Home » Archive for October, 2009
Wells Fargo & Co’s (NYSE: WFC) Earnings Report: What to Expect
Wells Fargo (NYSE: WFC) is expected to announced their 3rd quarter earnings results before the market opens on Wednesday with a conference call scheduled at 8:30 AM ET. Analysts are currently expecting Wells Fargo to announce revenues... More of this article »
Citibank (NYSE: C) Cancels Exxon-Mobil (NYSE: XOM), Shell, and Conoco-Philips (NYSE: COP) Co-Branded Credit Cards without Warning
Citibank (NYSE: C) recently cancelled hundreds of co-branded MasterCard accounts, primarily cards associated with gas-stations, without notifying their customers. The Associated Press recently highlighted the story of Shannon Burdette,... More of this article »
States Scramble for Money – Sue Federal Government over War Bonds
Over $16 billion in unclaimed war bonds is the stakes which instigated a lawsuit of the states against the federal government, claiming the unclaimed cash should be sent to the states and not the Feds. World War II was the scenario... More of this article »
Morgan Stanley (NYSE: MS) To Sell Asset Management Business To Invesco (NYSE: IVZ)
Morgan Stanley (NYSE: MS) announced Monday it has agreed to sell its retail management business in a cash and stock deal to Invesco Ltd. (NYSE: IVZ) for $1.5 billion. The move comes as the investment bank looks to refocus on its... More of this article »
Wells Fargo (NYSE: WFC) Announces New Environmental Efforts
Wells Fargo & Co. (NYSE: WFC) announced plans to cut its greenhouse gas emissions by 20% by 2018, compared to a 2008 baseline. Wells Fargo joined the EPA’s “Climate Leaders” program, plans to install solar systems on 10 of... More of this article »
Wells Fargo (NYSE: WFC) and U.S. Bancorp (NYSE: USB) Set to Release Earnings
U.S. Bancorp (NYSE: USB) and Wells Fargo (NYSE: WFC), two of the nation’s largest banks, are set to release their earnings on Wednesday coming on the heels of mixed earnings reports from JP Morgan Chase and Bank of America last week. Last... More of this article »
How New York Mellon (NYSE: BK), JP Morgan (NYSE: JPM) and State Street (NYSE: STT) Thrived Through Financial Crisis
Although there are a few major institutions like Citibank and Bank of America that were hammered by the financial crisis, some banks, like JP Morgan Chase (NYSE: JPM), Bank of New York Mellon (NYSE: BK) and State Street (NYSE: ST)... More of this article »
Editorial: Is Goldman Sachs (NYSE:GS) Obama’s Personal Financial Farm Team?
The announcement last week that yet another executive from Goldman Sachs (NYSE:GS) was installed in a major financial regulatory position of the Obama administration raised even more red flags on the growing and apparently disturbing... More of this article »
Next Bank Failure will be No. 100 this Year – FDIC Will Operate in Red through 2012 at Least
The Federal Deposit Insurance Corp. and the government have been dreading the eventual failure of bank No. 100 this year, as the unwanted milestone is a negative psychological barrier which reminds the American people that the recession... More of this article »
$7.2 Million in New Loans Originated by Peer-to-Peer Lending Companies in September
Peer-to-Peer Lending Giants, Prosper.com and Lending Club originated a total of $7.2 million during the month of September, according to internal statistics from both companies. Both companies saw a significant increase in new loans... More of this article »
Citibank Korea (NYSE: C) launches new “Citi Step-Up” Variable Rate Certificate of Deposit
Citibank’s (NYSE: C) Korean Arm, Citibank Korea, is offering a new timed deposit account which has a variable interest rate that raises and lowers every three months. Typically consumers think of a certificate of deposit as an investment... More of this article »
Bank of America (NYSE: BAC) Mortgage Interest Rates Drop to 4.82%
Bank of America’s (NYSE: BAC) mortgage interest rates for refinances are the lowest that consumers have seen in months. BofA’s mortgage rates have steadily dropped over the last several weeks despite the 10 year treasury rates... More of this article »
Citibank (NYSE: C) and Wells Fargo (NYSE: WFC) Boosts Mortgage Modifications in September
A new report released last week by the U.S. Treasury Department showed that Citibank (NYSE: C) and Wells Fargo (NYSE: WFC), as well as a loan servicer which was part of the now defunct Lehman Brothers (LEHMQ) have made good progress... More of this article »
CIT Group (NYSE: CIT) Adjusts Debt Restructuring, Aims To Avoid Chapter 11
CIT Group (NYSE: CIT) announced last Friday amendments to the restructuring plan launched on October 1. The New York based lender that focuses on small and mid-size businesses, has been burdened with growing loan losses that has... More of this article »
San Joaquin Bank Marks 99th Bank Failure in 2009
California’s regulatory agency for banks, the California Department of Financial Institutions, shut down San Joaquin bank on Friday, marking the 99th bank failure this year. The Federal Deposit Insurance Corporation (FDIC) was appointed... More of this article »
Bankers Continue to Fight Honest Home Loan Disclosure Closing Costs
In the battle to provide home loan estimate costs that closely reflect the reality at closing, major banking groups like the Mortgage Bankers Association, American Bankers Association, the American Escrow Association, the American... More of this article »
Week In Review: U.S. Economy And Banking Sector
Investors received a mix of good and bad news this week on both the economic and corporate earnings front. Retail sales fell less than expected in September and banks, such as Goldman Sachs (NYSE: GS) and JP Morgan (NYSE: JPM) blew-out... More of this article »
Citibank (NYSE: C) Earnings Disappoint Shareholders and Analysts
Citibank (NYSE: C) disappointed investors, shareholders and industry analysts when they announced their disappointing third-quarter earnings which were significantly hindered by non-performing loans. Citibank earned a slim profit of... More of this article »
Editorial: Wells Fargo (NYSE:WFC) Battles IRS Over SILO Deals
In a typical scenario where one arm of the government – in this case the IRS – doesn’t know what another arm of the government is doing, the IRS has continued to legally pursue Wells Fargo (NYSE:WFC) over SILO deals... More of this article »
First PREMIER Bankcard Offers Customer 79.9% APR Credit Card
It has been reported that many banks are raising their credit card interest rates before new federal regulations come into effect as part of the Credit Card Act of 2009, but First Premier Bankcard of Sioux Falls, SD, took it to the... More of this article »
Banks Charging Record High ATM and Monthly Checking Fees
BankRate.com released a new survey regarding the fees that customers are paying on average to banks and found that some of the largest banks in the United States are charging their customers record fees for out-of-network ATMs, checking... More of this article »
P2P Lending’s Idle Money Problem: How Lending Club and Prospers Rates of Return Could be Better
When peer-to-peer lending companies first began originating loans for borrowers in 2006 and 2007, they didn’t do the best job of reviewing their customer’s credit history and the interest rates simply were not where they need to... More of this article »
For Wealthy Homeowners, Things Will Get Worse Before Market Turns Around
With the luxury home market all but drying up, a number of indicators show that things will probably get worse for those homeowners, as it could for many of the lower end residential owners in America. Even though some are trying to... More of this article »