Archive for July, 2010
Bank of America Corp (NYSE: BAC) Ordered to Pay $5 Million to Former Exec
Bank of America Corp (NYSE: BAC) has been ordered by a Financial Industry Regulatory Authority (FINRA) arbitration panel to pay former head of media investment banking Stephen Ketchum $5 million in damages. Ketchum, who was laid-off from Bank of America Corp (NYSE: BAC) in November 2007, filed a claim with FINRA against Bank of America [...]
Citigroup, Inc (NYSE: C) to Expand Energy Trading Team in Asia
Citigroup, Inc (NYSE: C) will expand its energy trading team in Asia by hiring five new staff members including two new traders. The company has also ventured into physical oil trading during the last year, according to several media reports. The unit plans to grow its influence in energy and commodities markets, following similar efforts [...]
Blackstone to Manage Bank of America Corp (NYSE: BAC) Real Estate Fund
Blackstone Group, a U.S. investment firm, will take over management of Bank of America Corp (NYSE: BAC)’s Asian real-estate fund, according to several media reports. Merrill Lynch raised $2.65 billion before it the firm was purchased by Bank of America Corp (NYSE: BAC) in January 2009 and invested all of that money into Asian property [...]
JPMorgan Chase & Co. (NYSE: JPM) Hires Former Senator Mel Martinez
JPMorgan Chase & Co. (NYSE: JPM) announced on Monday that it has hired former senator and secretary of housing and urban development Mel Martinez, as a senior executive for the Florida, Caribbean and Central America region. Martinez, who served in the Bush administration’s cabinet between 2001 and 2003 and as a senator between 2004 and [...]
Ford Motor Co. (NYSE: F) Receives Loan Guarantee From U.K. Government
Ford Motor Co. (NYSE: F) has received a 360 million GBP loan guarantee from the U.K. government for the company’s 450 million GBP European Investment Bank loan, as part of the company’s 1.5 billion GDP British investment plan over the next five years to build out a new generation of environmentally-friendly engines and cars. The [...]
JPMorgan Chase & Co. (NYSE: JPM) Hires Exec to Expand Mobile Banking Business
JPMorgan Chase & Co. (NYSE: JPM) has hired Jack Stephenson, a payments industry veteran, as its new Director of Mobile, E-Commerce and Payments. Stephenson, who had previously served as the Senior Vice President of Strategy, Partnerships, Analytics and New Ventures at PayPal, will develop a mobile devices and internet payments strategy for the bank. “We [...]
Former Citigroup, Inc (NYSE: C) Executive to Become CEO at Fieldpoint Private Bank & Trust
Former Citigroup, Inc (NYSE: C) executive Robert Matthews, who was a long-time wealth-management executive at the New York-based bank, has become the new president and chief executive officer of the two-year-old Fieldpoint Private Bank & Trust. Matthews, who left Citigroup, Inc (NYSE: C) in January, spent more than 25 years with Citigroup, Inc (NYSE: C) [...]
Wells Fargo & Co. (NYSE: WFC) To Invest in Cleantech Open
Wells Fargo & Co. (NYSE: WFC) announced on Monday that it would make a multi-regional investment in the “Cleantech Open”, a business plan competition which encourages the development of clean technology companies and green innovation. “Our employees have enthusiastically volunteered for this inspiring business plan competition serving as subject matter experts, mentors, speakers and judges, [...]
Microsoft Corp CEO Touts New Windows-Based Apple iPad Competitors (AAPL, MSFT)
Microsoft (NASDAQ: MSFT) CEO Steve Ballmer touted new Windows tablet devices from more than a dozen manufacturers at a conference on Monday, suggesting that the Redmond-based software giant is eager to counteract the growth of Apple’s (NASDAQ: AAPL) iPad, New tablet or pad computers running Microsoft’s Windows 7 operating system are in the works from [...]
Citigroup, Inc (NYSE: C) Says National Grid to Sell U.S. Operations
Citigroup, Inc (NYSE: C) said that National Grid PLC, the owner of Britain’s natural-gas and power networks, may sell its U.S. operations in order to keep capital spending at current levels without having to issue new equities. Citigroup, Inc (NYSE: C) said that National Grid’s U.S. operations have an estimated enterprise value of 12 billion [...]
NTP Sues Microsoft, Google, Apple and Others Over Mobile Phone Patents
NTP said on Thursday that it had filed patent infringement lawsuits against several of the world’s top mobile phone manufactures including Apple (NASDAQ: AAPL), Google (NASDAQ: GOOG), Microsoft (NASDAQ: MSFT), Motorola (NYSE: MOT), HTC (TW: 2498) and LG Electronics (KS: 066570). The privately held company had previously won a $600 million from a settlement with [...]
Citigroup, Inc (NYSE: C) Stock Closes Above $4.00 Mark
Citigroup, Inc (NYSE: C)’s stock closed above $4.00 on Friday, a critical resistance point for the stock, as the company’s second quarter earnings report date nears. The New York-based bank’s stock closed at $4.04 at the end of trading on Friday, July 9th, ending up 1.76% for the day and 2.54% for the week. The [...]
JPMorgan Chase & Co. (NYSE: JPM) to Sue Former Adviser Which Defected to Morgan Stanley (NYSE: MS)
JPMorgan Chase & Co. (NYSE: JPM) has filed suit against a former financial adviser who left to work for Morgan Stanley (NYSE: MS) Smith Barney. The adviser, Michael Lupia, has already transferred more than $30 million worth of client assets to his new company, according to documents filed in the New York Supreme Court on [...]
Ford Motor Co. (NYSE: F) and Chrysler (BIT: F) to Recall 52,000 Vehicles
Ford Motor Co. (NYSE: F) and Chrysler (BIT: F) are recalling a combined 52,000 vehicles to fix various issues which could result in damage to vehicles. The federal government said that Chrysler will recall about 22,000 sport utility vehicles and trucks to fix issues with brake tubes which could lead to the loss of brake [...]
Bank of America Corp (NYSE: BAC) Largest Private Bank in 2009, Study Says
Bank of America Corp (NYSE: BAC) kept is position as the world’s largest private bank in 2009, fending off UBS AG (NYSE: UBS) based out of Switzerland, however, drops in profitability of the private banking industry and lower fresh funds from wealthy clients suggest that the wealth management industry is still in a weakened state. [...]
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