Archive for September, 2010
Barclays PLC (NYSE: BCS) Boosts Estimates on Motorola (NYSE: MOT)
Equities research analysts at Barclays PLC (NYSE: BCS) raised their price target and earnings estimates on shares of Motorola (NYSE: MOT). The analysts set a $10.00 price target and reiterated an “overweight” rating on the stock in a research note to investors on Wednesday. Motorola, Inc. provides technologies, products and services for mobile phones. Its [...]
RBC (TO:RY) Hires Two Advisors from Morgan Stanley (NYSE: MS) Smith Barney
RBC’s Wealth Management division has hired away two advisers from Morgan Stanley (NYSE: MS) Smith Barney to join its Portland, Oregon office, the company announced on Wednesday. While working at Morgan Stanley Smith Barney, Larry VanLaningham and Kevin Morrice oversaw $200 million worth of assets and generated $1.1 million in fees and commissions, according to [...]
HSBC (NYSE: HBC) Plans Growth In America Region
The largest bank in Europe, HSBC Holdings Plc (NYSE: HBC) has set it’s aim on the U.S. market, in particular, high new worth customers. Andy Ireland, head of the American wealth unit said the firm has plans to more than double it’s stable of U.S. premier banking customers by 2013, to 1 million. Premier customers [...]
Bank of America Corp (NYSE: BAC) Creates Pool of SBA Loans
Bank of America Corp (NYSE: BAC) said that it’s worked with CDC Small Business Finance to create a pool of Small Business Administration 504 first-mortgage loans for sale under the agency’s new secondary-market program, marking the first pool of its kind under the program. The Charlotte-based bank’s purchase of $27.2 million worth of loans could [...]
Bank of America (NYSE: BAC) Announces Prop Trading Layoffs
As the Dodd-Frank financial regulatory reform legislation comes into greater focus, the first issue many of the major banks seem to be dealing with revolves around their prop trading departments. Rumors abound that bands of prop traders at Goldman Sachs (NYSE: GS) are negotiating with boutiques and other firms to move their business there, and [...]
AIG (NYSE: AIG) Accelerating Payback
The Trouble Asset Relief Program (TARP) may be one of the most effective, yet simultaneously hated programs ever adopted by the public. The general public saw this program as a massive bailout by the taxpayers to the large, greedy banks. In retrospect though, it seems to be a very profitable investment, which has yielded strong [...]
Citigroup, Inc (NYSE: C) Isn’t Investing Enough in Infrastructure, Mayo Says
Analyst Mike Mayo said that Citigroup, Inc (NYSE: C) is not spending enough on computer equipment, ATM machines, real estate and other items which make up its franchise. In a research note to investors on Wednesday, Mayo said that a reduction in capital expenditures of as much as $4 billion since 2006 means that Citigroup, [...]
Gasoline Demand Fell 0.3% Last Week, MasterCard (NYSE:MA) Says
MasterCard (NYSE: MA) issued a new SpendingPulse report on Tuesday which said that weekly demand for U.S. retail gasoline fell by 0.3% during the third-week of September. The report said that gasoline demand average 8.978 million barrels per day, down from 9.006 million barrels per day during the previous week. The report also stated that [...]
Bank of America Corp (NYSE: BAC) Lays Off 20-30 Proprietary Trading Employees
Bank of America Corp (NYSE: BAC) will be cutting between 20 and 30 employees that traded for the bank’s internal account as a result of a federal rule change which requires banks to reduce the amount of risk they are taking by limiting how they can trade their own funds. The Charlotte-based bank will be [...]
JPMorgan Chase & Co. (NYSE: JPM) to Suspend 50,000 Foreclosures
JPMorgan Chase & Co. (NYSE: JPM) announced that it would be suspending as many as 50,000 foreclosures as the bank reviews the legitimacy of the documents in the cases, following a similar move by GMAC Mortgage LLC last week. GMAC halted evictions and sales of foreclosed homes in 23 states after they found errors in [...]
Understanding the Lending Club PRIME Account
Lending Club.com, a peer to peer lending company, has made a name for itself in the financial by allowing members on its site to issue loans to one another, creating what some are calling an entirely new class of investment. Some investors that have been disappointed in the stock market during the last few years [...]
U.S. Treasury to Sell Citigroup, Inc (NYSE: C) Debt Securities
The U.S. Department of Treasury said that it will sell some of the $2.2 billion worth of debt securities that it holds in Citigroup, Inc (NYSE: C), the latest in a series of debt and equity sales by the government in a move to divest itself from the New York-based bank. Taxpayers invested more than [...]
Treasury Department Liquidating Position in Citigroup (NYSE: C)
Today, the U.S. Treasury Department announced that it will sell a portion of the $2.2 billion in Citigroup’s (NYSE: C) trust preferred shares it received at the height of the financial crisis. It now looks like a pretty good deal for the taxpayers, who once cried acrimony at the government’s investment. During January 2009, the [...]
Goldman Sachs (NYSE: GS) Selling ICBC Shares
Ahead of next month’s quarterly earnings release, firms may be making one last push to fill the firm’s coffers with cash. Goldman Sachs Group Inc. (NYSE: GS) is planning to sell shares in the Industrial & Commercial Bank of China Ltd., seeking HK$15.92 billion ($2.05 billion). In total, terms of the transaction show that Goldman [...]
Lending Club Hires Joseph Toms as Head of Investing
Lending Club, a company which operates a peer to peer lending marketplace, has hired Joseph Toms as a new managing director of Lending Club’s investment operations. “We continue to grow the Lending Club team, adding key people that will help sustain and accelerate our growth. Joe’s extensive investing background will be a boon to Lending [...]
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