Banking News
The Case for the Roth IRA
Roth IRA’s first became available as a retirement investment tool in 1998. The Roth IRA was named after the late Senator William Roth who sponsored the legislation for this investment product. Roth IRA’s are perhaps best known for being a retirement plan that offers individuals the benefit of tax free growth. Sometimes mistaken for a [...]
Firmex Announces Secure Translations Services for M&A Clients
Firmex joins with translation services company Linguistic Systems Inc. to provide secure, fast, and accurate translations helping M&A advisory firms with the growing number of cross-border deals. Firmex, a leading virtual data room and financial translation provider, announced its collaboration with Linguistic Systems, Inc. to provide secure translation services for its clients. Linguistic Systems Inc. [...]
Bank of America (BAC) Shakes-Up Management Team, Appoints Co-COO’s
Bank of America (BAC) announced Tuesday a reorganization of its management as its presidents of global wealth management and consumer banking both stepped down, while two others were promoted to newly created positions. The news comes as just the latest shakeup at Bank of America, where continued legal liabilities and poor stock performance have help [...]
Why The World Won’t Let Greece Fail
The world market has seen some incredibly turbulent times in the last few years. AS things have started to level out the countries begin to pick up the pieces of a shattered market, some road bumps have proven to risk throwing everything back into a downward spiral. Spain and Greece’s economic woes have risked throwing [...]
New Debit Cards for Compromised Bank of America (NYSE: BAC) Accounts
Some customer’s of Bank of America (NYSE: BAC) may receive new debit cards in the mail, as their personal information and account details may have been compromised. The bank is not releasing details as to how much data was compromised, but that the corporation has discovered irregular activities involving the debit cards issued by the [...]
Alternatives To Traditional Banking Offered By Eager Online Entrepreneurs
A growing number of online startups are beginning to use technology to offer services previously limited to banking institutions. Now these startups are offering the same or similar services at lower prices because of lower overhead and staffing costs. One of the largest of these new companies is Prosper, a peer to peer lending exchange [...]
Proxy Showdown at Wells Fargo (NYSE: WFC)
Is a proxy fight brewing at Wells Fargo (NYSE: WFC)? It may be too early to tell, but maybe. The San Francisco based banking giant has been forced to vigorously defend its slate of candidates to serve on the board after two proxy advisory services recommended investors vote against certain candidates. The Rockville, MD based [...]
Bank of America (NYSE: BAC) Hires Former JPMorgan Chase (NYSE: JPM) Exec Howard
The game of musical chairs on Wall Street continues to go on. Earlier this week JP Morgan Chase (NYSE: JPM) Announced significant hiring plans across the business, and Citigroup (NYSE: C) followed with large expansion plans of their own. But, as banks continue to reshape and prepare for new business opportunities, there are few with [...]
JP Morgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), Wells Fargo (NYSE: WFC), and Others Named In EU Probe
Major banks are facing increased scrutiny in the EU, where a competition watchdog is investigating their practices, as well as a financial data firm and a clearing house, in the market for credit default swaps. During the financial crisis, a common criticism arose that there was a lack of transparency. The two probes launched are [...]
JPMorgan Chase (NYSE: JPM) Analysts Chime in on Gas Prices
As the summer travel season is nearly upon us, consumers are worried about the prospects of rising gasoline prices. With speculators expecting further volatility in the middle east, many fear gas prices will continue to inch higher and have a severe impact on disposable person income. This uncertainty may be coupled with fundamental issues as [...]
AIG (NYSE: AIG) Planning To Sue ICP and Moore Capital, Goldman Sachs (NYSE: GS) Next?
Against all odds, AIG (NYSE: AIG) was able to survive the financial crisis of 2008 (thanks to large cash infusions from the government.) Now though, their attention has to turned from surviving to going after some of the losses with a goal to return some profitability. Recently, AIG sued two money management firms in a [...]
Former Wells Fargo (NYSE: WFC) Exec to Lead U.S. Bancorp (NYSE: USB) Ultra High Net Worth Division
The U.S. banking industry has become highly fragmented over the past few years. As many of the large banks change their business models to target new opportunities, most have the same goal: more wealthy customers. The theory goes that banking is still a relationship business, so if a bank is able to attract the personal [...]
Bank of America (NYSE: BAC) Plans New Credit Card Fees, Follows JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) Approach
The financial services industry continues to struggle with replacing the revenue lost through the Dodd Frank financial regulatory reform legislation. Since the major banks have to get out of prop trading, and now have limits on overdraft fees, merchant charges, and a myriad of other issues, the banks are scramble to find new ways to [...]
JPMorgan Chase (NYSE: JPM) Exec Voices Concern Over Debt Ceiling
Although the government was able to avoid a shut down a few weeks ago, a bigger financial problem may be brewing as well. As noted in various news outlets, the debt ceiling for the U.S. is just above current levels, and is expected to be breached this summer for sure. Financial service companies have recognized [...]
California Public Employees Retirement System Disagrees with Plan from Goldman Sachs (NYSE: GS)
CalPERS, the California Public Employees’ Retirement System is concerned by a plan set forth by Goldman Sachs (NYSE: GS). Goldman’s plan is to liquidate Lehman Brothers Holdings Inc., the last remnants of the once storied investment bank that collapsed at the height of the financial crisis in 2006 and has a much different flavor than [...]
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