Archive for July, 2010
Citigroup, Inc (NYSE: C) Wins 13 Awards from “Euromoney Awards for Excellence”
Citigroup, Inc (NYSE: C) announced that it had received 13 major regional and product awards during the “Euromoney Awards for Excellence” including an award for Banker of the Year to Citigroup CEO Vikram Pandit. “I am deeply honored that Euromoney has recognized the significant progress we are making at Citi,” said Mr. Pandit in his [...]
Wells Fargo & Co. (NYSE: WFC) To Cut Free Checking Option to New Customers
Wells Fargo & Co. (NYSE: WFC) will no longer be offering free checking accounts to all new customres that open accounts at the bank, said the bank in a statement on Friday. The San Francisco-based bank, one of the largest retail banks, will charge new customers a $5.00 monthly fee for its basic checking account [...]
Ford Motor Co. (NYSE: F) To Give Consumers “Distraction Free” Mode While Driving
Ford Motor Co. (NYSE: F) will give its customers the ability to turn off features of its “Sync” communication system in the form of a “do not disturb” status which will turn off capabilities “that are not relevant to the task of driving while the vehicle is in motion,” the company said in a statement. [...]
Citigroup, Inc (NYSE: C) Hires Australian Goldman Sachs Group Inc. (NYSE: GS) Executive
Citigroup, Inc (NYSE: C) has hired Tony Osmond away from Goldman Sachs Group Inc. (NYSE: GS) to serve as the company’s new head of Australia and New Zealand investment banking business as part of an effort to boost its fees from arranging deals. Osmond, who will be based in Melbourne, will take on a newly [...]
Bank of America Corp (NYSE: BAC) Acknowledges Using Lehman Brothers-Style Accounting Tactics to Hide Assets
Bank of America Corp (NYSE: BAC) admitted that it had wrongly classified as much as $10.7 billion worth of short-term repurchase and lending transactions between 2007 and 2009 which reduced its end-of-quarter assets, according to a report from Business Week. The Charlotte-based bank said that the inaccuracies ar neot material and “don’t stem from any [...]
BB&T (NYSE: BBT), PNC Financial Services (NYSE: PNC), and U.S. Bancorp (NYSE: USB) Show the Opportunity and Challenge of Acquiring Troubled Banks
Fortune Magazine’s recent Street Sweep column profiled three “super regional” banks: BB&T (BBT), PNC Financial Services Group (PNC) and U.S. Bancorp (USB) who represent hope and challenge for the U.S. banking system. The issue is money. Or in this case … a willingness to spend it. As Street Sweep reported, these super regional banks could [...]
Citigroup, Inc (NYSE: C) to Establish Shariah-compliant Microfinance Banks in Pakistan
Citigroup, Inc (NYSE: C) will push the idea of creating Shariah-compliant microfinance banks for the needs of millions of Muslims, who have previously been excluded from micro-finance because of Islam’s prohibition on paying interest, said a senior official on Monday. “There are large microfinance banks in Indonesia, Bangladesh, Pakistan, Morocco, Egypt and India where the [...]
Wells Fargo & Co. (NYSE: WFC) to Close 638 Wells Fargo Financial Stores
Wells Fargo & Co. (NYSE: WFC) has announced that it will close 638 of its “Wells Fargo Financial” stores and lay-off 3,800 employees during the next 12 months. The San Francisco-based bank is undergoing a large-restructuring effort after the 2008 merger between Wells Fargo and Charlotte-based Wachovia, which expanded the Wells Fargo bank network and [...]
Bank of America Corp (NYSE: BAC) Announces New Global Liquidity Platform
Bank of America Corp (NYSE: BAC)’s Merrill Lynch division has announced the creation of its new Global Liquidity Platform, which is designed to improve the delivery of its global liquidity product offering. The company said in a statement that the new offering is “centralized technology hub that enables the company to provide consistent, seamless and [...]
Royal Bank of Scotland (LON: RBS) Gears Up to Sell Property Portfolio
Royal Bank of Scotland (LON: RBS) is preparing to sell a property portfolio of more than 3 Billion GDP to determine whether or not the market is hungry for assets which have been considered toxic to investors since the financial crisis. If the sale goes well, it will likely be a precursor for the sale [...]
1330 – Citigroup, Inc (NYSE: C) Announces Successor Depository for Ahold ADR Program
Citigroup, Inc (NYSE: C)’s Global Transaction Services has been appointed by Ahold, a company wased out of Netherlands, as the successor company for the successor depository bank for its sponsored Level 1 American Depositary Receipt (ADR) program. Ahold’s ADRs which currently trade over the counter through pinksheets.com will now trade in the OTCQX marketplace under [...]
Bank of America Corp (NYSE: BAC) Hires New Latin American Executive
Bank of America Corp (NYSE: BAC) CEO has hired former Credit Suisse Group AG executive Mark Rosen to serve as a new executive in Latin America. Rosen will serve as the head of the Charlotte-based bank’s corporate and investment banking in Latin America. He will be based in New York and report to William Egan, [...]
Citigroup, Inc (NYSE: C) Hires New CEO for Citibank Canada
Citigroup, Inc (NYSE: C) announced on Tuesday that John Hastings would be the new country officer for Canada as well as Chairman and CEO for Citibank Canada. Hastings most recently served as managing director and head of Citigroup, Inc (NYSE: C)’s Institutional Clients Group in Canada, providing oversight across all institutional customer segments and product [...]
Is Bank of America Corp (NYSE: BAC)’s Stock Finally Cheap?
Bank of America Corp (NYSE: BAC)’s stock price may have finally become “cheap” according to Nancy Bush of NAB Research, who recently described the stock as inexpensive compared to its peers in a research note dated Tuesday. “This stock has finally gotten cheap enough – period,” she wrote. Bush said that the bank’s new management [...]
Habib Bank Seeks to Purchase Citibank (NYSE: C) Pakistan’s Credit Card Portfolio
Citigroup, Inc (NYSE: C) may have a purchaser for its credit card portfolio in Citibank Pakistan, according to a report from The News. Habib Bank has expressed interest in purchasing the credit card portfolio of Citibank Pakistan, which has cut back on its retail operations during the last several years. “Officials from Habib Bank are [...]
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