Archive for Christopher
Christopher (Chris) Markoch is a professional copywriter with over 18 years of experience writing for and working with Fortune 500 companies. Over the last five years, his client list has expanded to include banking and financial services clients.
Will the Goldman Sachs (NYSE: GS) Settlement Play With the Public?
This much is clear. We haven’t heard the last about Goldman Sachs’ settlement with the SEC. Daily Finance has been all over this story. Their reporting details both the short-term benefits and long-term challenges facing Goldman Sachs (GS) as a result of the settlement over its Abacus synthetic collateralized debt obligation (CDO) transaction. Short-term, they [...]
Bank of America Corp. (NYSE: BAC) facing $10 billion hit from financial regulation bill
MarketWatch is reporting that Bank of America Corp. (BAC) is preparing to sustain a multibillion-dollar hit from the impending overhaul of U.S. financial regulations. According to the financial giant, debit-card fee rules could trigger a $10 billion goodwill impairment in third quarter. The bill, which was approved in the House and Senate on Thursday, will [...]
J.P. Morgan Chase (NYSE: JPM), Bank of America Corp. (NYSE: BAC) and Citibank (NYSE: C) are Ready to Report, But Will They Make the Grade?
It’s earnings season, and that means a slew of reports that give a snapshot into the health of corporations, including many of the top banks. Beginning tomorrow with JPMorgan Chase (JPM) and continuing on Friday with Bank of America Corp. (BAC) and Citibank (C), analysts are expecting to see optimistic earnings. But will that be [...]
BB&T (NYSE: BBT), PNC Financial Services (NYSE: PNC), and U.S. Bancorp (NYSE: USB) Show the Opportunity and Challenge of Acquiring Troubled Banks
Fortune Magazine’s recent Street Sweep column profiled three “super regional” banks: BB&T (BBT), PNC Financial Services Group (PNC) and U.S. Bancorp (USB) who represent hope and challenge for the U.S. banking system. The issue is money. Or in this case … a willingness to spend it. As Street Sweep reported, these super regional banks could [...]
J.P. Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) Continue to Hold Top Spots in Derivative Exposure. But What Does it Mean?
According to the Office of the Comptroller of the Currency, J.P. Morgan Chase (JPM) and Bank of America Corp. (BAC) hold $123 trillion of derivative positions. J.P. Morgan Chase holds the top spot with $76.4 trillion, while Bank of America Corp. is second with 46.6. The next two spots are held by Citibank (C) and [...]
JPMorgan Chase (NYSE: JPM) Offers Interest Rate Breaks to Small Businesses Who Hire
The latest job figures, released today, are another reminder of the importance on hiring for our economy. And the engines of that job growth are small businesses. That’s a useful background for a new program being announced by JPMorgan Chase (C). In a report on CNNMoney.com, Chase has created a new incentive for small businesses [...]
U.S. Treasury Sells 1.1 Billion Shares of Citigroup (NYSE:C) Common Stock
In a press release, the U.S. Department of the Treasury announced the sale of approximately 1.1 billion shares of Citigroup (C) common stock pursuant to the completion of its second trading plan with Morgan Stanley (MS) as sales agent. To date, Treasury has sold a total of approximately 2.6 billion shares of Citigroup common stock [...]
Bank of America (NYSE: BAC) Tops The Banker Magazine’s 2010 Rankings
Bank of America topped The Banker magazine’s 2010 ranking of the world’s banks, based on Tier 1 capital. Reuters recently posted the magazine’s rankings which show that Bank of America (BAC) has leap-frogged U.S. rival JPMorgan (JPM). Bank of America now ranks as the world’s top bank in terms of capital strength. Its Tier 1 [...]
Goldman Sachs (NYSE: GS) and Citigroup (NYSE:C) May Have Up to 12 Years to Comply with New Financial Reforms
According to Bloomberg Businessweek, some U.S. banks, including Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C), may have until 2022 to fully comply with a new provision in the pending financial reform legislation. The provision known as the Volcker Rule, named for former Federal Reserve Chairman Paul Volcker, seeks to curb banks from assuming [...]
Could the Dodd-Frank Bill Make Big Banks Bigger? Yes, Says Citigroup Inc. (NYSE: C) Non-Executive Chairman Parsons
In an interview at the Fortune Global Forum in Cape Town, Citigroup Inc’s Non-Executive Chairman Richard Parsons said the Obama administration’s financial regulatory overhaul bill will make the U.S.’s largest banks bigger. An article posted on Bloomberg.com quotes Parsons as saying,“They (the new regulations) will make it tougher for smaller competitors and the big are [...]
J.P. Morgan Chase (NYSE: JPM) Stands to be the Biggest Loser in Financial Reform Bill
As reported in the New York Times, JPMorgan Chase (JPM) will see almost every aspect of their business affected by the new reforms in the proposed Dodd-Frank act. The bill, which has moved to the Senate for a final vote, would impose stricter consumer lending guidelines and lower transaction fees on debit cards. In that [...]
U.S. District Judge Kevin Castel Assigned to Bank of America Corp. (NYSE: BAC) Cases – Including Merrill Lynch & Co. Takeover
The Wall St. Journal is reporting that U.S. District Judge Kevin Castel will preside over the 15 pending civil shareholder cases involving Bank of America Corp. (BAC). The most prominent of these cases currently before the U.S. district court in Manhattan is a consolidated complaint alleging the bank failed to disclose billions in Merrill losses [...]
J.P. Morgan Chase (NYSE: JPM) Taking “Second Look”. But Are Businesses Looking Back?
When a bank in the year 2010, particularly a bank that has been branded as “too big to fail”, runs an ad pledging a commitment to lend $10 billion to small businesses, it doesn’t take long for the fact checkers to try to verify the unverifiable. And so it is that, months after running a [...]
JPMorgan Chase (NYSE: JPM) Looks to Capitalize on WaMu Purchase. Growing Business Banking Presence in Pacific Northwest
Questions still follow JPMorgan Chase regarding their purchase of Washington Mutual in 2008. But they clearly have ideas on leveraging the purchase to expand their reach. Chase has injected a new dose of competition into the Pacific Northwest. They are creating eight new commercial banking teams that will stretch across Washington Mutual’s former footprint. WaMu [...]
Ex-Dupont CEO Named Chairman of the Board for Bank of America Corp. (NYSE: BAC)
Bank of America Corp. (BAC) directors chose as chairman former DuPont Co. Chief Executive Charles O. Holliday Jr., elevating a close adviser to the giant bank’s new top boss. The move, which came after the Charlotte, N.C., company’s annual shareholder meeting Wednesday, partly reflects Mr. Holliday’s experience running a sprawling global company, according to people [...]
The More Things Change? Bank of America Corp. (NYSE: BAC) Shareholders Approve 1 of 6 Proposals
At the Bank of America Corp. (BAC) annual meeting on Wednesday, investors peppered Chief Executive Officer Brian Moynihan with questions and complaints about its lending policies and dividend. Still, when it came to proposals that included an advisory vote on executive compensation, an annual so-called “say on pay” and a proposal that the board should [...]
J.P. Morgan Chase (NYSE: JPM) Figures to be Biggest Loser With New Derivatives Proposal
A proposal gaining ground on Capitol Hill to force banks to spin off their derivatives-trading operations would represent a severe blow to one of Wall Street’s most profitable businesses. Passage would represent a particular setback for J.P. Morgan Chase & Co. (JPM), which ranks as the nation’s largest derivatives player, with a notional amount of [...]
Decision Near on New Bank of America (NYSE: BAC) Chairman
The Wall St. Journal is reporting that Bank of America Corp. (BAC) directors Frank Bramble and Charles Holliday are the leading contenders to become chairman this week, according to people familiar with the situation. Mr. Bramble, 61 years old, is a former vice chairman of MBNA Corp., a credit-card issuer bought by Bank of America [...]
The Case for Streamlined Banks. Wells Fargo and Co. (NYSE: WFC) Puts up High Average Return on Equity
As Congress mulls over a financial reform bill, it may be the banks themselves that are providing the road map. The argument: it’s not the size that matters. It’s the complexity. Wells Fargo & Co. (WFC) does not have a large securities arm. As the banking industry goes, its main businesses are fairly standard It’s [...]
2010 U.S. Bank Failures Now at 57; Cost to FDIC tops $970 Million
U.S. regulators closed seven Illinois banks on Friday, bringing to 57 the number of U.S. banks that have failed this year, after 140 failures in 2009. The Federal Deposit Insurance Corp. said the total cost to its deposit insurance fund from Friday’s failures topped $970 million. State banking regulators closed Chicago’s Broadway Bank, owned by [...]
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