Home » Archive for July, 2010
Citibank (NYSE: C) and Bank of America (NYSE: BAC) Rank in Top 10 For Cyber Attacks
A recent U.S.A Today article reports that Citibank (C) and Bank of America Corp. (BAC) rank third and seventh respectively among the top 10 most frequently attacked banks in the world. There is growing concern over identity theft and... More of this article »
U.S. Recovery Isn’t Recovering Fast Enough Says Wells Fargo’s (NYSE: WFC) Silvia
The U.S. economy isn’t recovering fast enough to restore the level of jobs seen before the recession started in December 2007, said John Silvia, chief economist at Wells Fargo & Company (WFC). In an interview with Tom Keene on... More of this article »
Bank of America’s (NYSE: BAC) Grant Initiative Commits $10 Million to Boost Small Business Lending
Bank of America Corp. (BAC) has announced a $10 million grant commitment to nonprofit organizations that lend to small and rural businesses. The grants, for use as loan loss reserves, may unlock as much as $100 million in low-cost,... More of this article »
Citigroup, Inc (NYSE: C) May Move Proprietary Traders to Comply with Dodd-Frank Act
Citigroup, Inc (NYSE: C) may move a team of proprietary traders into its hedge-fund operations in order to comply with the Dodd-Frank Act, according to a report from Business Week. The traders, led by Sutesh Sharma, currently operate... More of this article »
Wells Fargo & Co. (NYSE: WFC) Accused of Predatory Lending in Pennsylvania
Wells Fargo & Co. (NYSE: WFC) has been accused by the Pennsylvania Human Relations Commission of engaging in predatory lending practices, especially in heavily African American neighborhoods in Philadelphia. The panel said in a... More of this article »
Goldman and Citigroup to Resume Sales of Commercial Mortgage Backed Securities (GS, C)
Citigroup, Inc (NYSE: C) and Goldman Sachs Group Inc. (NYSE: GS) will sell a $788.5 million commercial mortgage backed security, the largest deal of its kind since the beginning of the financial crisis. The deal was made public when... More of this article »
Citigroup (NYSE: C) Agrees to Pay $75 Million to Settle SEC Lawsuit Over Subprime Exposure
Citigroup Inc. (C) agreed on Thursday to pay $75 million to settle a lawsuit brought by the Securities and Exchange Commission that the bank failed to disclose $40 billion in subprime exposure to investors. For the last year, the SEC... More of this article »
General Electric Co. (NYSE: GE) to Pay $23.4 Million Fine to SEC
General Electric Co. (NYSE: GE) has agreed to pay a $23.4 million fine to settle a complaint from the Securities and Exchange Commission (SEC) which alleged that G.E. bribed Iraqi government officials to win contracts to supply medical... More of this article »
“Focus on Operational Excellence” Leads Exxon Mobil (NYSE: XOM) To a $7.56 Billion Net Income in 2Q.
Exxon Mobil Corp. (XOM) released quarterly earnings Thursday that easily beat analysts’ expectations. The world’s largest public energy company cited higher crude prices and improved refining margins. Net income rose to $7.56... More of this article »
Citigroup, Inc (NYSE: C) Losses Ruling Against Terra Firma over EMI
Citigroup, Inc (NYSE: C) has lost its bid to dismiss a suit accusing the company of tricking Terra Firma Capital Partners Ltd. into buying EMI Group Ltd. In Federal Court. The New York Based-bank had previously accused Terra Firma... More of this article »
Bank of America Corp (NYSE: BAC) to Increase Small Business Lending
Bank of America Corp (NYSE: BAC) announced on Tuesday that it plans to increase lending to small and mid-sized businesses in 2010 by nearly $9 billion compared to 2009 levels. The Charlotte, NC-based bank said that it has made $45.4... More of this article »
Citigroup, Inc (NYSE: C) to Invest $100 Million into NYC Housing Projects
Citigroup, Inc (NYSE: C) will be investing $100 million in low and moderate income housing projects in a New York City in a move which has drawn cautiously optimistic support from housing advocates that have been critical of other... More of this article »
Apple to Expand iPhone 4 to Norway, Denmark, Canada and Other Countries This Week
Apple (NASDAQ: AAPL) will be releasing the iPhone 4 in 17 more global markets this week, including Australia, Austria, Belgium, Canada, Denmark, Finland, Hong Kong, Ireland, Italy, Luxembourg, Netherlands, Norway, New Zealand, Singapore,... More of this article »
G.E. Capital (NYSE: GE) to Provide $8 Million to Burger King Franchisee
G.E. Capital Services (NYSE: GE) will provide $8.4 million in financing to Ghai Management Services Inc, a franchisee for Burger King based in Fremont, CA. The firm plans on using the funds to acquire eight additional Burger King restaurants. “Having... More of this article »
Citigroup, Inc (NYSE: C) Downgrades AFLAC Inc (NYSE: AFL) Stock Rating
Citigroup, Inc (NYSE: C) equities research analysts downgraded shares of AFLAC Incorporated (NYSE: AFL) from a “buy” rating to a “hold” rating and lowered their price target from $60.00 to $50.00 in a research note to investors... More of this article »
Ford (NYSE: F) CEO Says China is Top Priority
Ford Motor Co. (NYSE: F) CEO Alan Mulally said on Monday that serving customers in China is one of the company’s top priorities and that the automaker hopes to bring all of Ford’s vehicles to china soon. “We have great operation... More of this article »
Moody’s Cuts Ratings on Bank of America, Citigroup and Wells Fargo (BAC, C, WFC)
Moody’s Investors Service cut lowered its outlooks for Bank of America Corp (NYSE: BAC), Citigroup, Inc (NYSE: C) and Wells Fargo & Co. (NYSE: WFC) from “stable” to “negative” on certain ratings citing a new piece of... More of this article »
Bank of America Corp (NYSE: BAC) Announces New CIO for Merrill Lynch
Bank of America Corp (NYSE: BAC) announced on Monday that Lisa Shalett will be joining its Merrill Lynch Global Wealth Management division as the unit’s chief investment officer and head of Investment Management and Guidance. Shalett... More of this article »
Goldman Sachs (NYSE: GS) Says Crude Oil Prices to Rise
Goldman Sachs Group Inc. (NYSE: GS) analysts said that crude oil prices are currently “significantly” below the level which is warranted by fundaments, resulting an opportunity for investors to hedge this year and next. The firm... More of this article »
Citibank (NYSE: C) Discloses Vulnerability in iOS App
Citigroup, Inc (NYSE: C) disclosed on Monday that its iOS application for the iPhone and iPod Touch has been saving customer information in files on users’ smart phones and personal computers. “We have no reason to believe... More of this article »
Royal Bank of Scotland (LON: RBS) Says Euro May Increase to $1.30 before Slump
Royal Bank of Scotland Plc (LON: RBS) said that the Euro may increase its lead on the dollar to $1.30 before slumping against the stateside currency because of continued concern about risk from sovereign deb in European countries after... More of this article »
UBS (NYSE: UBS) Reverses Trend of Client Outflows
During a down market, firms cannot hang their hats on revenue flows – so, they often turn to client flows instead. Client outflows can be a sign of impending disaster as we saw in the fourth quarter of 2008, so client inflows... More of this article »
Bank of America Corp (NYSE: BAC) Upgrades Blackstone Group (NYSE: BX)
Bank of America Corp (NYSE: BAC)’s Merrill Lynch division analysts upgraded shares of The Blackstone Group (NYSE: BX) from a “neutral” rating to a “buy” rating in a research note to investors on Monday. The Blackstone Group... More of this article »