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As Bank Defaults Mount, Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Citigroup (C), Could Have to Pay More Into FDIC Fund
Reuters is reporting on a new proposal issued by U.S. regulators on Tuesday that would require large banks to pay more into a government fund used to cover the cost of seizing failed banks. Bank of America (BAC), JPMorgan Chase &... More of this article »
Bank of America (NYSE: BAC), PNC (NYSE: PNC) Sell $8.3 Billion in Blackrock Inc. NYSE: BLK) Stock
Bloomberg and Reuters are reporting that Bank of America Corp. (BAC) and PNC Financial Services (PNC) have sold a large part of their stakes in BlackRock, Inc. (BLK), the world’s largest asset manager. The sale was the largest public... More of this article »
Bank of America (NYSE: BAC) and JPMorgan Chase (NYSE: JPM) Lead Rise in Bank Stocks
Street Sweep is reporting that stocks in the financial sector are enjoying rapid growth, with Bank of America (BAC) and JPMorgan Chase (JPM) leading the charge. However, with the unexpectedly positive jobs report on Friday coming on... More of this article »
“Fishing Where The Fish Are.” Regions Financial Inc. (NYSE: RF) Highlights the State of Small-Business Lending
As reported in the Wall Street Journal, banks continue to look at factors like positive revenue growth as their criteria for issuing loans. However, the report by the Federal Reserve in New York also shows that many banks are paying... More of this article »
Under Pressure Again, Bank of America (NYSE: BAC) Rejects Requests to Repurchase Mortgages
Bank of America (BAC) has rejected a request to buy back $47 billion dollars in soured mortgage loans originated by Countrywide, who they bought in 2008. In an article on FDL.com, David Dayen reported that Bank of America’s rejection... More of this article »
There’s an App for That. Bank of America (NYSE: BAC), Citigroup (NYSE: C) Said to be Testing iPhone For Secure E-Mail
Two of the nation’s largest banks are said to be in a testing phase that could lead to Apple Inc.’s (NASDAQ: APPL) iPhone breaking the stranglehold in the corporate smartphone market. Bloomberg News is reporting that Bank of America... More of this article »
Bank of America (NYSE: BAC) Facing Billions in Mortgage Repurchases
The practice of repurchasing loans is not new. However, the recent crisis surrounding falsified mortgages that were bundled into Residential Mortgage Securities (RMBS) may leave large banks such as Bank of America (BAC) exposed with... More of this article »
Invoking Volker: JPMorgan Chase (NYSE: JPM) Shuts Proprietary Trading Unit, But Will Other Banks Follow
JPMorgan Chase & Co. (JPM) became the first investment bank to take steps to comply with the so-called “Volcker Rule” by shutting down its proprietary trading unit. JPM, the second-biggest U.S. bank by assets, told... More of this article »
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... More of this article »
Capital One (NYSE: COF) and Bank of America (NYSE: BAC) Showing Greater Transparency to Credit Card Applicants
In a recent study by CardHub.com, Capital One (COF) and Bank of America (BAC) came in first and second in terms of disclosing essential information to consumers on their credit card applications. One of the primary catalysts for the... More of this article »
Citigroup (NYSE: C) Raises Long-Term Debt Estimates
Citigroup Inc. (C) expects to issue $3 billion to $6 billion more in long-term debt this year than it previously estimated. In a regulatory filing, the bank, which is still 18% owned by the U.S. government, said it now expects to sell... More of this article »
Going Over the Line on Overdrafts. U.S. District Court Fines Wells Fargo & Co. (NYSE: WFC) $200 Million
In the latest of bad and embarrassing news for the big banks, Wells Fargo & Co. (WFC) has been ordered to pay more than $200 million for manipulating and multiplying overdraft fees. Both Forbes and CNNMoney are reporting that... More of this article »
Citibank (NYSE: C) and Bank of America (NYSE: BAC) Rank in Top 10 For Cyber Attacks
A recent U.S.A Today article reports that Citibank (C) and Bank of America Corp. (BAC) rank third and seventh respectively among the top 10 most frequently attacked banks in the world. There is growing concern over identity theft and... More of this article »
U.S. Recovery Isn’t Recovering Fast Enough Says Wells Fargo’s (NYSE: WFC) Silvia
The U.S. economy isn’t recovering fast enough to restore the level of jobs seen before the recession started in December 2007, said John Silvia, chief economist at Wells Fargo & Company (WFC). In an interview with Tom Keene on... More of this article »
Bank of America’s (NYSE: BAC) Grant Initiative Commits $10 Million to Boost Small Business Lending
Bank of America Corp. (BAC) has announced a $10 million grant commitment to nonprofit organizations that lend to small and rural businesses. The grants, for use as loan loss reserves, may unlock as much as $100 million in low-cost,... More of this article »
Citigroup (NYSE: C) Agrees to Pay $75 Million to Settle SEC Lawsuit Over Subprime Exposure
Citigroup Inc. (C) agreed on Thursday to pay $75 million to settle a lawsuit brought by the Securities and Exchange Commission that the bank failed to disclose $40 billion in subprime exposure to investors. For the last year, the SEC... More of this article »
“Focus on Operational Excellence” Leads Exxon Mobil (NYSE: XOM) To a $7.56 Billion Net Income in 2Q.
Exxon Mobil Corp. (XOM) released quarterly earnings Thursday that easily beat analysts’ expectations. The world’s largest public energy company cited higher crude prices and improved refining margins. Net income rose to $7.56... More of this article »
Revised Volcker Rule Being Given Early Test by Citigroup (NYSE: C)
A recent article for Fortune magazine’s “Street Sweep” cites three examples of how Citigroup (C) is liberally interpreting the new Volcker rule. Selling a $3.5 billion real-estate fund to Apollo Management and a $4.2 billion... More of this article »
100 Examples That Show Regional Banks are Still Suffering
Community Security Bank, based in New Prague, Minnesota was closed by government regulators Friday, the Federal Deposit Insurance Corp. said. It brought the total number of bank failures in 2010 to 101. It also continues a pattern.... More of this article »
U.S. Treasury Department Confirms Planned Sale of 1.5 Billion Shares of Citigroup (NYSE:C) Common Stock
The U.S. Treasury Department today announced that it will make a pre-arranged sale of Citigroup (C) common stock. This is the third such sale Treasury has conducted since taking a 27% stake in Citigroup through the Troubled Asset Relief... More of this article »
Bank of America Corp. (NYSE: BAC) and Goldman Sachs (NYSE: GS) Make Different Public Statements to Address Private Equity Exposure
The Wall Street Journal is reporting that Bank of America Corp. (BAC) is in the process of selling on the secondary market $1.2 billion in commitments made to funds managed by Warburg Pincus LLC, according to several people familiar... More of this article »
KeyCorp (NYSE: KEY) CEO Sounds Cautiously Optimistic Tone; Reports First Quarterly Profit in 2 Years
KeyCorp (KEY) reported its first quarterly profit in two years. The Cleveland-based banking company attributed the positive report to fewer non-performing loans, more income from fees and better cost controls. “These results are... More of this article »
Wells Fargo (NYSE: WFC) CFO “Very Pleased” with Q2 Financial Performance
Wells Fargo (WFC) CFO Howard Atkins said management was “very pleased” with financial performance. The San Francisco-based bank reported 2nd quarter earnings on Wednesday that were well above Wall Street’s earnings... More of this article »