Home » Archive for January, 2010
Texas Governor Criticizes Bank of America (NYSE: BAC) for Failing to Meet Job Creation Goals
Texas Governor Rick Perry disclosed on Tuesday that Bank of America has failed to honor its commitment to the state of Texas Enterprise Fund and will have to repay $8.45 million of the $20 million that Countrywide, a Bank of America... More of this article »
Bank of America (NYSE: BAC) Says Federal Reserve Must Focus on Reserve Interest Rates
Bank of America (NYSE: BAC) Merrill Lynch economist said that the Federal Reserve must now start focusing on the interest rate that it pays on reserves as its primary monetary-policy tool. This target rate is the rate at which banks... More of this article »
JP Morgan Chase (NYSE: JPM) Survey Shows More Americans Ready To Take Charge Of Personal Finances
Chase Card Services, a division of JP Morgan Chase (NYSE: JPM), said on Tuesday results from a consumer survey showed 72 percent of investors trust themselves most for managing their finances. The firm’s 2010 Personal Finance Confidence... More of this article »
J.P. Morgan (NYSE:JPM) Looking to RBS Sempra to Become Major Commodity, Derivatives Player
While the attempt by J.P. Morgan (NYSE:JPM) to acquire RBS Sempra in order to move itself up the ladder as one of the premiere commodity and/or derivative players in the world looks good on paper, in truth the timing is poor in light... More of this article »
Class Action Lawsuit Filed Against Bank of America (NYSE: BAC) Over Securities
Claiming some major facts were omitted from the Registration Statement and Prospectuses for several securities issued by Bank of America (NYSE: BAC) in 2008, a class action lawsuit has been initiated for those that acquired those securities... More of this article »
Wells Fargo (NYSE: WFC) Gets High Marks; J.P. Morgan Chase (NYSE: JPM) Not So Much in Latest Treasury Report on Small Business Lending
It’s been said that the definition of insanity is doing the same thing again and again and expecting a different result. We can only hope that all parties involved will move past the current focus on bonuses and bailouts and move... More of this article »
Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) Earnings Bolstered by Mortgage Divisions
Although mortgage loans, both commercial and residential, have seen much higher foreclosure rates, some banks, including Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC), have found ways to make significant revenue from their... More of this article »
JP Morgan (NYSE: JPM), Exxon Mobil (NYSE: XOM) and Other CEOs Have Lunch with President Obama
JP Morgan Chase & Co (NYSE: JPM) Chief Executive and Chairman Jamie Dimon, Exxon Mobile Corp Chairman and CEO Rex Tillerson and 4 other executives are having lunch with President Obama on Tuesday at the white house. In addition... More of this article »
Wells Fargo Securities Advisors Facing Major Payroll Issues (NYSE: WFC)
Wells Fargo & Co (NYSE: WFC) is setting up its Wachovia Securities advisors up for potential tax problems with payroll changes that went into effect this month. The new system will set withholding automatically at 25% of brokers’... More of this article »
Bank of America (NYSE:BAC) Launches New “help2retire” Ad Campaign Targeting Retirement Market
With the retirement market set to explode as baby boomers increasingly leave the job market, it offers great opportunities for banks and financial institutions to tap into the most lucrative demographic in history. To that end Bank... More of this article »
Goldman Sachs (NYSE:GS) May Sell Off US Banking Business as Obama Continues War on Wall Street
Rumor has it that Goldman Sachs (NYSE:GS) may be thinking of taking steps to sell or spin off it banking business in the United States as Obama continues to cater to populist feelings and ravage the banking industry, as little else... More of this article »
Citigroup Resumes its Haitian Operations (NYSE: C)
Citigroup announced on Monday that it has resumed its Haiti operations after relocating to a new office after a 7.0 earthquake struck the country two weeks ago. Citigroup, which lost 5 employees in the natural disaster, said that it... More of this article »
Goldman Sachs (NYSE:GS) Cuts Key London Workers’ Pay Down to £1 Million
In what could be a risky move, Goldman Sachs (NYSE:GS) has decided to cap the combination of salary and bonus for its key employees in London down to £1 Million. The details of the change in compensation hasn’t been revealed... More of this article »
Bank of China to Raise Tens of Billions in New Capital
Bank of China (HKG:3988) announced on Friday that it intends to raise tens of billions of dollars in new capital, the first Chinese bank to move aggressively to smooth over its balance sheet following an excessive period of lending... More of this article »
HSBC Holdings (NYSE:HBC) Appoints Peter Boyles as new European CEO
HSBC Holdings (NYSE: HBC) announced today that it has appointed Peter Boyles as its new chief executive for continental Europe Boyles, currently the bank’s head of French operations and a 35-year veteran of HSBC, will lead a new... More of this article »
Bank of America (NYSE:BAC) Spent $3.6 Million Lobbying Congress Last Year – Most in Fourth Quarter
Although Bank of America (NYSE:BAC) spent $3.6 million on lobbying Congress last year, it was far less than the $4.1 million they spent in 2008. Still, they increased spending significantly in the fourth quarter as major issues which... More of this article »
Bank of America Corp. (NYSE:BAC) Morgan Stanley (NYSE:MS) and Wells Fargo (NYSE:WFC) Brokers Getting Payroll Makeovers after Their Parent Companies were Acquired by Them
As a consequence of being acquired, brokers from Wachovia, Smith Barney and Merrill Lynch have been introduced to new payroll systems, and not all of them are feeling good about the changes, especially those at Wachovia, who have been... More of this article »
Morgan Stanley (NYSE:MS) CEO James Gorman Takes No Cash Bonus in 2009
With the current negative environment and ongoing recession, Morgan Stanley (NYSE:MS) CEO James Gorman understood the negative media coverage he and the company would receive if he received a significant cash bonus for 2009, and so... More of this article »
Morgan Stanley (NYSE:MS) Realigning Private Wealth Management Unit
With revenue from their joint venture with Smith Barney enjoying solid growth in the fourth quarter, Morgan Stanley (NYSE:MS) has decided to realign their Private Wealth Management division in hopes of generating even more revenue... More of this article »
Shareholders File Lawsuit Against Wells Fargo (NYSE:WFC) Over SILO Tax Shelters
Executives at Wells Fargo (NYSE:WFC) had a shareholder lawsuit filed against them in reference to “SILO” tax shelters. It wasn’t clear at the time of this writing who these shareholders were, but they were represented... More of this article »
JP Morgan Chase & Co. (NYSE: JPM) and Bank of America (NYSE: BAC) Plummet on Obama Bank Interference
Shares for JP Morgan Chase & Co. (NYSE: JPM) and Bank of America (NYSE: BAC) plunged on Friday on the news of more interference in the financial industry from the Obama administration, with Bank of America falling 57 cent to $14.90,... More of this article »
Swiss Court Says Government, UBS (NYSE: UBS) Cooperation with U.S. Must Remain Limited
I wonder if a bunch of those clients of UBS (NYSE: UBS) based in the United States are kicking themselves over rushing and offering themselves up on the amnesty last year, as the top Swiss court dealt a blow to the agreement with the... More of this article »
Citigroup (NYSE:C) Trying to Get Terra Firma Lawsuit Moved to London
Citigroup’s (NYSE:C) latest move in its legal battle with British private equity firm Terra Firma over their acquisition of EMI Group, a major music business based in Britain, is to try to get the venue changed from the United... More of this article »