Home » Archive for December, 2009
PNC Financial Services Group (NYSE: PNC) Ready to Pay Back TARP Funds in 2010
PNC Financial Services Group (NYSE: PNC) CEO James Rohr said the company has plans to pay back the $7.6 billion in TARP funds it received from the federal government sometime in 2010. Rohr added the company hopes to do it without diluting... More of this article »
Citigroup (NYSE: C) CEO Takes Bank of America (NYSE: BAC) TARP Exit as Wake-Up Call
When Bank of America (NYSE: BAC) CEO Kenneth Lewis announced plans to repay the government debt related to the Troubled Asset Relief Program, Citigroup (NYSE: C) CEO Vikram Pandit, took the news as a wake-up call. Just one day after... More of this article »
President Obama to Meet with Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) and Others to Discuss Proposals to Boost Lending
Executives from 12 banks, including Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) will have the opportunity to participate in a December 14th meeting at the... More of this article »
UK Treasury Head Alistar Darling’s Tax on Bank Bonuses a Complete Waste Time and Resources
The move by UK Treasury head Alistar Darling to install a 50 percent tax on the bonuses awarded to bankers is largely a politically motivated decision, and in the long run will do absolutely nothing but add some pounds to the British... More of this article »
Lending Club Bonus: Get a $25.00 Bonus to Start Investing With Lending Club
Lending Club is a popular peer-to-peer lending institution that connects individual borrowers and investors. We’ve provided extensive coverage of Lending Club, Prosper and other peer-to-peer lending firms, and now you can get a $25.00... More of this article »
Obama Administration Clueless on Banking Issues, Sending Mixed Messages to the Industry
Again we can see why government shouldn’t ever interfere in the markets, as revealed by the confusion and cluelessness of the Obama administration in navigating the banking waters. Obama is now pushing for banks to start lending... More of this article »
TARP a Disaster Says Congressional Oversight Panel
Most people know that the TARP was and is a disaster, as it has done nothing but allow the terrible banking and business practices of the large financial institutions to be rewarded by keeping them going by throwing taxpayer dollars... More of this article »
Bank Of America (NYSE: BAC) Completes $45 Billion TARP Repayment
Bank of America (NYSE: BAC) announced late Wednesday that it has completed its repayment of government funds received from the Troubled Asset Relief Program (TARP). The bank sent the U.S. Treasury Department a $45 billion payment... More of this article »
Bank of America (NYSE: BAC), Other Banks To Rebound On Mortgage Applications?
Banking revenue related to home mortgage loans should be in for an uptick in the coming months. The data continues to pour in, and equity researchers are struggling on digesting it all. This week, the Mortgage Bankers Association released... More of this article »
Why Peer-to-Peer Lending Works When Lending Money to Friends Doesn’t
Most of us know that lending money to friends and family members rarely results in a full repayment from the person that you lend money to. Loans to friends and family members are much more frequently delinquent because the borrower... More of this article »
U.S. Mortgage Applications Rise On Refinancing Activity
The Mortgage Bankers Association released a report Wednesday that showed home loan applications jumped last week to the highest levels in a couple months as homeowners actively pursued refinancing as rates sit near historically lows. The... More of this article »
General Eclectic (NYSE: GE) Says Lending Arm’s Profits to Improve by 2011
General Electric (NSE: GS) says that profits from its lending arm, GE Capital, will improve by 2011. Before GE Capital returns to a state of profitability, it has many hurdles that it needs to clear, including the unit’s exposure... More of this article »
Federal Reserve and FDIC Take Tough Stance on Citigroup’s (NYSE: C) TARP Exit
The Federal Reserve and the FDIC are taking a hard line than the Treasury Department on how much capital Citigroup (NYSE: C) should be forced to raise before the company repays its $20 billion in funds that the company borrowed from... More of this article »
Wells Fargo (NYSE: WFC) TARP Repayment Hindered by Debt to Prudential Financial (NYSE:PRU), May Not Follow Bank of America (NYSE: BAC) After All
Wells Fargo & CO’s (NYSE: WFC) efforts to follow Bank of America (NYSE: BAC) in the repayment of U.S. bailout funds may be delayed by a $5 billion debt that the company owes to Prudential Financial Inc. (NYSE: PRU), which could... More of this article »
JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon Admits Home Mortgage Losses Still Ahead for the Company
At the Goldman Sachs U.S. Financial Services conference in New York, JPMorgan Chase & Co.’s (NYSE:JPM) CEO Jamie Dimon stated there will be more losses at the bank next year in its residential mortgage business. While Dimon... More of this article »
Morgan Stanley (NYSE:MS) Fires Mitch Petrick as Head of Trading
After major rivals outperformed the institutional security division of Morgan Stanley (NYSE:MS), head of trading Mitch Petrick was shown the door. The institutional securities unit of Morgan Stanley is the largest one in the company,... More of this article »
JP Morgan Chase (NYSE: JPM) Announces Plans to hire 1,200 Retail Bankers
JP Morgan Chase & Co (NYSE: JPM) has announced that it will expand its retail banking unit by hiring 1,200 bankers and opening about 120 new branches by the end of 2010. The company’s CEO, James Dimon, made the announcement to... More of this article »
Judge Approves Reorganization Plan for CIT Group (OTC:CITGQ.PK) to Come Out of Bankruptcy Protection
Cit Group Inc. (OTC:CITGQ.PK) has received approval from a judge to exit its bankruptcy protection and implement its reorganization plan. Formerly of the the largest lenders to small and medium-sized lenders in America, Cit Group filed... More of this article »
CIT Group To Emerge From Bankruptcy On Thursday
Just over a month after filing for Chapter 11 bankruptcy protection, CIT Group Inc. announced Tuesday that a judge approved its reorganization plan and the small and mid-size business lender will emerge from bankruptcy protection this... More of this article »
Morgan Stanley (NYSE: MS) Undergoing Significant Changes in Leadership
Morgan Stanley’s new CEO has ousted its head of sales and trading and brought on the company’s first female chief financial officer in a major reshuffle of senior management. James Gorman, who will succeed John Mack as CEO on the... More of this article »
Federal Reserve Drains $180 Million from Banking System via Repurchase agreements with JP Morgan Chase (NYSE: JPM) and Bank of New York Mellon (NYSE: BK)
The Federal Reserve announced that it had drained $180 million in temporary reserves from the banking system when it arranged eight-day tri-party reverse repurchase agreements with JP Morgan Chase & Co (NYSE: JPM) and Bank of New... More of this article »
Bank of America (NYSE: BAC) Repaying TARP, Signs of Rebound?
Last week, Bank of America (NYSE: BAC) announced its plans to repay the TARP funds that it received. Some perceived this as a ceremonious win for the Troubles Asset Relief Program, and interpreted it as an indication that the bailed... More of this article »
CIT Group (NYSE: CIT) Clear Bankruptcy Hurdle, Deal With Creditors Approved
On November 1st, CIT Group Inc. (NYSE: CIT) filed for bankruptcy protection in New York State Courts. In their press release at the time, the major lender to small and medium sized businesses noted they hoped to move out of court quickly,... More of this article »