Archive for August, 2010
Morgan Stanley (NYSE: MS) Hires North American Institutional Sales Executive
Morgan Stanley (NYSE: MS) has hired Jack O’Connoer as its new head of North American institutional sales for its investment-management unit. Previously, O’Connor managed U.S. institutional sales at Pioneer Investments, according to a statement from Morgan Stanley spokeswoman Alyson Barnes. He will begin the position on August 23rd and will be based out of New [...]
Wells Fargo & Co. (NYSE: WFC) Announces Dividends on Preferred Stock
San Francisco-based Wells Fargo & Co. (NYSE: WFC) announced quarterly cash dividends on three sets of preferred stock. The company announced in a statement that a quarterly cash dividend of $20.00 per share was declared on its 8.00% non-cumulative perpetual “Class A” preferred stock, “Series J”, liquidation preference $1,000 per share. This dividend is $0.50 [...]
Citigroup, Inc (NYSE: C) and EMI Group Agree to Hold Settlement Talks
Citigroup, Inc (NYSE: C) and EMI Group PLC have agreed to have settlement talks during the month of September to attempt to settle a suit relating to the buyout of EMI by Terra Firma in 2007, according to a report from the Wall Street Journal. During the height of an economic book, Terra Firma acquired [...]
Bank of America (NYSE: BAC) Preferred Stock Given Investment Grade Rating by Fitch
Bank of America Corp (NYSE: BAC)’s preferred stock has been given an investment grade rating by Fitch, citing the Charlotte-based bank’s ability to boost common equity and liquidity as well as improving asset quality in the company’s loan portfolios. Fitch cited Bank of America Corp (NYSE: BAC)’s capital raising efforts and the company’s Tier 1 [...]
Lending Club IRA: All About Lending Club’s Retirement Accounts
Last year, peer-to-peer lending company Lending Club began offering individuals the option to setup an IRA to serve as a tax-advantage way to invest through Lending Club. Here’s everything that you need to know about the Lending Club IRA. Before considering a Lending Club IRA, you must first consider whether or not Lending Club is [...]
Citigroup, Inc (NYSE: C) to Close Mortgage Office in Frederick, MD
Citigroup, Inc (NYSE: C) announced that it will be closing its Frederick, MD-based mortgage loan servicing office by the middle of 2010 and will move most of its 940 workers at the office elsewhere in the region. Citigroup spokeswoman Janis Tarter said on Thursday that relocated employees would either work from Citibank’s larger Hagerstrown site [...]
Former Morgan Stanley (NYSE: MS) Executive Joins Primerica (NYSE: PRI) Board
Former Morgan Stanley (NYSE: MS) wealth management head Ellyn McColgan has joined Primerica’s (NYSE: PRI) board of financial services, the company announced on Thursday. McColgan has joined Morgan Stanley (NYSE: MS) in April of 2008 after working 17 years at Fidelity Investments. After the January 2009 creation of Morgan Stanley Smith Barney along with Citigroup, [...]
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 in a regulatory filing on Monday that its write-off rate fell from 10.72% during the month of [...]
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 who are passionate about transforming industries, and Carrie is an ideal fit. Her financial experience at a leading financial [...]
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 internal memo obtained by Bloomberg Business Week. Cai most recently worked as head of the industrials [...]
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, may tap capital markets sometime during the next month, according to the report which cited an [...]
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 by 58.l3% during pre-market trading to $47.38 and Intel’s shares dropped by 2.2% to $19.16. The acquisition will [...]
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 trusts purchases, a type of pooled asset. Merrill Lynch, owned by Bank of America, did not have appropriate procedures to [...]
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 to a report from Bloomberg BusinessWeek. The lender is expected to try to raise as much as $400 million by the end [...]
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 bank is projecting a $20 million reduction in quarterly deposit fee revenue as a result of recent legislation that [...]
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