Home » Archive for October, 2009
Analysts Cautiously Optimistic about JPMorgan’s (NYSE: JPM) Earnings Results
The market opened strong today as JPMorgan Chase’s earnings wildly beat the street’s expectations. JP Morgan earned $3.6 billion in net-profit, or about $0.82 per share, beating the $0.52 per-share earnings that analysts had expected. How... More of this article »
Feds Knew About Merrill Lynch Bonuses Says Court Documents in Bank of America (NYSE:BAC) Case
It doesn’t come as a surprise that court documents in the Bank of America (NYSE:BAC) case alleging the institution withheld information from the government about bonuses awarded to executives at Merrill Lynch before they took... More of this article »
Pay Czar Asks AIG (NYSE: AIG) Not Pay Full Retention Bonuses
Executives in the Financial Products Group at American International Group have paid back just over 40 percent of the $45 million in promised bonus repayments. However, now it looks as if the remaining $26 million in expected repayments... More of this article »
Sonn and Erez File $6 Million Arbitration Suit Against Morgan Stanley (NYSE:MS)
A well known securities law firm, Sonn and Erez, announced they’ve filed a $6 million arbitration law suit against Morgan Stanley (NYSE:MS) concerning the sale of proprietary structured products. The arbitration suit is filed... More of this article »
Citibank (NYSE: C) Slapped with $600,000 Fine from Financial Industry Regulatory Authority
Citibank (NYSE: C) has been assessed a $600,000 fine to settle claims from the Financial concerning supervision over certain derivative transactions that allowed some foreign clients to avoid paying taxes on dividends. The Financial... More of this article »
Mortgage-servicing Rights Writedowns Could Crush Banks’ Earnings for Quarter
Preliminary outlooks for the major U.S. banks on their mortgage servicing rights (MSRs) doesn’t look good, and it devastate the earnings of the banks for the quarter. Especially vulnerable are Bank of America Corp. (NYSE:BAC),... More of this article »
Citibank (NYSE:C) Launches ‘Citi Mobile en Espanol’ for Spanish-speaking Smartphone Users
While a number of banks haven’t even offered mobile banking options to their customers at this time, Citibank (NYSE:C) is moving beyond general mobile banking service to target their customers who prefer or must do their banking... More of this article »
Citibank (NYSE: C) Begins Offering Retail Services in Vietnam
Citibank (NYSE: C) has been selling off some of its business units in order to generate new capital and focus on its core business of retail banking, including newly expanded retail banking services in Vietnam. Citibank added its first... More of this article »
Uncovering Prosper.com Investors’ True Return on Investment
American Banking News has recently come under fire from members of the “Prospers” peer-to-peer lending community for citing Prosper.com’s statistics about the interest rates that its investors are earning, contending that the... More of this article »
Wells Fargo (NYSE:WFC) Customer Seeking ‘Class-action’ Status in Lawsuit Against Bank
In a move that could come back to haunt them, Wells Fargo (NYSE:WFC) sent a letter to a client saying her home equity line of credit had been suspended based on her credit rating. The problem was her credit rating was actually very... More of this article »
Major Banks Releasing Quarterly Results This Week – Starting with JPMorgan Chase (NYSE:JPM)
How will people respond to the release of most major bank earnings this week? Speculation is all over the place as JPMorgan Chase (NYSE:JPM) leads things off on Wednesday morning. Preliminary thoughts are everyone will pick among the... More of this article »
Virgin Money Brings New Twist to Peer-to-Peer Lending
Companies such as Prosper and Lending Club have provided a marketplace to individuals wishing to lend each other money over the internet, now Virgin Money hopes to formalize loans made between friends and family members. Virgin money... More of this article »
Bank of America (NYSE: BAC) To Re-Launch Merrill Lynch Wealth Management
Bank of America (NYSE:BAC) announced last week that it will re-launch the Merrill Lynch Wealth Management brand after research and a survey showed many affluent American are unsure how to invest back in the markets following the economic... More of this article »
ICBA Urges Congress To Focus Consumer Protection On Too-Big-To-Fail Firms
The Independent Community Bankers of America (ICBA) addressed Congress in regard to the proposed Consumer Financial Protection Agency (CFPA), urging them to set the agency’s sights on the unregulated firms that hold systematic risk. The... More of this article »
Retirement Savings Contribution Credit Offers Tax Benefits for Retirement Savers
In the last several years, Congress has made it much more desirable to save for retirement. One of the tax credits which was introduced provides tax credits for low income earners that are putting money away for retirement, called... More of this article »
Wells Fargo (NYSE: WFC) Raising Interest Rates on Credit Cards
Wells Fargo (NYSE: WFC) is planning on raising interest rates on their credit card customers and home equity line of credit customers on December 1st. Wells Fargo is rushing through an interest rate increase before a new federal ban... More of this article »
Consumer Borrowing Drops for 7th Consecutive Month
As the unemployment rate climbs dangerously close to 10%, Americans are saving more, spending less and getting their personal financial situations in order. According to statistics published by the Wall Street Journal the amount... More of this article »
JPMorgan Chase (NYSE:JPM), Bear Stearns, Morgan Stanley (NYSE:MS) and Credit Suisse (NYSE:CS), Settle for $100 Million with American Business Financial Services Trustee
An attorney announced yesterday that JPMorgan Chase (NYSE:JPM), Bear Stearns, Morgan Stanley (NYSE:MS) and Credit Suisse (NYSE:CS) agreed to an overall $100 million settlement over the lawsuit filed by trustee George Miller of American... More of this article »
Labor Union Wants Pay Czar To Cut Bank Of America (NYSE: BAC) CEO Lewis’ Pension
The Service Employees International Union sent a formal letter to the pay czar, Kenneth Feinberg, requesting he stop Bank of America’s retiring CEO Ken Lewis from receiving a pension and severance package worth about $125 million. The... More of this article »
Top Female Bankers Defend and Support Their Industry
In celebration of ‘The 25 Most Powerful Women in Banking,’ industry leaders gathered at the Plaza Hotel on Tuesday evening to honor the top women in banking, who were selected by the editors of U.S. Banker and American... More of this article »
Is the Federal Housing Administration Next to be Bailed Out?
In testimony before a House committee in Washington yesterday, former chief credit officer for Fannie Mae said that the Federal Housing Administration (FHA) could need to be bailed out by the taxpayers sometime in the next 24 to 36... More of this article »
Wells Fargo (NYSE:WFC) Raising Credit Card Interest Rates 3 Percentage Points Before New Limits Put in Place
Wells Fargo & Co., of which Warren Buffett has a large stake via his Berkshire Hathaway (NYSE:BRK.A) holding company, has decided to raise its interest rates on credit cards by 3 percentage points before the upcoming rules are... More of this article »
Housing Market Continues to Look Good for Buyers in 2010
2009 was one of the best summers for home-buyers to purchase a new home since the 1960’s. Interest rates were at record lows, home prices were depressed, and there was an $8,000 tax credit from the federal government to buy a home.... More of this article »