Home » Archive for February, 2010
Interview with Colin Henderson of Canadian Peer-to-Peer Lending Company CommunityLend
Canadian peer-to-peer lending company CommunityLend recently launched in two Canadian provinces. We recently had a chance to interview with Colin Henderson, one of CommunityLend co-founders. Henderson also serves as the company’s... More of this article »
Prosper Marketplace Must Repay $2 Million Bridge Funding by April 1st
Prosper Marketplace entered into an agreement yesterday with its existing venture capital partners to receive a new $2 million bridge loan. Details of the funding agreement have been made available to the public via an SEC filing and... More of this article »
NY AG Cuomo Files Fraud Charges Against Bank Of America (NYSE: BAC)
The office for New York Attorney General Andrew Cuomo announced today that it has filed fraud charges against Bank of America (NYSE: BAC), former CEO Kenneth Lewis and former CFO Joseph Price for actions that led to the Merrill Lynch... More of this article »
Volcker Plan Appears Dead as Volcker Stumbles Under Questioning
In what I have considered a waste of time from the beginning with no chance of ever becoming law, the so-called Volcker Plan appears dead after questioning Senate Banking Committee found Volcker unable to answer key questions which... More of this article »
Citibank NA (NYSE:C) and Bank of America (NYSE:BAC) Increasingly Paying More in Salary than Bonuses for Employees in India
With so much focus on compensation for bank employees, it has gravitated to a global issue, and different parts of the world are responding differently to the problem, as Citibank NA (NYSE:C) and Bank of America (NYSE:BAC) are doing... More of this article »
Bank of America (NYSE:BAC) Paid Out $4.4 Billion for Salary and Bonuses in 2009
An unnamed source close to the situation said that Bank of America (NYSE:BAC) awarded its people around $4.4 billion in salary in bonuses in 2009, averaging over $400,000 a worker. This is in the trading and investment banking business... More of this article »
Lending Club Loans: Lending Club Reduces Rates on Unsecured Peer-to-Peer Loans
Lending Club announced that the company is lowering interest rates on its peer-to-peer loan opportunities for borrowers by 0.50%. In a short statement made by the company, Lending Club said commented that “We have reduced our interest... More of this article »
Prosper Marketplace Announces $2 Million in Bridge Financing as Bankruptcy Fears Loom
Prosper Marketplace has received $2 million worth of bridge funding from its existing investors as many are questioning the company’s overall financial health. The new interim round of funding comes from Prosper Marketplace’s... More of this article »
Wells Fargo & Company (NYSE: WFC) Sets Goal of Doubling California Commercial Banking Activity in Five Years
With the goal of doubling its commercial banking activity in California in the next five years, Wells Fargo & Company (NYSE: WFC) added more responsibility to their top people through enlarging the number of territories they serve... More of this article »
Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) Would be Devastated by Volcker Plan
I’m not sure why we’re even wasting our time with Paul Volcker and the so-called Volcker Plan, as there’s no way it’ll have a chance to become law, as it would devastate Bank of America (NYSE:BAC), JPMorgan... More of this article »
Citigroup (NYSE:C) Expanding Japan Business Presence
Since the economic crisis began, Citigroup (NYSE:C) has contracted its business in Japan, selling off parts of its finance businesses in the country. That is starting t change as Citigroup will open up four new retail branches in the... More of this article »
PNC Financial (NYSE: PNC) Reaches Agreement To Repay TARP Funds
Just hours after announcing a sale of its global investment unit to the Bank of NY Mellon (NYSE: BK), PNC Financial (NYSE: PNC) said it reached an agreement with regulators to purchase the $7.6 billion in preferred shares given to... More of this article »
Peer-to-Peer Student Lending Firm Fynanz Receives $6.5 Million A-Round Funding
Fynanz, a peer-to-peer lending website that specializes in student loans, has raised $6.5 million in Series A funding from Draper Fisher Jurvetson, DFJ Gotham Ventures, The Brazos Group, Zelkova Ventures and JBR Media Ventures. This... More of this article »
Bank Of New York Mellon (NYSE: BK) To Acquire Global Investment Unit From PNC Financial (NYSE: PNC) For $2.3 Billion
Bank of New York Mellon (NYSE: BK) announced Tuesday that it is in agreement to acquire the global investment servicing unit of PNC Financial (NYSE: PNC) for $2.31 billion. The move will strengthen the banks position in the fund... More of this article »
Mr. Moynihan Goes to Washington. Bank of America Corp. (NYSE: BAC) CEO Makes D.C. a Strategic Priority
To the person who is against all things banking right now, Bank of America Corp. (BAC) CEO Brian Moynihan may seem like a cynical opportunist. Moynihan sees himself as making a statement. Bank of America gets it. For decades, Bank... More of this article »
Morgan Stanley (NYSE:MS) CEO James Gorman Looking to Investment Banking and wealth Management Units for Growth and Stability
Saying Morgan Stanley (NYSE:MS) has as clear strategy going forward, CEO James Gorman said it’s powerful to a company to understand why it exists and why it doesn’t. Talking about where he is taking the company, Gorman... More of this article »
Wells Fargo (NYSE:WFC) Managing Risk By Lowering Exposure to Fixed-income Investments
Even though over the short term it will cost the company some profits, Wells Fargo (NYSE:WFC) has started lowering its exposure to fixed-income investments in anticipation of interest rates increasing. To underscore the commitment,... More of this article »
Citibank N.A. (NYSE:C) Amends Terms of $6.6 Billion in Loan Money Available to Student Loan Corp. (NYSE:STU)
Citigroup Inc’s (NYSE:C) Citibank N.A. announced it has changed the terms of the $6.6 billion available for new loans offered via the Student Loan Corp. (NYSE:STU), which they have an 80 percent stake in. Under the amendment... More of this article »
Prosper CEO Chris Larsen and Lending Club COO John Donovan to Testify Before California Legislature on Peer-to-Peer Lending
Prosper CEO Chris Larsen and Lending Club COO John Donovan will be testifying in a hearing before the California state-legislature on February 3rd, according to a press release from the office of California State Senator Ron Calderon. California’s... More of this article »
Bank of America, Citigroup, Goldman Sachs Cut Giving to Political Action Committees in 2009 (NYSE: BAC) (NYSE: C) (NYSE: GS)
Nine of the ten largest US banks in terms of assets, including Bank of America, Citigroup, Goldman Sachs and Morgan Stanley have reduced their political giving during the last year, according to new data from the Federal Election Commission. The... More of this article »
JP Morgan Chase (NYSE: JPM) May Cut Plans to Purchase Sempra Commodities owned by RBS (NYSE: RBS)
JP Morgan Chase & Co (NYSE: JPM) may halt plans to acquire the North American operations of Sempra Commodities LLP after President Obama announced that he would seek to stop banks from engaging in proprietary trading activities,... More of this article »
Bank of America (NYSE: BAC) CEO Open to Creation of Consumer Financial Protection Agency (CFPA)
Bank of America (NYSE: BAC) CEO Brian Moynihan may not oppose the creation of a new federal consumer protection agency, according to a new report from the Wall Street Journal. As part of the Obama administration’s overhaul of financial... More of this article »
Citigroup (NYSE: C) to Sell Private Equity Unit
Citigroup (NYSE: C) is reportedly planning on selling or splitting off its $10 billion Citi Private Equity unit as part of an ongoing process to reduce the company’s debt, according to a new report from Bloomberg. Citigroup’s private... More of this article »