sachs (NYSE: GS) is on the defense in the court of public opinion and has denied that it has bet against its own clients by selling them mortgage-backed securities while reducing its own exposure to similar investments just before the U.S. housing market bubble burst. In the company’s annual letter to shareholders on Wednesday, [...]
Wells Fargo (NYSE:WFC) Case with Raymond James (NYSE:RJF) Settled Over Broker Raids
Although bad blood continues to run between Wells Fargo (NYSE:WFC) and Raymond James (NYSE:RJF) over the alleged raiding of brokers from A.G. Edwards, they have finally settled in the battle, where Raymond James paid an unspecified amount in a confidential settlement between the two companies. The reason A.G. Edwards is connected to Wells Fargo is [...]
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