Home » Archive for April, 2010
Wells Fargo Insurance Names New Executive (NYSE: WFC)
Wells Fargo & Co’s (NYSE: WFC) “Wells Fargo Insurance Services” division has named Stephen Hall as its new vice president and sales executive for its San Francisco office, the company announced on Monday. In... More of this article »
Regional Banks Rise As Zions Bancorp (NSDQ: ZION), Bank Of NY Mellon (NYSE: BK) Top Estimates
Regional banks rallied on Tuesday as better than expected quarterly results from several financial institutions sent the group higher. The Bank of New York Mellon (NYSE: BK) reported a 74 percent jump in first quarter profit, while... More of this article »
Citigroup’s (NYSE: C) Largest Shareholder Strongly Supports Pandit
Citigroup’s (NYSE: C) largest single shareholder, Saudi Arabian billionaire Prince Alwaleed Bin Talal, said on Monday that he strongly supports CEO Vikram Pandit and that Pandit has his “firm backing.” The prince... More of this article »
Regions Financial Corp. (NYSE: RF) Posts 4th Consecutive Quarterly Loss; Beats Estimates
Regions Financial Corp. (RF) reported a first-quarter loss of $196 million, or 21 cents a share – its fourth-consecutive quarterly loss. The first-quarter earnings compared with a prior-year profit of $77 million, or 4 cents... More of this article »
State Street (NYSE: STT) Q1 Profit Rises On Revenue, Asset Growth
State Street Corporation (NYSE: STT) announced Tuesday that first net income grew 11 percent as revenue and assets under management rose. The financial institution said it earned $496 million or 99 cents a share in the first quarter,... More of this article »
Why U.S. Government Wants Citigroup (NYSE:C) Over $5 A Share
At the recent Citigroup (NYSE:C) shareholder meeting, a number of shareholders pushed for a reverse stock split in order to increase the price of the company, as I wrote about earlier. This is also why there has been so much positive... More of this article »
Wells Fargo (NYSE: WFC) Remains Positive on Goldman Sachs (NYSE: GS) Despite Fraud Charges
Wells Fargo & Co (NYSE: WFC) commented on Goldman Sachs Group Inc’s (NYSE: GS) and said that the firm still had an attractive valuation despite additional reputation risk from last week’s SEC fraud charges against the... More of this article »
Bank of America (NYSE:BAC) Downgrades Protective Life Corp. (NYSE:PL), Upgrades FPL Group (NYSE:FPL)
Bank of America (NYSE:BAC) downgraded Protective Life Corp. (NYSE:PL) today while upgrading FPL Group (NYSE:FPL). Protective Life was downgraded from “Buy” to “Neutral,” and FPL Group was upgraded from “Neutral”... More of this article »
Citigroup (NYSE:C) Sued by Italian Bank Over Total Return Swap
Italian Bank, Banca Carige SpA (CRG.MI), is the latest to join a parade of companies suing Citigroup (NYSE:C) and other giant financial institutions over swaps. In this case – concerning a total return swap – Citigroup... More of this article »
Some Citigroup (NYSE:C) Shareholders Pushing for Reverse Stock Split
With the Citigroup (NYSE:C) share price lingering at around $4, a number of shareholders at the annual shareholders meeting strongly suggested when talking to Citigroup Chairman Richard Parsons that the company move ahead with a a... More of this article »
J.P. Morgan Chase (NYSE: JPM) Taps Shenglin to Head Corporate Banking Business in China
The Wall Street Journal is reporting that J.P. Morgan Chase (JPM) has hired Ben Shenglin to head its corporate banking business in China. This is the latest move to support the financial firm’s announced intention to expand their... More of this article »
FBR Capital Maintains “Outperform” Rating on Bank of America Corp (NYSE: BAC), Raises Price Target
FBR Capital raised its price target on Bank of America Corp (NYSE: BAC) from $20.00 to $2.00 following better than expected earnings results on Friday. FBR also reiterated its “outperform” rating for the Charlotte, N.C.-based... More of this article »
U.S. Bancorp (NYSE: USB) Reports 26% Increase in 1Q Earnings – Meets Expectations
U.S. Bancorp’s (USB) first-quarter earnings rose 26% as the company said its credit-loss provisions fell to the lowest level since the fourth quarter of 2008. The results were “driven by solid year-over-year growth in total... More of this article »
Goldman Sachs (NYSE: GS) Q1 Profit Nearly Doubles On Strong Trading Revenue
Goldman Sachs (NYSE: GS) announced Tuesday that first quarter earnings nearly doubled as profits from its trading unit soared due to robust activity in bonds, currency and commodities. The Wall Street bank said it earned $ 3.3 billion... More of this article »
NBC Universal and General Electric (NYSE: GE) Lose $223 Million on 2010 Olympic Coverage
General Electric (NYSE: GE) released its first quarter earnings results which included substantial losses from NBC’s coverage of the 2010 Winter Olympics in Vancouver, Canada. GE posted a 32% drop in earnings, but still beat... More of this article »
Citigroup (NYSE: C) Raises Price Target on Bank of America (NYSE: BAC)
Citigroup Inc‘s (NYSE: C) equity research team raised its price target on Bank of America Corp. (NYSE: BAC) from $23.00 to $26.00 after posting strong first quarter earnings results. Citigroup’s analyst wrote, “Bank... More of this article »
California Public Employee Retirement System Opposes Re-Election of Two Citibank Board Members (NYSE: C)
The California Public Employees’ Retirement System, commonly referred to as Calpers, said on Monday that it opposes the re-election of two board of directors of Citigroup (NYSE: C) “in part for their accountability in the... More of this article »
Ambac Financial Group up 12% in Monday Trading (NYSE: ABK)
Last week bond-insurer Ambac Financial Group, Inc (NYSE: ABK) saw a significant bounce in its share price, jumping from $0.64 on April 8th to $3.23 on April 13th after the company posted surprise earnings fueled from a major tax refund... More of this article »
Bank of America (NYSE: BAC) to Give Break on Mortgage Payments to Unemployed
Bank of America Corp. (NYSE: BAC) is planning to give customers collecting unemployment a break on their mortgage payments. Under a proposed plan, the Charlotte, N.C.-based bank would give mortgage customers that are collecting unemployment... More of this article »
Citibank Pakistan (NYSE: C) Extends Partnership with ORIX
Citibank’s (NYSE: C) Pakistan operations has signed a new agreement with ORIX to renew the provision of a POS terminal facility to Visa and MasterCard Credit Card holders in Pakistan. The agreement allows Visa and MasterCard... More of this article »
Morgan Stanley (NYSE: MS) To Spin Off Japanese Commodities Trading Operations
Morgan Stanley’s (NYSE: MS) Japan Securities Co will spin off its commodities trading operations on May 1st and will increase their personnel count, according to a report from the Nikkei business daily. The brokerage predicts... More of this article »
Bank of America (NYSE: BAC) Predicts Wave of Foreclosures Coming
Bank of America Corp (NYSE: BAC) Home Loans Unit President Barbara Doser testified before Congress last week and shared sobering details about the realities of some of its relationships with customers, including that “hundreds... More of this article »
Citigroup (NYSE: C) To Name Former Chairman Kelly To Head Global Banking Unit Again
Citigroup Inc. (NYSE: C) will likely name Vice Chairman Edward Kelly as chairman of the bank’s global banking unit, according to recent reports. Kelly had led the unit up until late 2009. Kelly, 56, has been extremely active since... More of this article »