Archive for April, 2010
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 corporate banking arm to better serve its existing multinational clients. The move is also part of a [...]
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 bank. FBR said that the biggest takeaways are: “(1) credit continues to stabilize with reserve releases likely to continue, (2) [...]
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 net revenue, moderating credit costs and ongoing operational efficiency,” said Chairman and Chief Executive Richard Davis. The parent company of [...]
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 or $5.59 a share in the first quarter, compared to $1.81 billion or $3.39 a share in [...]
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 analyst estimates. Chairman Jeffrey Immelt said that he believed the economy was improving along with the company’s profit margins with [...]
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 of America reported 1Q EPS of $0.28 vs consensus of $0.09 and our estimate of $0.06. Overall, the beat was driven by [...]
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 financial crisis.” The retirement system will cast “withhold” votes for Andrew Liveris, chairman and chief executive of Dow Chemical, and [...]
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 and as Mad Money Host Jim Cramer told investors to “hold their nose” and purchase [...]
Bank of America (NYSE: BAC) to Cut Off Countrywide HELOCs
Bank of America Corp (NYSE: BAC) says that because of financial conditions that it has to cut off former Countrywide borrowers’ home equity lines of credit. “This decision was not based on your credit record or your performance in paying your home equity line of credit and will not adversely affect your credit score,” BofA [...]
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 benefits up to nine months without paying a mortgage payment, according to a report from the Charlotte Observer. Customers participating [...]
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 customers a facility to make use of Citibank Merchant touch points throughout Pakistan. Citibank and ORIX have had a [...]
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 that Japanese companies will step up their derivatives trading to hedge against price fluctuations in crude oil, metals, and other [...]
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 of thousands of customers” have not made a payment in more than a year. Barbara Doser testified on the bank’s progress [...]
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 joining Citigroup in February 2008, serving as Chief Financial Officer from March to July in 2009. [...]
JPMorgan Chase & Co (NYSE: JPM) to 15% of Customer Credit Card Accounts
JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon announced that 15% of current Chase credit card users are going to have their accounts closed in a letter written to shareholders this week. Dimon wrote that, “In light of new regulations,” which prevent credit card companies from offering low introductory rates and then moving them to much [...]
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