Archive for April, 2010
Goldman Sachs (NYSE:GS) Claims They Didn’t Bet Against Clients
Goldman Sachs (NYSE:GS) has been under fire from assertions they had bet against their clients by decreasing their own exposure to mortgage-backed securities while at the same time selling them to their clients. Goldman continues to deny the accusations. According to Goldman, they told shareholders in their annual letter, that they were buying and selling [...]
Former Citigroup (NYSE:C) CEO Charles Prince Grilled on the Company Being Too Big
While being evasive and unwilling to admit directly that Citigroup (NYSE:C) was so large it was impossible to manage at the Financial Crisis Inquiry Commission hearings today, former CEO Charles Prince, after denying it was too big, then couldn’t satisfactorily answer why they didn’t see the crisis coming. When grilled about the large number of [...]
Citibank (NYSE: C) Maintains Buy Rating and Price Target on Adobe Systems (NASDASQ: ADBE)
Citibank’s equities research team (NYSE: C) has reiterated its buy rating on Adobe Systems (NASDAQ: ADBE) and its price target for the company of $46.00. Citi analyst says, “Shares have a history of selling post launch. Strong releases have been less severe (CS3 = 6% relative decline over 8 wks). We’d encourage investors take advantage [...]
Bank of America (NYSE: BAC) Sued by California Homeowners
Bank of America (NYSE: BAC) has been sued by a group of California homeowners on Tuesday claiming that the Charlotte, N.C.-based lending giant is purposefully withholding government money intended to prevent homeowners from entering foreclosure. The case, which was filed in U.S. District Court in Northern California, alleges that Bank of America has intentionally prevented [...]
Regulators Fine Citigroup (NYSE: C) For Disclosure and Supervisory Violations
Citigroup (NYSE: C) has been fined $650,000 for disclosure and supervisory violations by the Financial Industry Regulatory Authority (FINRA) in the regulator’s first action involving a broker-dealer stock borrow program, according to a new WSJ Report. The New York-based bank has suspended all new borrows through its Direct Borrow Program on November 30th, 2008 and [...]
Citibank (NYSE: C) Appoints New head of Citibank Singapore
Citibank (NYSE: C) has appointed Michael Zink as its new country head for Citibank’s Singapore operations. Mr. Zink, age 51, will oversee the New York-based bank’s institutional clients group, consumer banking and global cards operations, as well as Citi’s global wealth management businesses in the country. He will take over from former country head and [...]
Wells Fargo (NYSE: WFC) Reaches Settlement with Raymond James Financial Inc
Raymond James Financial Inc said on Tuesday that it has reached a settlement in a case with Wells Fargo (NYSE: WFC) relating to brokerage raiding. Wells Fargo accused Raymond James of improperly poaching advisors of Wachovia, now owned by Wells Fargo, in September 2007. Initially, a Financial Industry Regulatory Authority arbitration panel in February imposed [...]
Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS) Re-Rate Office Max (NYSE: OMX)
Citigroup reiterated its “Buy” rating on Office Max (NYSE: OMX), saying that the valuation for the company is still attractive, but Goldman Sachs’ most recent analysis of the company believes that the company has reached its price target and is no longer attractive. Citi analyst comments on competition, “We believe that pricing pressure from Wal-Mart [...]
Bank of America Promises Faster Loan Modifications (NYSE: BAC)
Bank of America (NYSE: BAC) says that it will respond to mortgage modification requests by customers and credit counselors within 72 hours, under a new program that is expected to launch within the next 90 days, according to a new report from the Charlotte Observer. “From a customer experience perspective, we have to do better,” [...]
Does Dick Bove’s Earnings Outlook Spell Trouble For Big Banks Like Bank Of America (NYSE: BAC)?
Well known banking analyst Dick Bove warned in a CNBC interview on Wednesday that earnings from the banking sector will likely disappoint in the first quarter. Bove, a financial strategist at Rochdale Securities, believes the expectations for a drastic improvement in loan losses banks are dealing with may be unwarranted. “This is going to be [...]
J.P. Morgan (NYSE:JPM) Entering Corporate Banking Sector of India
With a number of Business services ready to launch in India, JP Morgan (NYSE:JPM) is about to tackle the challenge of creating a sustainable business model in the country concerning that growing market. Included in their services they are going to offer the Indian business community are cash management, hedging and foreign exchange tools, along [...]
Bank of America (NYSE:BAC) May Cut Ties with Massey Energy (NYSE:MEE)
As scrutiny continues to be on Massey Energy (NYSE:MEE) in relationship to the tragic explosion which resulted in 25 deaths of miners in West Virginia, companies like Bank of America (NYSE:BAC) are under increasing pressure to break ties with them. In the emotionally volatile situation, many shareholders and others are putting pressure on companies involved [...]
Everyone at Citigroup (NYSE:C) Missed CDO Risk
At a hearing today, executives from Citigroup (NYSE:C), and former executives, gave testimony concerning the CDO holdings of the company, and so far have revealed everyone at the company, and those consulting them, missed the risks inherent in the CDOs to the company. To begin with, former trading head at Citigroup, Thomas Maheras, pointed the [...]
JPMorgan Chase (NYSE: JPM) Tells Customers to Stop Making Mortgage Payments, Lawsuit Says
JPMorgan Chase & Co (NYSE: JPM) is being sued in for allegedly instructing homeowners to stop making payments on their mortgage so that they could be considered for a loan modification and then repossessed the homes when the consumer followed the bank’s advice. Faiz and Khadua Jahani are suing JPMorgan Chase and its predecessor, Washington [...]
Citigroup (NYSE: C) Sells St. Regis Monarch Beach Resort
Citigroup (NYSE: C) has sold its equity control of St. Regis Monarch Beach, a 400-room luxury resort, to real-estate investor Washington Real Estate Holdings LLC, according to a new WSJ report. Citi had originally provided a $70 million loan to the Orange County, CA-based resort’s former owners, Farallon Capital Management LLC, but seized the property [...]
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