Archive for June, 2010
Barclays (NYSE: BCS) Poaches Staff from Citigroup (NYSE: C), Credit Suisse (NYSE: CS), and Goldman Sachs (NYSE: GS)
Barclays (NYSE: BCS) continues it’s push into the US market. After purchasing the assets of the now defunct Lehman Brothers last year, the firm has made a significant commitment to expanding in the US, and this week brings news that they have hired two senior bankers from Citigroup (NYSE: C) and Credit Suisse (NYSE: CS). With [...]
Tax Proposal Removed From Regulatory Reform
The financial regulatory reform legislation has been amended (again). This time, the committee has agreed to remove the proposed $19 billion tax on the large banks. In addition, the Troubled Assets Relief Program (TARP) will be ended three months early. Senators Scott Brown (R-Mass.) and Chuck Grassley (R-Iowa) had objected to the proposed tax that [...]
Citigroup, Inc (NYSE: C) Stock Hit By NYSE Circuit Breakers
Citigroup, Inc (NYSE: C) has become the second stock to be halted by the New York Stock Exchange’s new circuit brokers. The first stock was halted was the Washington Post Corporation on June 16th. The offending trade this time appears that 8,820 shares of Citigroup, Inc (NYSE: C) went through at $3.3174 at 1:03 PM [...]
Bank of America (NYSE: BAC) Tops The Banker Magazine’s 2010 Rankings
Bank of America topped The Banker magazine’s 2010 ranking of the world’s banks, based on Tier 1 capital. Reuters recently posted the magazine’s rankings which show that Bank of America (BAC) has leap-frogged U.S. rival JPMorgan (JPM). Bank of America now ranks as the world’s top bank in terms of capital strength. Its Tier 1 [...]
Analyst Recommends Goldman Sachs (NYSE: GS) to Settle SEC Lawsuit
Somewhere lost in the shuffle of Toyota’s brake issue and BP’s oil disaster in the gulf, the SEC has continued making progress in it’s fraud suit levied against Goldman Sachs (NYSE: GS). Credit Agricole Securities USA Inc. analyst Michael Mayo said in a noted to clients today that Goldman Sachs Group Inc. may settle [...]
Will a British Glass Steagall break up Barclays (NYSE: BCS), Royal Bank of Scotland (NYSE: RBS), and Others?
After the Great Depression, America’s Congress decided one of the major reasons for the economic collapse was the banking industry. In particular, they argued that banks were engaged in too many lines of business, had potential conflicts of interest, and this caused the system to become unstable. This legislation is what originally split JP Morgan [...]
Goldman Sachs (NYSE: GS) and Citigroup (NYSE:C) May Have Up to 12 Years to Comply with New Financial Reforms
According to Bloomberg Businessweek, some U.S. banks, including Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C), may have until 2022 to fully comply with a new provision in the pending financial reform legislation. The provision known as the Volcker Rule, named for former Federal Reserve Chairman Paul Volcker, seeks to curb banks from assuming [...]
Wal-Mart (NYSE: WMT) Taps Castro-Wright As CEO Of Global.com, Simon Steps In As US CEO
Wal-Mart announced Tuesday changes at the Chief Executive level for two of its units. The retail giant appointed Vice Chairman Eduardo Castro-Wright as the president and CEO of Global.com and Global Sourcing, while also promoting Bill Simon to CEO of Wal-Mart U.S. Castro-Wright, 55, spent three years as the CEO of Wal-Mart de Mexico before [...]
The Volcker Rule set to impact Hedge Fund Investments from Bank of America (NYSE: BAC), Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM), and Others
The Volcker rule, as it has come to be referred to, seeks to prevent financial institutions from gambling with taxpayer-insured funds. In the new financial reform act, the most significant part of the Volcker rule is steeped in ambiguity, but as it applies to hedge funds and private-equity investments, big banks appear overexposed. In the [...]
Could the Dodd-Frank Bill Make Big Banks Bigger? Yes, Says Citigroup Inc. (NYSE: C) Non-Executive Chairman Parsons
In an interview at the Fortune Global Forum in Cape Town, Citigroup Inc’s Non-Executive Chairman Richard Parsons said the Obama administration’s financial regulatory overhaul bill will make the U.S.’s largest banks bigger. An article posted on Bloomberg.com quotes Parsons as saying,“They (the new regulations) will make it tougher for smaller competitors and the big are [...]
J.P. Morgan Chase (NYSE: JPM) Stands to be the Biggest Loser in Financial Reform Bill
As reported in the New York Times, JPMorgan Chase (JPM) will see almost every aspect of their business affected by the new reforms in the proposed Dodd-Frank act. The bill, which has moved to the Senate for a final vote, would impose stricter consumer lending guidelines and lower transaction fees on debit cards. In that [...]
TruPS Change to Impact Bank Capital Policies for Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC)
The Financial Regulatory Reform Act is said to be a watered down version of the original legislation – however, that does not mean it is impotent. In legislation such as this, the minutia is of critical importance. In this case, the so-called “Collins Amendment” addresses the capital levels of banks, a critical component to sustaining [...]
Ratings Downgrades Inevitable for Citigroup (NYSE: C), Bank of America (NYSE: BAC) and Others Post Financial Regulatory Reform?
As the financial regulatory reform act nears final completion, attention is now turning to the immediate impacts to the institutions it effects. While most attention has been given to the structural changes that will take place as a result, like shrinking prime brokerage units due to limited hedge fund investments, and falling proprietary trading, the [...]
Former Citigroup, Inc (NYSE: C) Energy Trader Posts 10% Loss
Former Citigroup, Inc (NYSE: C) trader Andrew Hall has posted a decline of more than 10% since May, according to a Friday report from the Wall Street Journal. Hall’s hedge fund, Astenbeck Commodities Fund II, witnessed its weakest month in more than two years. The fund is down more than 10% this year through may, [...]
Altria Group (NYSE: MO), Reynolds American (NYSE: RAI) Shares Jump On Supreme Court Appeal Rejection
Shares of Altria Group (NYSE: MO), parent of Phillip Morris USA, and Reynolds American (NYSE: RAI) both jumped more than 3 percent on Monday after the Supreme Court rejected appeals by the government on a suit that sought out upward of $280 billion of profits from the tobacco industry to cover health damages, along with [...]
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