Archive for April, 2010
U.S. Treasury Votes for Reverse Stock Split Citigroup (NYSE: C)
The U.S. Treasury Department voted with its 7.7 billion shares that it owns in Citigroup (NYSE: C) last week at the company’s annual share holders meeting for the company to have a reverse stock split. The Treasury Department acquired its massive pile of stock in the company when it provided emergency capital to Citigroup (NYSE: [...]
Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) Could Lose $28 Billion after Regulations Enacted
With trading revenue estimated to be over $28 billion, government regulations proposed by the Democrats could cut deeply into this lucrative business, causing banks to not only lose revenue, but continue to maintain high risk in spite of the regulation. In other words, revenue and profits would plummet while risk stayed at its current levels [...]
Bank of America (NYSE:BAC) Promotes Andrea Orcel to Larger Emerging Markets Role
Bank of America (NYSE:BAC) announced it has promoted Andrea Orcel to president of emerging markets, with the exclusion of Asia. Orcel, who was executive chairman of global banking and markets for the company, will retain the role in addition to the new duties. There’s no question the future growth of banking will be in emerging [...]
Treasury Department May Have Morgan Stanley (NYSE: MS) Start Selling Some Citigroup (NYSE: C) Shares Today
The U.S. Treasury Department announced Monday that it began taking the steps necessary to sell its stake in Citigroup (NYSE: C). However, a regulatory filing showed that shares of the bank could start being sold as soon as today. The Treasury holds 7.7 billion shares of Citigroup and said they will be sold in an [...]
Citigroup (NYSE: C) Offered Buy Back $1.1 Billion in Notes Back Early
Citigroup (NYSE: C) made an offer to purchase back $1.1 billion worth of notes coming due later this year and in early 2011 in hopes to reduce its interest payments. The New York-based bank said that the repurchase will not reduce its Tier 2 capital ratio, a measure of its overall financial strength, because the [...]
Treasury Department to Start Selling 1.5 Billion Shares in Citigroup (NYSE:C)
Many investors and shareholders have been waiting for Citigroup (NYSE:C) to surpass the $5 a share mark and hold above it, and the announcement by the Treasury Department that they’re ready to sell $1.5 billion shares in Citigroup could be the thing to do it, as Citigroup shares also rise when mention is made to [...]
Wells Fargo (NYSE: WFC) To Spend $7 Million on Charlotte PGA Tournament
Wells Fargo & Co (NYSE: WFC) will be spending $7 million as the top financier of Charlotte, N.C.’s PGA Tour Event. The San Francisco based bank is hoping to keep its name relatively anonymous next week at Quail Hollow Club as several legends including Tiger Woods, Phil Mickelson and others battle for a $6.5 million [...]
Citigroup (NYSE: C) Shares Fail to Stay above $5.00 Mark
Citigroup’s (NYSE: C) surprise $4.4 billion profit wasn’t quite enough to keep its shares above $5.00 ending last week. Although Citigroup’s stock price hit above the $5.00 mark twice during the week, on Tuesday and on Wednesday, the stock pulled back below into the $4.00 range before the closing bell. Friday followed a similar pattern, [...]
Citigroup (NYSE: C) Wins Lawsuit Against Former Brokers
Citigroup Inc (NSE: C) was awarded a dismissal of a lawsuit from six of its former brokers that said they should not have to pay back the balance on their signing bonus loans which totaled $1.5 million. Federal District Judge Lewis A. Kaplan granted New York granted Citigroup’s request to dismiss the lawsuit on Friday, [...]
Wells Fargo (NYSE: WFC) CEO Says He Relates to Distressed Homeowners
Wells Fargo & Co’s (NYSE: WFC) CEO John Stumpf said that he knew what distressed homeowners are going through and admitted that he too had been “underwater” on his own mortgage during the company’s first quarter conference call. “There have been times in my life I have been upside down on a mortgage, and if [...]
Bank of America (NYSE: BAC) Has Two Contenders for New Chairman Position
Bank of America Corp (NYSE: BAC) has narrowed its list of contenders for its chairmanship to two directors, Frank Bramble and Charles Holliday, according to a WSJ report. It’s possible that another candidate could emerge in the search, but a decision is expected on Wednesday following the company’s shareholder meeting. Bank of America could not [...]
SEC Inspector General to Investigate Timing of Goldman Sachs (NYSE: GS) Fraud Charges
The SEC’s inspector general, David Kotz, will begin an investigation into the SEC’s decision to mov forward with a suit against Goldman Sachs Group Inc (NSE: GS), according to a letter that he sent to Rep. Darrell Issa (R-CA). Issa, along with eight other Republicans, wrote a letter to Kotz last week asking whether or [...]
Wells Fargo (NYSE: WFC) Advisors Expanding Out from Midwest
Wells Fargo & CO’s (NYSE: WFC) Wells Fargo Advisors Financial Network will be expanding its regional markets out of the Midwest to include the Southwest, South Pacific, Great Lakes and New England regions. “We’ve grown because we stand at the intersection of full-service investment services and local control, which is an attractive place for successful [...]
Former Executive Files Gender Bias Lawsuit Against JPMorgan Chase & Co (NYSE: JPM)
A former executive at JPMorgan Chase & Co (NYSE: JPM) filed a lawsuit against the company on Thursday arguing that she was fired after trying to start a family. Marie Dzanis, a former vice president in the company’s funds and financial intermediaries’ wholesalers’ group, filed a complaint in Manhattan federal court. She joined the company [...]
American Banking News Twitter Updates for the Week of 2010-04-25
Talking points ignore reality of bank bill – Longmont Daily Times-Call http://tinyurl.com/y6zff26 #Econ # Dems to forge ahead on Wall Street reform despite GOP resistance – The Hill (blog) http://tinyurl.com/y5elj8r #Econ # Pursuing Banking Fraud is 'Top Priority': SEC'S Khuzami – CNBC http://tinyurl.com/y69v9dq #Econ # Winners & Losers From the Week That Was – Wall [...]
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