Archive for December, 2010
Credit Suisse Cuts Estimate on Goldman Sachs (NYSE: GS)
Citing choppier than expected market conditions for the fourth quarter, analysts at Credit Suisse lowered their earnings estimates for Goldman Sachs (NYSE: GS). Investors can take some solace though, as one positive for them may be a source of worry for its employees awaiting bonuses: the prospect of a leaner, meaner Goldman. The Credit Suisse analysts said [...]
Wells Fargo (NYSE: WFC) ATM’s To Speak Russian
Wells Fargo & Co. (NYSE: WFC) clearly has growth aspirations. With it’s competitors weakened since the financial crisis, while they emerged nearly unscathed and with backing from Warren Buffett, the firm has enacted a series of actions that indicate a more broad appeal for the firm. Firs came the acquisition of Wachovia at the height [...]
Bank of America (NYSE: BAC) Settlement with Lehman Not Yet Final
Bank of America (NYSE: BAC) may be in for an expensive settlement, pending a final decision by a bankruptcy judge. The firm had received notice that a bankruptcy judge amended his order that they pay Lehman Brothers Holdings Inc. $590 million in compensation for taking its deposits, saying “the judgment is hereby deemed not to [...]
JPMorgan Chase (NYSE: JPM) Sued by Petters Trustee
Tom Petters is presently serving a 50-year prison sentence for his December 2009 conviction on 20 counts of wire fraud, mail fraud, money laundering and conspiracy. Essentially, he ran a Ponzi scheme that was profitable for him, and some counterparties as well. Recently, the court appointed trustee in charge of liquidating the business empire Petters [...]
Horan Appointed Regional Exec at JPMorgan Chase (NYSE: JPM)
JPMorgan Chase has appointed David Horan as regional executive for its middle market commercial banking operation in Albany and Syracuse.Horan succeeds William Dehmer, who has headed the New York City-based bank’s regional operations for 14 years. Dehmer was promoted to market manager for Connecticut, Westchester and the Bronx. That position had been held by Nicole [...]
Ohio Pension Fund Sues Wells Fargo & Co (NYSE: WFC)
“Past performance does not guarantee similar future results.” That is a phrase every investor has seen at one time or another, when reviewing a prospectus or being pitched an idea. Apparently, an Ohio pension fund either wasn’t paying attention, or didn’t care much for that adage. An Ohio pension fund has sued Wells Fargo [...]
NY Fed Chief’s Daybook Shows Meetings with Execs from Goldman Sachs (NYSE: GS), Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM), and Others
When Tim Geithner left the NY Federal Reserve Bank to become Treasury Secretary, his seat was filled by William Dudley, a former partner and chief U.S. economist at Goldman Sachs (NYSE: GS). When he took position in February 2009, some of Dudley’s first task were reaching out to the banking titans in New York, and [...]
Lending on the rise at JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), and Others
The lack of lending has been cited as a primary source of the soft economic recovery underway in the United States. While banks are struggling to comply with new regulations, including the Dodd Frank congressional finance reform, they have been also tasked with increasing capital positions so that they may more soundly navigate future financial [...]
Citi (NYSE: C) Employee Arrested in India
Indian police have announced that they have arrested a key suspect in a multi-million-dollar scam unearthed at a Citibank branch in Gurgaon, a booming satellite city outside New Delhi. Police allege that more than four billion rupees (88 million dollars) was channeled by Citibank employee Shivraj Puri and his partners into bogus financial schemes from [...]
JPMorgan Chase (NYSE: JPM) and Barclays Plc (NYSE: BCS) Drop Opposition to MBIA (NYSE: MBI) Restructuring Plan
MBIA (NYSE: MBI), the largest U.S. bond insurer before it suffered major losses from insuring sub prime and other risky securities, has a plan to restructure it’s businesses. Up to now, this plan has been opposed by JPMorgan Chase (NYSE: JPM) and Barclays Plc (NYSE: BCS). JPMorgan Chase and Barclays disclosed their decision not to [...]
Goldman Sachs (NYSE: GS) Taking New View On Risk?
Goldman Sachs Group Inc. (NYSE: GS) has long been a bastion of risk taking. Now though, with the advent of the Dodd Frank legislation and general aversion to risk by investors the firm is struggling to take on a new position – one that can continue to produce profits, while decentivizing risk. On Wall Street, [...]
Allstate (NYSE: ALL) Latest To Sue Bank of America (NYSE: BAC)
Bank of America (NYSE: BAC), the battered Charlotte based bank, has been at the center of controversy since the financial crisis began. With it’s acquisitions of Countrywide and Merrill Lynch, the firm strives to diversify and capitalize on it’s size. With these business units though come new issues – namely, lawsuits. Allstate Corp has sued [...]
Pandit Lauds Citigroup (NYSE: C) Staff, Continues To Show Progress
Vikram Pandit, Chief Executive of Citigroup may be on a family vacation in India, but still took time to praise the bank’s employees for what he called a “crucial year” in the “transformation and rebirth of the company.” In an internal memorandum sent late Monday night, Mr. Pandit lauded virtually every business and region for [...]
Bank of America (NYSE: BAC) Promotes Elcock
Bank of America (NYSE: BAC) continues to reshuffle the management team. With the additions of the former Countrywide and Merrill Lynch brands in recent years, some have wondered if the firm’s retail banking network would be neglected as a result. That has not happened – keeping the CEO role in house by promoting Brian Moynihan [...]
Italy’s Lazio Region Latest to Sue Banks Over Derivatives, UBS (NYSE: UBS), Citigroup (NYSE: C), Bank of America (NYSE: BAC), JP Morgan (NYSE: JPM) and Others Named
Caveat Emptor? Perhaps Italy’s Lazio region does not believe in this Latin idiom. The region recently sued 11 domestic and foreign banks, claiming $108.7 million in compensation for alleged hidden costs in derivatives they purchased. The regional government led by Prime Minister Silvio Berlusconi’s People of Freedom party said the contracts “implied a high level [...]
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