Home » Archive for October, 2009
Top Citibank (NYSE: C) and Bank of America (NYSE: C) Executives Average $18.2 Million in Compensation Annually
Top executives at Citibank (NYSE: C) and Bank of America (NYSE: BAC) earned an average of $18.2 million each during 2008 while the banks accepted over $90 billion in bailout funds, according to records from the Treasury Department’s... More of this article »
Bank of America (NYSE: BAC) Global Banking and Marketing Chief in Cross-Hairs of Pay Czar
Bank Of America (NYSE: BAC) global banking and markets chief, Thomas Montag, is one of the many senior level executives that are being targeted by the Treasury Department’s pay czar, Kenneth Feinberg. Montag joined Bank of America... More of this article »
Editorial: J.P. Morgan Chase & Co. (NYSE:JPM), Goldman Sachs (NYSE:GS), Bank of America Corp. (NYSE:BAC) and Morgan Stanley (NYSE:MS) Increase Political Donations as Key Decisions Loom
Lobbying by large financial firms has been relatively quiet during the period they were receiving government bailouts, as it would have looked foolish and unethical to be receiving taxpayer funds while then turning around and making... More of this article »
Editorial: Wells Fargo (NYSE:WFC) Quarterly Report Shows Folly of Assertion the Recession is Over
Anyone who understands that statistics, surveys, polls, and other data-gathering mechanisms and reports can be made to say whatever the presenter or receiver of them wants or interprets, you will know that release of the third-quarter... More of this article »
American Express (NYSE: AXP) Sees Q3 Profit Slip 22 Percent
American Express (NYSE: AXP) announced Thursday night that third quarter profit dipped 22 percent to $632 million as cardholder spending fell 11 percent overall to $156.6 billion. However, Amex suggested that overall card billings... More of this article »
JP Morgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) Benefit from Hedging Mortgage-Servicing Rights
Wells Fargo & Co. (NYSE: WFC) and J.P. Morgan Chase (NYSE: JPM) both earned a significant share of their quarterly profits by hedging mortgage-servicing rights, producing gains that have allowed some of the U.S. banks to offset... More of this article »
Pay Czar To Cut Compensation By 50 Percent At Seven Bailed Out Firms
Kenneth Feinberg, the White House appointed compensation watchdog, has requested large compensation cuts that are expected to be formally announced by the Treasury Department in the coming days. The reductions impact executives and... More of this article »
Citibank (NYSE: C) To Raise Credit Card Rates, Offer “Rolling Refund” Arrangement
Untold numbers of Citibank (NYSE: C) credit card users recently received a letter in the mail telling them that their interest rates will be increased, but part of their interest will be refunded if they pay their credit card bills... More of this article »
Senate Moving to Expand $8000 First-Time Homebuyer Credit to All Homebuyers
A group of Senators, including Senate Banking Committee Chairman Chris Dodd, are moving to extend the $8,000 first-time homebuyers tax credit and extend it to all homebuyers. Sen. Johnny Isakson (R-GA) who had previously owned a real... More of this article »
Wells Fargo (NYSE: WFC), KeyCorp (NYSE: KEY) and U.S. Bancorp (NYSE: USB) Tout Declining Rates of Non-Performing Loan Rates
Many of the major banks that released their earnings this week, including J.P. Morgan Chase, Wells Fargo, KeyCorp and U.S. Bancorp highlighted the fact that their non-performing loan rates were slowing, but the piles of bad loans sitting... More of this article »
Lending Club Outlines Requirements for Borrowers
Peer-to-Peer lending giant, Prosper.com, has soured its investors by originating loans to customers that are, in retrospect, not creditworthy. Lending Club has avoided many of the delinquency problems that Prosper.com has had by placing... More of this article »
Federal Reserve Moving to Increase Capital Requirements for Banks
Federal Reserve officials are moving towards forcing banks, especially large banks, to start collecting a new form of debt that would convert into equity if they hit tough financial times. Federal Reserve Gov. Daniel K. Tarullo and... More of this article »
Obama Administration Demands Pay Cuts for Executives at Citibank (NYSE: C), Bank of America (NYSE: BAC) and AIG (NYSE: AIG)
Senior level executives at seven bailed-out companies including Citigroup (NYSE: C), Bank of America (NYSE: BAC), AIG (NYSE: AIG) and others will have their pay cut by about 50% after negotiations with the Treasury Department’s “pay... More of this article »
U.S. Bancorp (NYSE:USB) Earnings Rise in Third Quarter by 4.7 Percent
U.S. Bancorp (NYSE:USB) reported its profits for the third quarter rose 4.7 percent to $603 million on mortgage fees and higher net interest margins. Both of these rose primarily from the acquisition of banks that had failed, giving... More of this article »
Former Federal Reserve Chairman Says to Break Up Citibank (NYSE: C), Bank of America (NYSE: BAC) and Others
Former Federal Reserve Chairman, Paul Volcker, along with the head of Current Bank of England Governor, Mervyn King, are arguing that some of the nation’s largest banks, such as Bank of America (NYSE: BAC), Citibank (NYSE: C), Wells... More of this article »
Wells Fargo’s (NYSE: WFC) Loan Losses Outpace Bank of America’s (NYSE: BAC) and JP Morgan Chase’s (NYSE: JPM)
Wells Fargo & Co (NYSE :WFC) announced their third-quarter earnings Wednesday morning announcing $3.2 billion in profit for the quarter and also announced that it expects quarterly losses from non-performing loans to peak sometime... More of this article »
Wells Fargo (NYSE:WFC) Reports Record Profits But Non-collectible Loans Rising
Wells Fargo (NYSE:WFC) reported record profits for the third quarter, rising a huge 98 percent to $3.2 billion, mostly based on the acquisition of Wachovia. The third-largest bank in the United States by market capitalization, Wells... More of this article »
Morgan Stanley (NYSE: MS) Snaps Losing Streak, Posts Q3 Profit
Morgan Stanley (NYSE: MS) broke its string of three losing quarters, announcing Wednesday that it turned a third quarter profit. The New-York based company posted earnings from continuing operations related to Morgan Stanley of $757... More of this article »
Government Should Break Up JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Co. (NYSE:WFC) and Citigroup Inc. (NYSE:C), Says Hedge-Fund Manager
Four major banks in America, JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Co. (NYSE:WFC) and Citigroup Inc. (NYSE:C), are among those considered as needing to be broken up by hedge-fund manager... More of this article »
Class Action Lawsuits Filed Against Bank of America (NYSE:BAC), Wachovia (NYSE:WFC), U.S. Bank (NYSE:USB), JPMorgan Chase (NYSE:JPM) and Citibank (NYSE:C) Over Overdraft Fee Policies
It was inevitable in the current economic climate and banking bailouts that consumers would vent their anger toward the banks on anything that frustrates over doing business with them, and that’s the case with a series of class... More of this article »
Sallie Mae (NYSE: SLM) Swings Third-Quarter Profit On Increased Loan Activity
The SLM Corporation, mainly known as Sallie Mae (NYSE: SLM), announced Tuesday that it swung a third quarter profit of $116 million or 25 cents a share. That compares to a loss of $186 million or 40 cents a share in the same period... More of this article »
Lloyds Banking Group (NYSE: LYG) to sell Bank of Scotland Portfolio Management Service to Rathbone Brothers (LSE: RAT.L)
Lloyds Banking Group (NYSE: LYG) (LSE: UK:LLOY) announced that it will sell a significant number of assets to Rathbone Brothers (LSE: RAT.L) and enter into a deal to manage money for Lloyd’s wealthiest clients and the company moves... More of this article »
JP Morgan (NYSE: JPM) Predicts New Overdraft Legislation and Policy Changes Will Cut Profits by $500 Million Annually
The U.S. Senate’s banking committee published new draft legislation which would severely limit banks’ ability to charge large overdraft fees, in a move that would be beneficial to consumers but would diminish industry profits.... More of this article »