Home » Archive for January, 2010
Bank of America (NYSE: BAC) Announces 2009 Net Income of $6.3 Billion
Bank of America (NYSE: BAC) announced no Sunday that their full-year net income for 2009 totaled $6.3 billion, compared to a 2008 net income of $4.0 billion. Although the company made several billion dollars in revenue, common stockholders... More of this article »
Goldman Sachs UK Partners Cap Compensation Packages at £1 Million Each
Goldman Sachs’ (NYSE: GS) 100 United Kingdom partners are capping their 2009 compensation packages (pay plus bonuses) at 1 million GBP each, according to a new report from the BBC. The report indicated that the caps will decrease... More of this article »
Lending Club Using Social Networking Information to Determine Borrower Risk
One of the major challenges that the peer-to-peer lending industry has faced is properly identifying borrowers’ credit risks. Both Lending Club and Prosper Marketplace have been refining their requirements for borrowers over time... More of this article »
Citigroup (NYSE:C) To Raise $300 Million from Sale of Chilean Pension Fund Administrator
Citigroup (NYSE: C) announced on Friday that it would raise about $300 million from the sale of its indirect ownership share of the second largest Chilean pension fund administrator as part of the company’s ongoing efforts to slim-down... More of this article »
Citigroup (NYSE: C) Upgrades JP Morgan Chase (NYSE: JPM) to “Buy” Rating after Stock Declines
Citigroup (NYSE: C) analyst Keith Horowitz upgraded JP Morgan Chase & Co to a “Buy” rating on Friday from a “Hold” rating with a $48.00 target price on the company’s shares. Horowitz noted that he believes the company... More of this article »
US Government Loses $1.5 Billion in Citigroup (NYSE: C) Stake after Threatening New Regulation
President Obama proposed a new set of regulations which would limit the size and scope of banks as well as prevent banks from participating in risky business ventures such as running hedge funds. As a result, the financial industry... More of this article »
Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) Mortgage Portfolios Underscore Ongoing Weakness in Sector
Even though fourth-quarter results were aided by the mortgage businesses of Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC), it was far from telling the overall story as to the continuing weakness in the mortgage sector during... More of this article »
Goldman Sachs (NYSE:GS) Exceeds Quarterly Expectations, Netting Profits of $4.95 billion but Missing Revenue Numbers
The fourth-quarter results of Goldman Sachs (NYSE:GS), while impressive, had more to do with adjusting their compensation structure outperforming by generating new business, as the company enjoyed profits of $4.95 billion, based on... More of this article »
Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM) Plunge in Response to New Proposed Obama Rules
In what seems to be a relentless and increasingly dangerous mentality by Barack Obama concerning the banks of America, he continues to attack them from every angle as he suffocates the ability to generate revenue based on what looks... More of this article »
Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS) Institute Multi-Billion Dollar Compensation Increases
Bank of America (NYSE: BAC) and Morgan Stanley (NYSE: MS) both announced their 2009 compensation levels on Wednesday as the latest round of closely-watch Wall Street Firms disclosed their payouts to employees. Morgan Stanley said that... More of this article »
President Obama Proposes Bank Size Regulations which would affect JP Morgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS) and Others
President Obama will offer new proposals to limit financial institutions’ size and trading activities, which effect some of the nation’s largest banks including JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C), Bank of America... More of this article »
Were Wells Fargo’s (NYSE:WFC) Fourth-quarter Results as Impressive as They Seemed?
Everybody seems to have made a big deal of the fact Wells Fargo’s (NYSE:WFC) fourth-quarter results far exceeded analysts’ expectations. But I’m not that convinced by them, as they generate some questions that will... More of this article »
Will Morgan Stanley (NYSE:MS) Go With More Risk or Smoother Sailing as They Failed to Meet Earnings Expectations
Morgan Stanley (NYSE:MS) stands in a very interesting place, as they performed relatively well in the economic conditions it operated in in the last quarter, yet their failure to meet expectations could put pressure on their to increase... More of this article »
Warren Buffett Doesn’t Like Obama Bank Tax, Saying it’s “Trying to Punish People”
I was surprised to hear Warren Buffett state in an interview on Bloomberg Television yesterday that he opposed the Obama tax on financial institutions, as he views it as “trying to punish people.” Buffett said in the interview... More of this article »
Bank of America (NYSE:BAC) Earnings Report Confirms We’re Still in Deep Recession
For the first time in over 20 years Bank of America (NYSE:BAC) posted its first annual loss, much of that from the ongoing default crisis from consumers’ inability or unwillingness to pay back their home loans. To a lesser degree... More of this article »
Bank Of America (NYSE: BAC) Posts Net Income Of $6.3 Billion For 2009 Despite Fourth Quarter Loss
Bank of America (NYSE: BAC) announced Wednesday that it had total net income of $6.3 billion for the full year 2009, despite posting a fourth quarter loss that included costs from repaying TARP funds. The bank posted a $194... More of this article »
Morgan Stanley (NYSE:MS) To Change Bonus Plans In Response to New UK Tax
The battle over bank bonuses continues as Morgan Stanley (NYSE:MS) made plans to change their current bonus payment plans in response to government actions in the United Kingdom. The Wall Street Journal reported that Morgan Stanley... More of this article »
Slate Questions Riskiness of Prosper Marketplace, Peer-to-Peer Lending
Mark Gimein set of a fire-storm in the peer-to-peer lending industry this week after publishing an article titled “You Are Unlikely To Prosper” about the risks associated with becoming an investor into Prosper Marketplace and other... More of this article »
Charles Schwab’s (Nasdaq:SCHW) Profits Down 47 Percent in Fourth Quarter
Although it was in line with their own projections, profits for Charles Schwab’s (Nasdaq:SCHW) missed the streets’ estimates, and fell 47 percent to $164 million in the fourth quarter, or 14 cents a share. Last year the... More of this article »
Will Wells Fargo’s (NYSE:WFC) Enjoy Profits in the Fourth Quarter?
There are a couple of factors which will play primary roles in the results reported by Wells Fargo (NYSE:WFC), and that is how the $2 billion of reduced shareholder income will affect their bottom line, and how well the mortgages from... More of this article »
Citigroup (NYSE:C) Gets Crushed in Fourth Quarter with Losses of $7.58 billion
It doesn’t matter how anybody tries to spin the fourth-quarter results for Citigroup (NYSE:C), the $7.58 billion in losses was a disaster for the giant bank, with overall losses for all of 2009 coming in at close to $1.6 billion. Of... More of this article »
Large Banks Fighting Back Against Obama Tax by Hiring Supreme Court Lawyer
When the top lobbying arm of the banking industry hired one of the leading Supreme Court lawyers to go over the proposal by Obama to tax the largest banks in the country, they are obviously sending a message to the administration,... More of this article »
Meeting Expectations? Citigroup (NYSE: C) Reports a 4th Quarter Loss That Accounts for TARP Repayment and 36% Decrease in Loan-Loss Provisions
In a reversal of the first three quarters of 2009, Citigroup Inc (C) reported a fourth-quarter loss of $7.58 billion, meeting analyst recommendations. The loss, a marked contrast from the $175 million in earnings that Citi reported... More of this article »