Archive for April, 2010
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 is planning for life after Jamie Dimon by moving around job titles and responsibilities for various [...]
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 William Katz said in a research note published on Friday that investors are too optimistic about BlackRock’s December acquisition of Barclays Global [...]
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 lines business. Before Ms. Flick joined Wells Fargo, she served as an account executive for Vaaler insurance, where [...]
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 a discount relative to other large-cap online-retailer stocks, with a price to earnings ratio roughly half of that of Amazon.com’s (NASDAQ: AMZN). The [...]
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 after an Indiana Southern District ruled in favor of Eli Lilly and Company on one issue and ruled that another matter [...]
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 bottom line and Bank of America (NYSE: BAC) said that the reforms would cost [...]
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 is going to come about. Goldman had stated recently before they knew Hu was [...]
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 regulators. The focus of the commission’s hearings will be on sub-prime lending, government-sponsored enterprises and securitization. on [...]
Wells Fargo (NYSE:WFC) Says Analysts’ Downward Revision of Earnings Closer to the Mark This Quarter
Wells Fargo (NYSE:WFC) analyst Scott Wren, who is senior equity strategist at Wells Fargo Advisors in St. Louis, said the downward revision of earnings by analysts should result in earnings estimates closer to reality than in the recent past, which they have missed by quite a bit over the last 16 months. Wren said the [...]
Bank of America (NYSE: BAC) to End Sponsorship of NFL
Bank of America (NYSE: BAC) has ended its sponsorship of the National Football League (NFL), according to NFL Spokesman Brian McCarthy and Daniel Kaplan of the Sports Business Journal The Charlotte N.C.’s sponsorship of the NFL ended on March 31st after talks between the NFL and Bank of America failed to develop an agreement which [...]
Small Businesses Get Credit CARD Act Protections from Chase (NYSE: JPM), Bank of America (NYSE: BAC) and American Express (NYSE: AXP)
Small businesses across the country that make use of credit cards from Chase (NYSE: JPM), American Express (NYSE: AXP) and Chase (NYSE: JPM) will receive protections from the Credit Card Act that took effect on February 22nd. The Credit CARD Act dealt specifically with consumer credit cards, but Bank of America and others have decided [...]
Bank of America to Raise Credit Card Interest Rates on 4 Million Customers (NYSE: BAC)
Bank of America (NYSE: BAC) will be the next in an increasingly long line of financial institutions to make its credit card terms less favorable to consumers and will be raising interest rates or minimum payments on up to 4 million customers that do not pay off their balance monthly, according to a new report [...]
JPMorgan Chase (NYSE: JPM) CEO Developing Succession Plan
JP Morgan Chase & Co (NYSE: JPM) CEO Jamie Dimon is believed to be preparing succession plans and will likely restructure the rules of top executives at the bank, according to a report from the New York Post, citing anonymous sources. The report in the Post said that “Dimon will be shuffling the roles of [...]
New Wells Fargo (NYSE: WFC) Executive being Sued by Morgan Stanley (NYSE: MS)
Wells Fargo Advisors (NYSE: WFC) named Kevin Whitehead as its new managing director and market manager for St. Louis last week, and now Whitehead’s former employer, Morgan Stanley (NYSE: MS) is suing him for breach of contract. In the lawsuit filed on Wednesday in the U.S. District Court in New York, Morgan Stanley’s Smith Barney [...]
Goldman Sachs (NYSE: GS) Buys Into Ganek’s $4 Billion Hedge Fund
Petershill Fund Offshore LP, a Goldman Sachs’ (NYSE: GS) buyout fund, purchased a minority stake in David Ganek’s $4 Billion Level Global Investors LP. The limited partnership is a $1 billion fund that is setup to purchase minority stakes in hedge funds. The investment won’t allow Goldman Sachs any management rights within the acquisition according [...]
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