Home » Archive for August, 2010
Citibank (NYSE: C) Reports Fewer Credit Card Debt Write-Offs in July
Citibank (NYSE: C) reported that its levels of uncollectable credit card debt and late payments remained elevated during the month of July, however, the numbers did slightly improve over the month of June. The New York-based bank said... More of this article »
Lending Club Appoints New CFO from Charles Schwab (NASDAQ: SCHW)
Lending Club, a company which operates a peer to peer lending marketplace, has appointed former Charles Schwab (NASDAQ: SCHW) executive Carrie Dolan as its new chief financial officer. “We have assembled an executive team of innovators... More of this article »
UBS AG (NYSE: UBS) Hires Morgan Stanley (NYSE: MS) Executive
UBS (NYSE: UBS) announced on Thursday that it has hired former Morgan Stanley (NYSE: MS) executive Wei Cai as the company’s new head of investment banking in China and as vice chairman of Asia investment banking, according to an... More of this article »
Tata Motors Hires Citigroup, Inc (NYSE: C) and Credit Suisse (NYSE: CS) for Stock Offering
Tata Motors has reportedly hired Citigroup, Inc (NYSE: C) and Credit Suisse AG (NYSE: CS) to raise as much as $1 billion from selling securities, according to a report from Bloomberg. The automaker, which owns Jaguar and Land Rover,... More of this article »
Intel (NASDAQ: INTC) to Purchase McAfee for $7.7 Billion
Intel (NASDAQ: INTC) announced today that it would be acquiring McAfee for $7.7 billion in a deal which would offer McAfee shareholders a 60% premium above the company’s closing stock price on Wednesday. Shares of McAfee skyrocketed... More of this article »
Bank of America Corp (NYSE: BAC) to Pay $2.5 Million to Settle Merrill Lynch Claims
Bank of America Corp (NYSE: BAC) will pay more than $2.5 million to settle claims from the Financial Industry Regulatory Authority (FINRA) that accused Merrill Lynch of failing to offer customers required discounts unit investment... More of this article »
Microfinance Org Hires Citigroup, Inc (NYSE: C) and Morgan Stanley (NYSE: MS) for IPO
India’s second largest microfinance organization, Spandana Sphoorty Financial Ltd, is expected to hire Citigroup, Inc (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM) and JM Financial to manages its initial public offering, according... More of this article »
Fifth Third Bancorp (NYSE: FITB) Shows Increasing Loan Modifications and Lower Deposit Fee Revenue
As consumers face the stress of foreclosure, Fifth Third Bancorp (FITB) has recently reported that their government modification conversion rate was above 70 percent – more than double the national average. At the same time, the... More of this article »
American Express Co. (NYSE: AXP) Sees Charge-Off Rates Decline in July
American Express Co. (NYSE: AXP) said on Monday that the rate that it wrote off uncollectable credit card balances fell during the month of July to the lowest level since the beginning of the financial crisis. The New York-based credit... More of this article »
Paulson Fund Purchased 1.1 Million Shares of Goldman Sachs Group Inc. (NYSE: GS)
John Paulson, a hedge-fund manager that won big by betting against sub-prime mortgages, purchased 1.1 million shares of Goldman Sachs Group Inc. (NYSE: GS) during the second quarter, according to a regulatory filing with the U.S. Securities... More of this article »
Bank of America (NYSE: BAC) Credit Card Write-Offs Declined in July
Bank of America Corp (NYSE: BAC) disclosed on Monday that the number of credit card balances that it wrote-off declined in the month of July, the fourth straight month in a row. The Charlotte-based bank also reported that late payments... More of this article »
Morgan Stanley (NYSE: MS) Hires Former Citigroup (NYSE: C) Investment Banker
Morgan Stanley (NYSE: MS) has hired Felix Scherzer from Citigroup, Inc (NYSE: C), an investment banker that advised financial companies including American International Group Inc. Scherzer joined Morgan Stanley on Aug. 6th, according... More of this article »
Gates Foundation Purchases 500,000 Goldman Sachs Group Inc. (NYSE: GS) Shares
The Bill and Melinda Gates Foundation purchased 500,000 shares of Goldman Sachs Group Inc. (NYSE: GS) to its portfolio during the second quarter, according to a 13F regulatory filing with the U.S. Securities and Exchange Commission... More of this article »
Ford Motor Co. (NYSE: F) Brings Back 2,000 Workers to Factories
Ford Motor Co. (NYSE: F) and the United Autoworkers Union have worked together to bring back nearly 2,000 union employees to the automotive manufacturer’s factories which would have otherwise been migrated to parts supply companies,... More of this article »
Citibank (NYSE: C) Fails to Settle $75 Million SEC Suit
Citibank (NYSE: C) failed to win the approval of a federal judge to pay $75 million in order to settle claims from the U.S. Securities and Exchange Commission that the New York-based bank misled investors by understating risk in certain... More of this article »
Bank of America Corp (NYSE: BAC) Begins Coverage on CenterPoint (NYSE: CNP)
Bank of America Corp (NYSE: BAC)’s Merrill Lynch division reinstated coverage on share of CenterPoint with a “buy” rating and a $17.00 price target in a research note to investors on Monday. The analysts said that the company... More of this article »
Appaloosa Management LP Cuts Holdings in Wells Fargo & Co. (NYSE: WFC) and Bank of America Corp (NYSE: BAC)
Appaloosa Management LP, a hedge fund run by David Tepper, cut its holdings of Wells Fargo & Co. (NYSE: WFC), Bank of America Corp (NYSE: BAC) and Fifth Third Bancorp during the second quarter, according to a regulatory filing... More of this article »
Goldman Sachs Group Inc. (NYSE: GS) Undercuts Competitors in General Motors IPO
Several large-cap banks will likely make $120 million from General Motors, however, if it weren’t for Goldman Sachs Group Inc. (NYSE: GS), the banks may have made four times as much, according to a report from the Washington Post. In... More of this article »
Wells Fargo & Co. (NYSE: WFC) Hires New Regional Commercial Banking Executive
Wells Fargo & Co. (NYSE: WFC) has appointed Lynn Marx as a loan team manager in the company’s regional commercial banking office in Chicago, where she will manage both the loan team for the area and all credit decisions. “We... More of this article »
Citibank (NYSE: C) Mobile Banking Head Leaves Company
Citibank’s (NYSE: C) head of online and mobile banking, Liza Landsman, is leaving the company after being named to help transform the company’s consumer business with new technologies, according to a report from Bloomberg BusinessWeek. Landsman,... More of this article »
Ford (NYSE: F) Sells 18 Concept Cars to Raise Funds for Juvenile Diabetes Research
Ford Motor Co. (NYSE: F) sold 18 concept cars on Thursday at an auction at the Sports and Classics of Monterey sale, raising more than $1 million for the Juvenile Diabetes Research Foundation and to the Children’s Center of Wayne... More of this article »
Bank of America Corp (NYSE: BAC) May Reduce Stake in BlackRock
Bank of America Corp (NYSE: BAC) may reduce its 34% stake in BlackRock, the largest asset management company in the world, according to a report from Bloomberg. The Charlotte-based bank acquired the holding when it purchased Merrill... More of this article »
Gamefly IPO: Gamefly Prepares for Public Stock Offering
Gamefly, a Netflix-like service which offers video games by mail, has filed to the public via an initial public offering (IPO). Gamefly’s IPO was filed for on February 10th, 2010, however, no date has been set for the IPO. Many that... More of this article »