All Posts Tagged With: "Citigroup Inc. (NYSE: C)"
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 approximately $18 billion to $21 billion in long-term debt this year “to maintain [...]
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 cyber-security. Particularly when about 80% of U.S. households do at least some of their banking over [...]
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 has conducted a broad investigation into a variety of banking practices before and during the [...]
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 fund of hedge funds to SkyBridge Capital, and it let its star commodities trader, Andrew Hall, go free to pursue [...]
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 Program. Morgan Stanley will act as Treasury’s sales agent and will have discretionary authority to sell [...]
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 expectations. Revenue came in precisely in line with forecasts. “While economic recovery in the U.S. and abroad remained uneven, Wells Fargo earned record net [...]
Analysts Trim Outlook for Bank of America Corp. (NYSE: BAC) – Stock Drops 4%
Upon further review of Bank of America Corp’s. (BAC) earning announcement last week, analysts are taking a more critical review. MarketWatch is reporting that several analysts cut their price targets for the bank Monday morning. Most notably, Goldman Sachs (GS) pulled Bank of America from its conviction buy list but maintained a buy rating on [...]
Returning to Risk? Bank of America Corp. (NYSE: BAC) Said to Market $300 Million CLO for Tetragon
Bloomberg News is reporting that Bank of America Corp. (BAC) is arranging a $300 million collateralized loan obligation (CLO), according to people familiar with the situation. LCM Asset Management LLC, a $2.35 billion investment firm, will manage the CLO, a form of collateralized debt obligation that bundles high-yield, high-risk loans and slices them into securities [...]
Decreasing Credit Losses Allow Citigroup (NYSE: C) to Post Second Consecutive Profitable Quarter
As reported on CNNMoney.com, Citigroup (C) posted second-quarter earnings of $2.7 billion Friday. The financial giant cited improving credit trends as a reason for their second consecutive profitable quarter. Earnings came in at 9 cents per share. Analysts polled by Thomson Reuters expected the company to earn 5 cents for the quarter. Citigroup’s consumer businesses [...]
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 [...]
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 [...]
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 [...]
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 [...]
Opinion: Goldman Sachs (GS) is Only the Tip of “Quant” Iceberg
I recently read The Quants, a book by Wall St. Journal reporter Scott Patterson. The book talks about the rise, and perhaps fall, of a group of mathematicians and computer scientists turned investment bankers and hedge fund managers. Their specialty was using quantitative statistical analysis and game theory to create sophisticated derivative investments, which relied [...]
J.P. Morgan Chase (NYSE: JPM) “Far and Away the Best Bidder” for WaMu
According to regulators, J.P. Morgan (JPM) may not have received the sweetheart deal it was reported to have received after submitting its winning bid for Washington Mutual. Pursuant to a Freedom of Information Act request, the Wall St. Journal received a previously unreleased document from federal regulators. The details of the transaction appear to weaken [...]
Dividends, Outstanding Shares Among Shareholder Concerns Despite Strong Quarter at Citigroup (NYSE: C)
One year after conducting an annual meeting that could charitably be described as “testy”, Citigroup (C) executives were treated to applause and even a few bouquets from shareholders. Citi’s stock has risen 60% in recent months. A far cry from the 95% plunge it had taken at the start of 2009. “The tide is turning,” [...]
J.P. Morgan Chase (NYSE: JPM) Taps Shenglin to Head Corporate Banking Business in China
The Wall Street Journal is reporting that J.P. Morgan Chase (JPM) has hired Ben Shenglin to head its corporate banking business in China. This is the latest move to support the financial firm’s announced intention to expand their corporate banking arm to better serve its existing multinational clients. The move is also part of a [...]
Analysts Reports Show Continuing Concern About Bad Loans at Citibank (NYSE: C), Bank of America Corp. (NYSE: BAC), J.P. Morgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC)
JPMorgan Chase & Company’s (JPM) first quarter earnings came in at 74 cents per share. That was substantially ahead of the Consensus Estimate from Zacks Investment Research of 63 cents per share. Bank of America Corp. (BAC) reported earnings of 28 cents a share, beating Wall Street estimates for a profit of 9 cents a [...]
Sale Continues at Citi (NYSE: C). SkyBridge Capital LLC to Acquire Three Hedge-Fund Businesses
Continuing to reduce their risk profile, Citigroup Inc (C) has announced the sale of three hedge-fund businesses to SkyBridge Capital LLC. The sale is the latest step being taken by Citi to reduce the government shadow (the Treasury Department still owns more than one-fourth of Citi’s common stock) and sell off its peripheral businesses. Since [...]
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