Home » Archive for March, 2010
Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) Won’t Have to Pay 2009 Income Tax
The U.S. tax code has been kind to both Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) as neither bank will likely have to pay any amount of money in income taxes for 2009. Bank of America likely will not have to pay any federal... More of this article »
Bank of The West Picks Up Former Citibank Executive as New COO (NYSE: C)
Bank of the West announced on Friday that it had hired former Citibank (NYSE: C) executive Maura Markus as the company’s new president and chief operating officer. Markus was the second Citibank alumni to join Bank of the West’s... More of this article »
U.S. Treasury May Make $8 Billion on Citigroup Investment (NYSE: C)
The U.S. Treasury and the Obama administration is making final plans to sell its 27% ownership stake in Citigroup (NYSE: C). At Citigroup’s current stock price, the sale would net the federal government more than $8 billion in... More of this article »
Bank Of America (NYSE: BAC) Warrants Net Investors 33 Percent In 3 Weeks
Three weeks ago the U.S. Treasury Department auctioned off the Bank of America (NYSE: BAC) warrants it had received when providing the company with bailout money from TARP. The auctioned raised more than a $1 billion for taxpayers,... More of this article »
Citibank Wins $85.7 Million Lawsuit against Real Estate Developer (NYSE: C)
Citibank (NYSE: C) won a judgment allowing it to collect $85.7 million from billionaire real-estate developer Sheldon H. Solow. New York State Supreme Court Justice Bernard Fried said on Thursday that he was granting Citibank’s request... More of this article »
JPMorgan (NYSE:JPM) Says Brazil’s Economy in Risk of “Overheating”
A lot of eyes are on Brazil as JPMorgan strategist Ben Laidler noted the largest economy in Latin America is at risk of overheating, and their currency is also considered overvalued. After cutting interest rates to 8.75 percent, along... More of this article »
Brokers Fleeing Big Firms Like Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) – Will it become a stampede?
There is nothing new about brokers jumping from job to job over the years, as it’s simply part of the business. But what has changed with those leaving the large firms like Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), Bank... More of this article »
Wells Fargo (NYSE: WFC) & Morgan Stanley (NYSE: MS) Lose Dismissal Motion on Municipal Bond Suit
Wells Fargo & Co (NYSE: WFC), UBS AG (NYSE: UBS), Morgan Stanley (NYSE: MS) and many other financial institutions lost a bid to dismiss legal claims accusing the banks of conspiring to rig bids for municipal derivatives. U.S. District... More of this article »
Citigroup (NYSE: C) Joins Bank of America (NYSE: BAC) and Others in Second Mortgage Modification Program
Citigroup (NYSE: C) announced on Thursday that it would join the government’s program to modify second mortgages, following Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), JP Morgan Chase & Co (NYSE: JPM) and others, as... More of this article »
JP Morgan Chase May Receive $1.4 Billion Tax Refund (NYSE: JPM)
JP Morgan Chase & Co is nearing a deal with the U.S. Treasury which would allow it to benefit from a tax refund as high as $1.4 billion, making use of a little-known provision in the American Recovery and Reinvestment Act. The... More of this article »
Morningstar Analyst Believes Citigroup Primerica IPO (NYSE: C) Will Fail Because of Poor Fundamentals
Morning star senior analyst Jim Ryan believes that Citigroup’s plan to spin-off insurer Primerica in an IPO set for the week of March 29th will not be successful because of concerns about the company’s business model and believes... More of this article »
Protestors in St. Louis Demand Bank of America (NYSE: BAC) Halt Foreclosure Proceedings
Sixty protestors kicked off what they called five days of anti-corporate power protest on Wednesday in St. Louis, starting by staging a demonstration in a Bank of America (NYSE: BAC) building at 8th and Market in downtown St. Louis,... More of this article »
Wells Fargo (NYSE: WFC) To Purchase Factoring Business from GMAC
Wells Fargo & Co (NYSE: WFC) announced on Wednesday that it would be purchasing GMAC’s North American factoring business for an undisclosed value. The deal is expected to be completed by April 30, 2010. GMAC’s factoring business... More of this article »
JP Morgan Chase (NYSE: JPM) Hires New Global Head of Equity Derivatives
J.P. Morgan Chase (NYSE: C) announced on Thursday that Tim Throsby will join the conglomerate’s investment bank as its new global head of equity derivatives and regional head of equities for Europe, Middle East, and Africa. Throsby... More of this article »
Speculation Increasing About Citigroup Stock Split (NYSE: C)
Speculation has been rising as to whether or not Citigroup (NYSE: C) will undergo a reverse stock split as the company’s stock price recovers and as the U.S. Treasury develops plans to sell its 27% ownership stake in the company. Investors... More of this article »
Are Loan Modifications By Bank Of America (NYSE: BAC) & Others Really Helping Folks Keep Their Homes?
Loan modifications through the Housing Affordable Modification Program (HAMP) and various individual programs at many big banks have led to the reduction in monthly payments for millions of borrowers who were behind on payments. Bank... More of this article »
Citigroup Shares Climb 2.9% on News of Treasury Stock Sale (NYSE: C)
Shares of Citigroup (NYSE: C) rose 2.9% on Thursday following news that the U.S. Treasury was planning to begin selling its 27% stake in the New York-based financial company using a pre-set trading program, according to several sources. The... More of this article »
Bank of America (NYSE: BAC) to Reduce Mortgage Balances for Distressed Borrowers
Bank of America (NYSE: BAC) announced on Wednesday that it would begin forgiving a percentage of mortgage debt in order to help distressed borrowers from having their homes foreclosed on. The program is currently limited in scope and... More of this article »
Federal Judge Dismisses Motion to Move Citigroup (NYSE: C) Vs. Terra Firma Case to U.K.
A federal judge dismissed a motion by Citigroup (NYSE: C) on Wednesday to dismiss a case brought against Citigroup by private equity firm Terra Firm over the takeover of music label EMI. Citi had argued that the case should have been... More of this article »
Citibank (NYSE: C) to Pay $1.25 Million Fine for Violation Fair Lending Laws
Citibank (NYSE: C) has agreed to pay a $1.25 million fine to settle allegations from 35 state governments that CitiFinancial failed to report 91,127 residential mortgage loans to the U.S. government as required by law. The Conference... More of this article »
Sprint Nextel (NYSE: S) Unveils First 4G Phone – HTC Evo
Sprint Nextel Corp (NYSE: C) officially unveiled the first U.S. phone which will be able to tap into the company’s 4G network. The phone, produced by HTC Corp, will be called the Evo. Sprint has not provided any pricing information... More of this article »
Citigroup Maintains “Hold” Rating for Kroger (NYSE: KR)
Citigroup (NYSE: C) maintained its “hold” rating for Kroger and re-iterated its cautious outlook for food retailers. The New-York based bank also set a new price target of $21.00 for Kroger. Citi analyst says, “Deflation... More of this article »
Bank of America Merrill Lynch (NYSE: BAC) Appoints Former Goldman Sachs (NYSE: GS) Employee as New Vice Chairman of Global Markets
Bank of America (NYSE: BAC)’s Merrill Lynch unit has appointed Hayley Boesky, a Goldman Sachs (NYSE: GS) alumni, as the company’s new Vice Chairman of Global Markets. According to a statement from the company, Boesky will work... More of this article »