Archive for October, 2010
Analyst Says Anti-Trust Lawsuit Will Impact American Express’s Stock Price (NYSE: AXP)
An analyst at FBR Capital research believes that American Express’s (NYSE: AXP) stock price will be hindered by an anti-trust lawsuit brought on from the Justice Department. The analysts previously predicted that AXP’s stock would hit $48.00 during the next 12 months, but now predicts the stock will only hit $45.00 Analyst Scott Valentin reiterated [...]
Wells Fargo (NYSE: WFC) Reaches Settlement Over Deceptive Marketing Practices
Wells Fargo (NYSE: WFC) has settled charges related to deceptive marketing practices over certain mortgage products attorney generals in Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas, and Washington. State attorneys general lead by Bill McCollum announced last week that Wells Fargo signed a settlement over allegations that the San Francisco-based bank engaged in deceptive [...]
Citigroup Ordered to Pay $12 Million to Actor Larry Hagman (NYSE: C)
Citigroup (NYSE: C) lost a ruling in a case against actor Larry Hagman, which will force the bank to pay $12 million in damages to Hagman who contended that a Citigroup broker mismanaged his and his wife’s assets. An arbitration board of the Financial Industry Regulatory Authority ruled that the New York-based bank must pay [...]
Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Others Halting Foreclosures
Major Banks have announced recently that they are halting foreclosures while they review their handling of the process. Ally Financial, the institution once known as GMAC, was the first to initiate such an order, and now other banks are following suit. Due to re-sets on adjustable rate mortgages, coupled with rising unemployment rates, the market [...]
Goldman Sachs (NYSE: GS) Makes Donation to Carnegie Mellon
Carnegie Mellon University, the esteemed research institution based in Pittsburgh, announced today that they have received a $2 million donation from Goldman Sachs Group Inc.’s (NYSE: GS) philanthropic arm. Currently, Carnegie Mellon provides $55 million per year for undergraduate financial aid, and today’s donation will help to fund both endowed and expendable scholarships. Facing increasing [...]
Goldman Sachs (NYSE: GS) Optimistic on Citigroup (NYSE: C), Bank of America (NYSE: BAC), Wells Fargo (NYSE:WFC), and JPMorgan (NYSE: JPM)
It’s always interesting to see how the banks rate each other. Often, the equity researchers for firms will publish news upgrading or downgrading key rivals, which always begets the question – how was this determined, and is it unbiased? Today, Goldman Sachs (NYSE: GS) analyst Richard Ramsden wrote a research paper that indicated Citigroup (NYSE: C) [...]
JPMorgan Chase (NYSE: JPM) Invests in SunEdison
JPMorgan Chase & Co. (NYSE: JPM) has always been an innovator in the field. The House of Dimon pride’s itself on smart investments and sound business decision making, and along the way the firm has quickly become the model financial institution. Today, the firm furthered that legacy. MEMC Electronic Materials Inc. is becoming a big player in [...]
Goldman Sachs Top Economist Predicts Doom and Gloom for U.S. Economy (NYSE: GS)
Goldman Sachs Group Inc. (NYSE: GS) top economist thinks that the economic outlook for the United States ranges from “fairly bad” to “very bad” and says that policy makers need to act to help ensure a better environment for growth. Goldman Sachs Group Inc. (NYSE: GS) economist Jan Hatzius said that in the most positive [...]
Bank of America (NYSE: BAC) Hires Executive from Deutsche Bank
Bank of America Corp (NYSE: BAC) has hired Zhang Xiuping away from Deutsche Bank as its new co-head of M&A for Asia, according to a report from Bloomberg News. Zhang will lead Bank of America Corp (NYSE: BAC)’s regional M&A team along with Michael Clo. While working at Deutsche Bank, Zhang ran the company’s China [...]
Citigroup, Inc (NYSE: C) Must Defend Suit over Loan Documents, Court Says
Citigroup, Inc (NYSE: C)’s CitiFinancial Mortgage must defend a suit over issues related to loan documents, ruled a federal appeals court. The suit is only a small part of a larger controversy related to the quality of legal filings on foreclosure documentations. Ally Financial, JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp [...]
JPMorgan Has Highest Investment Banking Market Share (NYSE: JPM)
JPMorgan Chase & Co. (NYSE: JPM) received the most fees from global investment banking during the first three quarters of the year, despite losing market share and facing declining fee revenue. The New York-based bank, which saw increased business during the financial crisis, earned fees of $3.7 billion from a wide-range of businesses globally during [...]
Wells Fargo Reaches Settlement on Deceptive Loans, Must Spend $772 Million on Modifications (NYSE: WFC)
Wells Fargo & Co. (NYSE: WFC) has an agreed to spend up to $772 million to modify mortgages for borrowers in eight states in order to settle claims that the San Francisco-based bank made use of deceptive marketing tactics to sell loans which were too complicated to understand and left borrowers in untenable levels of [...]
Lending Club Issues $12 Million in Loans During September
Lending Company, a firm which operates a peer to peer lending marketplace, set another record in the amount of loans which were setup during the month of September, arranging more than $12 million worth of loans between borrowers and lenders on its platform. During the month of September, Lending Club investors issued another $12,039,675 across [...]
Wells Fargo (NYSE: WFC) Offering Incentives to Solar Energy System Buyers
Wells Fargo & Co. (NYSE: WFC) is offering special promotions to residents of California and Colorado that want to install solar energy systems into their homes. The San Francisco-based bank said that customers in Southern California that spend at least $15,000 of a Wells Fargo & Co. (NYSE: WFC) home equity loan or line of [...]
Ford Motor Co. (NYSE: F) to Cut 175 Lincoln Dealerships
Ford Motor Co. (NYSE: F) announced that it would be dropping about 175 Lincoln dealerships primarily in Urban markets as part of an effort to overhaul its brand with a new look and high-end stores. Executives of the Dearborn, MI-based company met with Lincoln dealers at its headquarters on Monday and Tuesday and detailed plans [...]
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