Archive for July, 2010
Wells Fargo & Co. (NYSE: WFC) Says Buy Riskier Credit Card Debt
Wells Fargo & Co. (NYSE: WFC) Securities analysts said in a research note to investors on Monday that investors should buy subordinate bonds backed by credit-card payments as default rates and delinquencies fall. Securities which are backed by credit card assets and rated BBB, the second lowest investment grade yield almost 2% more than similar [...]
Morgan Stanley Smith Barney Appoints Two Wealth Management Executives (NYSE: MS)
Morgan Stanley (NYSE: MS) Smith Barney has made two appointments to its wealth management division today, including Douglas J. Ketterer as its new head of Morgan Stanley Private Wealth Management in the United States and the appointment of James J. Tracy as chief operating officer of distribution and development, for its U.S. wealth management unit. [...]
JPMorgan (NYSE: JPM) Sues Texas Ranges Over Stadium Lease
JPMorgan Chase & Co. (NYSE: JPM) will be suing the Major League Baseball team Texas Rangers for taking over the lease of its Arlington stadium, Rangers Ballpark, before filing for bankruptcy. Bloomberg reported that JPMorgan Chase & Co. (NYSE: JPM) is the agent for investors that loaned money to Rangers owner Tom Hick’s company, HSG [...]
Goldman Sachs (NYSE: GS) Made Bad Call on Volatility, Earnings Suffer
Goldman Sachs Group Inc. (NYSE: GS) lost money during the second quarter by betting that volatility would drop during the second quarter as equity price swings moved to a 12 month high. “Primarily in response to our client needs, our equity derivatives business was short volatility entering the second quarter and posted poor results,” said [...]
Bank of America Corp. (NYSE: BAC) Details Impact of Durbin Amendment, But Regionals May Feel the Most Pain
One piece of the financial reform legislation that passed through both houses of Congress last week included the Durbin amendment. But despite the headlines being made by large banks such as Bank of America (BAC), it is regional banks that may suffer the most. The Durbin amendment, as it’s known for Sen. Richard Durbin, D-Ill., [...]
Citibank (NYSE: C) June Credit Card Write-Offs Remain Elevated
Citigroup, Inc (NYSE: C)’s June credit-card late-payments and write-offs remained high during the month of June, said the bank on Thursday in a regulatory filing The New York-based bank reported that its credit losses rose to 11.46%, up from 11.16% in May. Citibank’s charge-off rate peaked at 11.55 percent in March. The report from Citigroup, [...]
Bank of America May Add Retail Banking Fees to Offset Financial Reform (NYSE: BAC)
Bank of America Corp (NYSE: BAC) announced that new financial reform legislation could cost the bank about $2 billion per year from its card service business, suggesting that the bank will charge new fees to retail customers to offset the lost revenue. Shares of Bank of America Corp (NYSE: BAC) fell by 17% last week [...]
Citigroup, JPMorgan and Bank of America Pay $1 Billion in U.K. Bonus Tax (C, JPM, BAC)
Citigroup, Inc (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp (NYSE: BAC) paid more than $1 billion during the second quarter paying employee bonus taxes levied by the U.K.’s government. At the end of 2009, the U.K. government announced a bank bonus tax as part of an effort to curb [...]
Citigroup (NYSE: C) Discloses Results, Beats Earnings
With earnings season in full force, it was Citigroup’s (NYSE: C) turn on Friday. The firm reported strong results, beating the consensus estimate of 5 cents per share coming in with 9 cents per share. The results were below last quarter’s earnings of 14 cents per share, but showed important signs of improvement in beating [...]
Bank of America (NYSE: BAC) Opening Customer Outreach Center
Bank of America (NYSE: BAC) has announced that their Home Loans division is opening a new customer outreach center in Dedham, Massachusetts to serve customers in the Boston area. As one of the world’s largest financial institutions, the firm’s results have been rocked by instability in the mortgage market. Integrated the former Countrywide into the [...]
KBW Raises Earnings Estimates for Citigroup (NYSE: C)
Citigroup Inc. (NYSE: C), which has been decimated in the last 2 years by the financial crisis received some good news today. The analysts at Keefe, Bruyette & Woods (KBW) raised their earning outlook for the firm. An increased earnings estimate may prove a boost for the stock in the near term, though they did [...]
Boeing (NYSE: BA) Announces Major Orders from Emirates Airlines and General Electric Co. (NYSE: GE)
Boeing (NYSE: BA) announced on Monday that it received two major orders from Emirates Airlines and General Electric Co. (NYSE: GE), marking the first of many announcements from the Farnborough International Air Show this week. Emirates, the largest customer of the 777 in the world, has ordered another 30 planes to add to its current [...]
Britain Moves to Sell Stakes in Lloyds Banking Group PLC (LON: LLOY) and Royal Bank of Scotland (LON: RBS)
The U.K. government has hired investment banker Jim O’Neill on Monday to help manage the sale of its stakes in Lloyds Banking Group PLC (LON: LLOY) and Royal Bank of Scotland (LON: RBS), reports the New York Times. London-based Jim O’Neill will join United Kingdom Financial Investments (UKFI) as the bank’s head of market investments [...]
Returning to Risk? Bank of America Corp. (NYSE: BAC) Said to Market $300 Million CLO for Tetragon
Bloomberg News is reporting that Bank of America Corp. (BAC) is arranging a $300 million collateralized loan obligation (CLO), according to people familiar with the situation. LCM Asset Management LLC, a $2.35 billion investment firm, will manage the CLO, a form of collateralized debt obligation that bundles high-yield, high-risk loans and slices them into securities [...]
General Electric Co. (NYSE: GE) Signs Service Contract with Tennessee Valley Authority
General Electric Co. (NYSE: GE) has signed a $116 million service agreement with the Tennessee Valley Authority, the largest public energy provider in the United States, covering four TVA power plants for the next five years. A statement from General Electric Co. (NYSE: GE) said that the agreement will “help TVA meet its strategic needs [...]
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