Home » Archive for September, 2009
Senior Management Changes Coming at Wells Fargo (NYSE: WFC)
Wells Fargo & Co (NYSE: WFC) announced that Richard Kovacevich will step down as chairman of the bank at the end of 2009 after staying an entire year beyond the company’s mandatory retirement age so that he could oversee Wells... More of this article »
Citibank (NYSE: C) Announces Customer Appreciation Week for Manhattan Residents
Citibank (NYSE: C), one of the largest banks in the United States will be kicking off their “Our Promise to New York” event on Saturday to let customers in New York City to know that they are committed to them. The bank will be... More of this article »
Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) Follow Bank of America’s (NYSE: BAC) Lead in Overdraft Fee Changes
Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) have also said they are making substantial changes to their overdraft policies and fee structure, just one day after Bank of America (NYSE: BAC) announced a similar plan. All... More of this article »
Fed Sees Continued Economic Improvement, Leaves Key Rate Unchanged
The Federal Open Market Committee released on Wednesday its latest statement on the condition of the U.S. economy. Continued improvement and stabilization were seen in several key areas, such as financial markets and consumer spending. However,... More of this article »
Sarah Palin: “Government Cause of Financial Crisis”
Sarah Palin went on the economic offensive in a speech in Hong Kong, where she spoke to a group of executives and bankers about her take on the causes behind the economic turmoil across the globe, blaming the excesses of the government... More of this article »
Peter Schiff Blasts Chris Dodd and His Plan to Create Super Regulatory Agency
It hasn’t taken long for Peter Schiff, who recently announced he’s running against Chris Dodd and others for his Connecticut Senate seat, to attack Dodd over his recent proposal to create a super regulatory agency by combining... More of this article »
Bank Of America (NYSE: BAC) To Limit Overdraft Fees, Offer Opt-Out Options
Bank of America (NYSE: BAC) announced that it will cap the fees it charges when customers overdraw accounts and place an annual limit on the number of times a customer can overdraw their accounts on point of sale transactions. The... More of this article »
Why Investing in a Large Number of Loans is Key to Lending Club Success
Peer-to-peer loans have become an increasingly popular way for investors to diversify their portfolios, but some have failed to use these services properly and have left themselves unprotected. Make sure to diversify your loan portfolio... More of this article »
Editorial: Economic Insanity – FDIC May Borrow From Healthy Banks to Prop Up More Zombie Banks
The news concerning banking regulators in the U.S., along with some of the bankers and their lobbyists, isn’t good, as now the idea is being thrown around by the FDIC to tap the healthy banks in the industry to shore up the Deposit... More of this article »
Bank of America Corp. (NYSE: BAC) and HSBC Holdings (NYSE: HCS) Added to Case Against Obama Fundraiser Hassan Nemazee
The original arrest of Barack Obama’s and Hillary Clinton’s leading fundraiser Hassan Nemazee was for allegedly defrauding Citigroup Inc. (NYSE: C) of $75 million. In the grand jury indictment, Bank of America Corp. (NYSE:... More of this article »
Citibank (NYSE:C) in Deal with Virgin Money to Expand Market Share in Australia
In a move that directly aims at the four major banks in Australia, Citibank (NYSE:C) has signed a deal with Richard Branson’s Virgin Money to offer products and services of new credit cards, mortgages and retail deposit accounts. Virgin... More of this article »
Citibank (NYSE:C), Bank of America (NYSE:BAC) and Wells Fargo (NYSE: WFC) To Face Profitability Issues in 2010
Many of the financial stocks including Citibank (NYSE: C) and Bank of America (NYSE: BAC) have had powerful rebounds since their March lows, but new federal regulations and non-performing assets will continue to haunt some of the major... More of this article »
P2P-Lender, Prosper Marketplace, Passes Colorado Regulatory Exam
P2P Lending Giant, Prosper.com, announced that it has cleared a significant hurdle that will allow it begin operating soon in the state of Colorado. Prosper received the results of a regulatory exam done by Colorado’s Office of the... More of this article »
Bank Of America (NYSE: BAC) Fails To Meet Merrill Disclosure Deadline, SEC Targets Trial
Bank of America (NYSE: BAC) failed to satisfy a deadline on Monday lawmakers had set for the bank to hand over additional information in regard to its Merrill Lynch acquisition. The deadline was set after a federal judge shot down... More of this article »
Editorial: Federal Reserve Out of Control – Rejects Another Public Review
The more the Federal Reserve digs in and resists or rejects all attempts at reviews, the more damning the idea becomes that they have something to hide. This time they rejected a request from Treasury Secretary Timothy Geithner for... More of this article »
Wells Fargo (NYSE: WFC) CEO, John Strumpf, Predicts More Losses from Troubled Loans in Q4
Wells Fargo’s (NYSE: WFC) chief executive, John Stumpf, recently made a statement that he anticipates the bank will see an increased amount of non-performing assets (delinquent loans) during the 4th quarter. Last week, during a financial... More of this article »
Citibank (NYSE: C) Plans to Sell Remaining Smith Barney Stake to Morgan Stanley
Citibank/Citigroup (NYSE: C) CEO, Vikram Pandit, says that Citi will eventually sell its remaining stake in its Smith Barney brokerage venture to Morgan Stanley (NYSE: MS), which currently owns the other half. Smith Barney is a division... More of this article »
Receive a $25.00 Deposit Bonus for Signing Up with Lending Club
If you’re looking for an alternative investment vehicle than stocks, bonds and real estate, becoming a lender with Lending Club, Prosper or another peer-to-peer lending site can be a great way to diversify your portfolio. Many successful... More of this article »
Will New Song Title Be – I Left My ‘Home’ In San Francisco?
It won’t be long before Alt-A loans – which are ARMs or adjustable rate mortgage loans – will begin to come due, and one of the most vulnerable locations in the country will be San Francisco, and a couple of other... More of this article »
American Banking News Announces Free Online Savings Account Guide for Consumers
American Banking News is proud to announce the release of a comprehensive guide for consumers that are looking to get a better return with their savings account. Everyone should have some amount of cash in liquid savings, whether it... More of this article »
FHA Capital Reserve Ratio To Drop Below Federal Mandate
The Federal Housing Authority announced last week that its capital reserve ratio would drop below mandatory levels for the first time in its 75-year history. The news comes just weeks after the Obama Administration launched a program... More of this article »
Twitter Weekly Updates for 2009-09-20
Tales From Lehman's Crypt – New York Times http://tinyurl.com/pcedmy #Econ # New blog post: Editorial: Illusory Economic and Banking Recovery Continues – Right? http://bit.ly/ioB9A # Dolphins Owner Ross Looks To Acquire... More of this article »
Two Irwin Union Bank Subsidiaries Fail – Costing Deposit Insurance Fund another $850 Million
Two more banks were shuttered this week, as Irwin Union Bank subsidiaries based in Indiana and Kentucky were closed down by regulators, bringing this years total bank failures to 94, and costing the Deposit Insurance fund another $850... More of this article »