Home » Archive for September, 2010
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
Wells Fargo & Co. (NYSE: WFC) Names Head of Global Financial Institutions
Wells Fargo & Co. (NYSE: WFC) named Charles Silverman as its new head of the global financial institutions group, which offers international banking services through a network of 30 international officers. The spot was previously... More of this article »
JPMorgan (NYSE: JPM) to Increase Staff in Asia by 40%.
JPMorgan Chase & Co. (NYSE: JPM) announced that it plans to triple its private banking assets in Asia during the next half-decade in a plan which will increase the company’s head-count in the region by 40% in 2010 and 2011. JPMorgan... More of this article »
Discover Financial Services is “Positioned to Generate Earning Asset Growth”, Analyst Says (NYSE: DFS)
An analyst at FBR Capital Markets said that Discover Financial Services (NYSE: DFS) is “among the better positioned card companies to generate earning asset growth” in a research note to investors on Tuesday. Analyst Scott Valentine... More of this article »
Lending Club Offers IRA Option
Lending Club, a company which offers a peer to peer lending marketplace, has recently begun offering an IRA option to customers that wish to invest some of their retirement funds into peer to peer loans. California-based Lending Club... More of this article »
Morgan Stanley (NYSE: MS) Announces Hiring Freeze
Morgan Stanley (NYSE: MS) announced that it has halted hiring in its investment-banking group for the remainder of 2010, according to a report from Bloomberg News. The report cited an anonymous source who said that the firm has so... More of this article »
Citigroup, Inc (NYSE: C) Makes Winning Bid for $470 Million in NY Municipal Bonds
Citigroup, Inc (NYSE: C) submitted the winning bid for $470 million worth of New York municipal bonds backed by annual appropriations, according to a report from Bloomberg News. The winning bid made by the New York-based bank of a... More of this article »
Citigroup (NYSE: C) Heads for Asia, Follows JPMorgan Chase (NYSE: JPM), Goldman Sachs (NYSE: GS), and UBS AG (NYSE: UBS)
Citigroup Inc. (NYSE: C) is seeking to expand in Asia, and has started brokerage operations out of Malaysia trying to capitalize on the growing market. The firm similarly opened offices in Indonesia last month, and Vietnam is believed... More of this article »
Wells Fargo (NYSE: WFC) Makes Progress on Re-Branding Wachovia Branches
Less than two years ago, Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) were embroiled in controversy on both of their planned acquisitions of Wachovia, the once venerable banking institution headquartered in North Carolina. While... More of this article »
FDIC Getting New Tools, Are JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Bank of America (NYSE: BAC) Concerned?
During her September 2nd testimony, FDIC Chairman Sheila Bair expressed the need for new tools. Now, it seems like her wish has been granted. Under the Dodd-Frank law, the Federal Deposit Insurance Corp. will propose a measure to guide... More of this article »