Archive for May, 2010
Bank of America’s (NYSE:BAC) Overdue Credit Card Loans Fall in April
Credit card loans for customers of Bank of America (NYSE:BAC) dropped to their lowest levels since November 2008, making Bank of America the top bank in that segment. The bank said the reasons for the improvement were because of tax refunds and possibly an improving economy. Bank of America is the second-largest credit card lender [...]
Credit Swap Costs Rising, Will Affect Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), Others
Concerns over increasing regulations for the banking industry has the cost of credit default swaps rising, which not only could affect banks like Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS), but is already increasing the cost of doing business for a number of companies outside the banking industry, like Mattel (Nasdaq:MAT) and Universal Health (NYSE:UHS). Universal [...]
U.S. District Judge Kevin Castel Assigned to Bank of America Corp. (NYSE: BAC) Cases – Including Merrill Lynch & Co. Takeover
The Wall St. Journal is reporting that U.S. District Judge Kevin Castel will preside over the 15 pending civil shareholder cases involving Bank of America Corp. (BAC). The most prominent of these cases currently before the U.S. district court in Manhattan is a consolidated complaint alleging the bank failed to disclose billions in Merrill losses [...]
Senate Majority Leader Harry Reid Met with Bank of America (NYSE: BAC) CEO
Senate Majority Leader Harry Reid (D-NV) met with Bank of America (NYSE: BAC) CEO Brian Moynihan after his disgruntled constituents who have had trouble getting loan modifications completed with the Charlotte, NC-based bank asked for help. Moynihan an Reid had a half-hour meeting, but Reid didn’t get much for answers. ”He gave a lot of [...]
Capital One (NYSE: COF) Reports Lower Credit Card Defaults In April
Credit card defaults at Capital One Financial Corp (NYSE: COF) fell in April as consumers continue to steady their debt loads in a rebounding economy. The credit card company said its net charge off rate in April dipped to an annualized rate of 9.68 percent, down from 10.87 percent in March, according to a regulatory [...]
Wells Fargo (NYSE: WFC) To Double Down on Marketing to Former Wachovia Customers
Wells Fargo & Co. (NYSE: WFC) told investors on Thursday that it would focus on growth by starting to sell more of its services to former customers of Wachovia, which it had acquired at the end of 2008. Wells Fargo CFO Howard Atkins told investors now that they see losses easing from the financial crisis, [...]
Ohio Agencies Accuse Bank of America (NYSE: BAC) of Influencing Judge Selections in Civil Lawsuits
Bank of America Corp (NYSE: BAC) sent a letter to the U.S. District Court asking that 15 civil shareholder lawsuits against the company which were pending to be heard by Judge Jed Rakoff, who famously belittled Bank of America in the case over its Merrill Lynch takeover, be randomly assigned to judges on the court. [...]
American Banking News Twitter Updates for the Week of 2010-05-16
FDIC Bank Closures: 2010 Rate Twice Last Year's – eCreditDaily.com http://tinyurl.com/254exym #Econ # Dodd urges SEC to look at high-speed trading – The Associated Press http://tinyurl.com/2dmkzpc #Econ # ECB to finance the Greek banking system – Tehran Times http://tinyurl.com/2a7ej5n #Econ # BOJ Members Said Global Fiscal Deficits Are a Risk – BusinessWeek http://tinyurl.com/2bvxwfl #Econ # [...]
Wells Fargo & Co. (NYSE: WFC) to Close Three Branches in Dallas County, IA
Wells Fargo & Co. (NYSE: WFC) announced that it will be closing three branches in Dallas County, IA citing a lack of business to keep the branches going. “We consistently look at the needs of our customers,” commented Wells Fargo spokeswoman Angela Kaipust. to the Des Moines Register Kaipust noted that customers can continue to [...]
Prosper.com Customer Service Quality Declines After Platform Upgrade
Prosper.com, a company which offers a peer to peer lending marketplace, has suffered notable customer service setbacks after receiving its “Series D” round of funding last month. Some of the problems that Prosper.com is facing revolve around a new loan servicing platform which Prosper announced that it had implemented on May 3rd. The company wrote [...]
Lending Club and Peer to Peer Lending Covered by Los Angeles ABC Affiliate
The fledgling peer to peer lending industry has gained some additional press coverage this week with a feature from KABC-TV, Los Angeles’ ABC affiliate, which ran a story that featured a Lending Club borrower that took out a personal loan to pay off her credit card balances. KABC also interviewed Lending Club investors as well. [...]
Goldman Sachs (NYSE: GS) To Stop Prop Trading CLO Debt
Goldman Sachs (NYSE: GS) plans to stop its proprietary trading of collateralized loan obligations (CLOs), according to recent reports. The Wall Street bank, which has recently been investigated by regulators over its practices in regard to collateralized debt obligations (CDOs), has already made the move to have their traders handle trades for clients, a person [...]
Citigroup (NYSE:C), Bank of America (NYSE:BAC),JP Morgan (NYSE:JPM), Goldman Sachs (NYSE:GS) and Morgan Stanley’s (NYSE:MS) Exposure to European Crisis
It hasn’t taken more than few days after the announcement that the European Union would be bailing out the socialist, welfare states of the region, when it is being increasingly realized that this is another way of saying we’re bailing out the banks again, including the largest ones from America – Citigroup (NYSE:C), Bank of America [...]
Richard Bove Downgrades UBS (NYSE:UBS) and Credit Suisse (NYSE:CS) as Europe Deteriorates
Rochdale Securities banking analyst Richard Bove downgraded UBS (NYSE:UBS) and Credit Suisse (NYSE:CS) from “Buy” to “Neutral,” based solely on the deteriorating economic situation in Europe. Both banks were downgraded because of the sovereign debt crisis and the exposure they have to it, but UBS was of more concern to Bove based on that it [...]
Citigroup (NYSE:C) Plunges Below $4 A Share on EU Sovereign Debt Crisis
The fallout from the decision to offer almost $1 trillion to the socialist, welfare nations of southern Europe is hitting stocks hard today, as Citigroup (NYSE:C) has fallen below $4 a share, and about 12 stocks are falling for every one stock that has risen. After the euphoria surrounding the bailout subsided, the market started [...]
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