Archive for July, 2010
Citigroup, Inc (NYSE: C) to Sell $107 Million in Mortgages to Religare Enterprises
Citigroup, Inc (NYSE: C)’s Indian division has sold 5 billion rupees, or about $107 million, worth of mortgages to Religare Enterprises Ltd., an Indian financial-services firm owned by billionaire brothers Malvinder and Shivinder Mohan Singh, according to a report from Business Week. The acquisition, made through the company’s Religare Finvest Ltd unit, will likely be [...]
JPMorgan Chase (NYSE: JPM) Discloses Results, Bank of America (NYSE: BAC) and Citigroup (NYSE: C) On Deck
Earnings season is getting underway. Today, JPMorgan Chase & Co (NYSE: JPM) disclosed their earnings, beating the consensus quarterly estimates. The bank’s second-quarter earnings increased 76 percent to $4.8 billion, or $1.09 a share, from $2.7 billion, or 28 cents a share, in the year-earlier period. According to Thomson Reuters, excluding a benefit from lower [...]
Morgan Stanley (NYSE: MS) Hires JPMorgan Chase & Co. (NYSE: JPM) Takeovers Executive
Morgan Stanley (NYSE: MS), the world’s second largest M&A adviser, has hired JPMorgan Chase & Co. (NYSE: JPM)’s Thomas M. Miles, who has helped setup takeovers between a number of large companies including UAL Corp.’s United Airlines and Bristol-Myers Squibb Co. Miles, who was previously a managing director at JPMorgan Chase & Co. (NYSE: JPM)’s [...]
Citigroup, Inc (NYSE: C) Executive Takes $1 Million Pay Cut to Work for Obama Administration
President Obama announced the hiring of Jacob J. “Jack” Lew, an executive for Citigroup, Inc (NYSE: C), as his new top budget officer on Tuesday, but Lew will take a pay-cut of $1 million to take the job. When announcing the position, President Obama praised Lew for his management of finances during the Clinton years [...]
Goldman Sachs Group Inc. (NYSE: GS) to Sell Sake in Teibow Co
Goldman Sachs Group Inc. (NYSE: GS) plans to sell its stake in Japan’s Teibow Co, a company which makes felt pen nibs, in a deal which would be worth about $113 million (10 billion yen), according to several media reports. Goldman Sachs Group Inc. (NYSE: GS), which purchased an 86% stake in Teibow in 2006, [...]
Sprint Nextel (NYSE: S) and T-Mobile Merger Rumors Return After Comments from Sprint CEO
Sprint Nextel (NYSE: S) and T-Mobile may be moving toward a merger as Sprint builds out its 4G network, said the Financial Times suggests in an article published Tuesday. According to the report, Sprint Nextel CEO Dan Hesse told the agency that he sees “logic” in a potential merger between Sprint and T-Mobile USA. He [...]
Lazard Ltd Hires Citigroup, Inc (NYSE: C) Investment Banking Executive
Citigroup, Inc (NYSE: C)’s infrastructure-investment banking head, Jonathan Turnbull, has been hired away by Lazard Ltd, an investment bank whose clients have included the government of Greece. Mr. Turnbull, age 42, will join as managing director of the company’s energy, power and infrastructure group, said the firm in a statement on Wednesday. Turnbull had worked [...]
Ford Motor Co. (NYSE: F) Delays 2011 Ford Fiesta Deliveries
Shipments of Ford Motor Co. (NYSE: F)’s 2011 Ford Fiesta to U.S. dealerships have been delayed by 10 to 14 days because of storm-damaged rail lines. Ford spokeswoman Angie Kozleski said that key rail lines in northern Mexico were damaged by Hurricane Alex on June 30th and later by Tropical Storm Bonnie. “We do ship [...]
Union Pension Fund Sues Pfizer (NYSE: PFE) Over Off-Label Marketing
Pfizer (NYSE: PFE) is being sued by a union pension fund which claims that the company’s board of directors ignored indications that the drug manufacturer was playing fast and loose with off-label marketing. The fund blames the company’s board of directors, at least in part, for a record-setting $2.3 billion marketing settlement recently reached with [...]
Federal Judge Upholds Citigroup, Inc (NYSE: C) Class Action Suit
Federal District Court Judge Sidney Stein denied a request by Citigroup, Inc (NYSE: C) to dismiss a class-action lawsuit by a group of pension funds and an insurance company which purchased bonds issued between May of 2006 and August of 2008 on Monday. The suit involves 48 different bond funds Citigroup, Inc (NYSE: C) raised [...]
Citigroup, Inc (NYSE: C) to Transfer Management of Private Equity Funds
Citigroup, Inc (NYSE: C) will transfer management of various in-house private equity funds to StepStone Group, LLC and sell its interest in the funds to Lexington Partners Inc. as part of an ongoing effort to shrink the New York-based banks assets. La Jolla, CA-based StepStone will take over managing $4 billion in fund-of-funds and buyout [...]
Citigroup, Inc (NYSE: C) Appoints New Asia Executive
Citigroup, Inc (NYSE: C) announced on Tuesday that it has appointed Javed Kureishi as its new head of its Asian global subsidiaries group. Kureishi currently serves as chief operating officer for Citigroup, Inc (NYSE: C)’ Middle East operations and will be replacing Agnes Liew, who will become Citigroup, Inc (NYSE: C)’s head of Asia Pacific [...]
General Electric Co. (NYSE: GE) Set to Release Q2 Earnings on Friday
General Electric Co. (NYSE: GE) will report its second quarter earnings before the U.S. stock exchanges open on Friday, July 16th. The conglomerate reporter 1st quarter earnings of $2.3 billion ($0.21 earnings per share) down 18% compared to Q1’s 2009 earnings. The company saw revenues of $36.6 billion for the quarter, down 5% from a [...]
J.P. Morgan Chase (NYSE: JPM), Bank of America Corp. (NYSE: BAC) and Citibank (NYSE: C) are Ready to Report, But Will They Make the Grade?
It’s earnings season, and that means a slew of reports that give a snapshot into the health of corporations, including many of the top banks. Beginning tomorrow with JPMorgan Chase (JPM) and continuing on Friday with Bank of America Corp. (BAC) and Citibank (C), analysts are expecting to see optimistic earnings. But will that be [...]
Ford Motor Co. (NYSE: F) To Relocate Flat Rock Plant Employees
Ford Motor Co. (NYSE: F)’s Flat Rock plant is now operating on a single shift and un-needed employees are being relocated to some of the company’s other plants. The Dearborn, MI-based automaker announced back in February that its AutoAlliance International plant, which is owned partially by Mazda, would consolidate the production of the Mazda6 and [...]
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