Home » Archive for March, 2010
U.K to Collect £1 Billion in Bonus Taxes from U.S. Banks including Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS)
Major U.S. banks including Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) will be paying up to £1 billion to the British treasury as part of the country’s banking bonus tax. A new survey from... More of this article »
U.S. Treasury Wants Out of Citibank ASAP (NYSE: C)
The United States Treasury wants out of its investment in Citibank (NYSE: C) as soon as it can be done in an orderly manner, said Assistant Secretary of the Treasury for Financial Stability Herbert Allison during a hearing related... More of this article »
American Express (NYSE: AXP) And Capital One (NYSE: COF) Joined The Big Banks Raising Credit Card Rates
American Express (NYSE: AXP) and Capital One Financial Corp. (NYSE: COF) raised rates on two of their most popular cards before February 22, when the Credit Card Accountability, Responsibility and Disclosure (CARD) Act kicked in. American... More of this article »
Funding Circle Raises $1.1 Million to Build Social Lending Platform for Small Business Loans
Funding Circle, a U.K. based start-up, has raised $1.1 million worth of Series A circle to complete building its social lending platform for small business loans and plans on launching during Q2 of 2010. The service that Lending Circle... More of this article »
Wells Fargo (NSYE:WFC) Economist: Housing Weaker than Believed to Be
Do you ever wonder why every time we hear some economic news that doesn’t line up with the official line, the term “unexpected” is used, as if the government or someone else is completely caught off guard by it. That’s... More of this article »
CEO’s at Wells Fargo (NYSE: WFC), JP Morgan (NYSE: JPM) And Goldman Sachs (NYSE: GS) Get Huge 2009 Paydays
Chief executives at several big banks received extraordinary paydays for 2009, with Wells Fargo (NYSE: WFC) CEO John Stumpf receiving compensation that doubled his 2008 earnings. Though incredible high payouts at banks are still... More of this article »
Citibank (NYSE: C) To Expand Cell-Phone Payment System in India
Citibank (NYSE: C) announced that they will e expand in their “Tap and Pay” cell-phone based payment system in India. The bank started a trial launch in Bangalore to determine if it could successfully use mobile phones with near-field... More of this article »
JPMorgan (NYSE:JPM), Morgan Stanley (NYSE:MS) Land Stroer IPO
JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) have landed the deal to help Stroer Group launch their initial public offering. Stroer Group is a large outdoor advertiser based in Germany. Stroer will launch its IPO on the Frankfurt... More of this article »
Citigroup (NYSE:C) Survives Only Because of Government Support
A government watchdog talking to Citigroup (NYSE:C) Chief Executive Officer Vikram Pandit said the company would be in a far more difficult position if the government if the government essentially didn’t guarantee the company.... More of this article »
Bank of America (NYSE:BAC) Sells Warrants for $1.57 Billion
Auctioning off the warrants from the TARP bailout funds netted Bank of America $1.57 billion, making it the largest auction of these types of securities ever partaken in by the Treasury Department. There were two groupings of warrants,... More of this article »
Citibank’s Pandit Remains Unapologetic to Congress (NYSE: C)
Citibank (NYSE: C) released a prepared statement by CEO Vikram Pandit made to a Congressional Oversight Panel overseeing the Troubled Asset Relief Program (TARP). In his statement, Pandit thanked the American people for the federal... More of this article »
JP Morgan Chase & Co (NYSE: JPM) Earned $2.2 Billion from Investment Banking, Beating Goldman Sachs (NYSE: GS)
JP Morgan Chase & Co (NYSE: JPM) has collected more in fees from underwriting equity and equity linked offerings than any other firm according to an annual ranking of investment-banking fees from Bloomberg Markets’. The company... More of this article »
Lower Jobless Claims Good News for Citibank (NYSE: C) and Bank of America (NYSE: BAC)
Large-cap banks including Citibank (NYSE: C), Bank of America (NYSE: BAC) stand to benefit significantly from a report from the Department of Labor indicating lower jobless claims and an improving employment situation as a whole. The... More of this article »
Citibank (NYSE: C) CEO Pandit to Testify Before Congress
Will he be able to show real change, or will it be just more of the same? That’s the question facing Citibank (C) Chief Executive Vikram Pandit on Thursday as he will appear before a congressional panel in charge of overseeing the... More of this article »
Former JPMorgan Chase (NYSE:JPM) Partner Malcom Calvert Battling Insider Trading Charges
The battle by Malcolm Calvert over charges he was involved with insider trading at the Cazenove unit of JPMorgan Chase (NYSE:JPM) continues in London, as his lawyer communicated to a jury in London that there wasn’t any evidence... More of this article »
Wells Fargo (NYSE:WFC) Unit Launches New Economic and Market Commentaries
A unit for Wells Fargo (NYSE:WFC) named Wells Fargo Funds Management, LLC, announced it’ll be launching a series of economic and market commentaries designed for the investment professional and their clients. The team running... More of this article »
Morgan Stanley (NYSE:MS) Chooses Martin Agency for $40 Million Advertising Account
Morgan Stanley (NYSE:MS) has named Martin Agency as their new lead agency, replacing Ogilvy & Mather, who formerly held the top ad position since October 2005. Several companies entered the final round to determine who would represent... More of this article »
Increased Shorting of Bank of America (NYSE:BAC) and Citigroup (NYSE:C) on Treasury Auctioning Warrants
There can be no doubt the recent interest in shorting Bank of America (NYSE:BAC) and Citigroup (NYSE:C) has come from the upcoming auction of warrants in the companies from the Treasury Department. When these banks, and others, received... More of this article »
Citibank’s Mortgage Interest Remain Stable at 4.8% (NYSE: C)
Citibank’s (NYSE: C) interest rates on 30-year fixed-rate owner-occupied home mortgages has remained consistent at 4.8% as fears of rising interest rates remain. Citi’s home mortgage rates have remained below 5% for all of 2010.... More of this article »
JP Morgan Strategists (NYSE: JPM) Say Invest in Wells Fargo (NYSE: WFC)
Analysts at JP Morgan Chase & Co (NYSE: JPM) have suggested that their investors should consider investing in Wells Fargo & Co, based on a prediction that Wells Fargo will perform better than its competitors as the Federal... More of this article »
GMAC Paid CEO Michael Carpenter $27,000 Per Day in 2009 (NYSE: GMAC)
General Motors Auto Credit (NYSE: GMAC) , a lender that provides auto and home loans, gave CEO Michael Carpenter a pay package worth $1.2 million for just 45 days worth of work, averaging the CEO an income of more than $27,000 per... More of this article »
Warburg Pincus to Purchase Primerica Stake from Citibank (NYSE: C)
Private equity funds managed by affiliates of Warburg Pincus & Co have committed to purchase Primerica from Citibank (NYSE: C) for a total purchase price of $230 million. In November of 2009, Primerica, a subsidiary of Citibank... More of this article »
UBS AG (NYSE: UBS) and JP Morgan Chase (NYSE: JPM) Optimistic about Chinese Real-Estate
JP Morgan Chase & Co (NYSE: JPM) and UBS AG (NYSE: UBS) analysts have taken a more optimistic tone about Chinese real-estate stocks, citing that concerns over tightening credit have been overblown and that depressed share-prices... More of this article »