Home » Archive for April, 2010
The Case for Streamlined Banks. Wells Fargo and Co. (NYSE: WFC) Puts up High Average Return on Equity
As Congress mulls over a financial reform bill, it may be the banks themselves that are providing the road map. The argument: it’s not the size that matters. It’s the complexity. Wells Fargo & Co. (WFC) does not have a large... More of this article »
Citigroup (NYSE: C) Sets $23.00 Price Target on Endo Pharmaceuticals (Nasdaq: ENDP)
Citigroup (NYSE: C) set a $23.00 price target on Endo Pharmaceuticals (Nasdaq: ENDP) and maintained its “hold” rating on the company. Citigroup wrote, “We Believe the Impact of US Healthcare Reform Could Reduce... More of this article »
Citigroup (NYSE: C) and Redwood Trust Partner to Create First Mortgage-Backed Securities in Two Years
Citigroup (NYSE: C) has partnered with Redwood Trust Inc to create the first new mortgage securities without guarantees from the government in more than two years, selling about $222.4 million worth of debt. The new “AAA” rated... More of this article »
U.S. Treasury Votes for Reverse Stock Split Citigroup (NYSE: C)
The U.S. Treasury Department voted with its 7.7 billion shares that it owns in Citigroup (NYSE: C) last week at the company’s annual share holders meeting for the company to have a reverse stock split. The Treasury Department acquired... More of this article »
Bank of America (NYSE:BAC) Promotes Andrea Orcel to Larger Emerging Markets Role
Bank of America (NYSE:BAC) announced it has promoted Andrea Orcel to president of emerging markets, with the exclusion of Asia. Orcel, who was executive chairman of global banking and markets for the company, will retain the role in... More of this article »
Treasury Department May Have Morgan Stanley (NYSE: MS) Start Selling Some Citigroup (NYSE: C) Shares Today
The U.S. Treasury Department announced Monday that it began taking the steps necessary to sell its stake in Citigroup (NYSE: C). However, a regulatory filing showed that shares of the bank could start being sold as soon as today. The... More of this article »
Citigroup (NYSE: C) Offered Buy Back $1.1 Billion in Notes Back Early
Citigroup (NYSE: C) made an offer to purchase back $1.1 billion worth of notes coming due later this year and in early 2011 in hopes to reduce its interest payments. The New York-based bank said that the repurchase will not reduce... More of this article »
Wells Fargo (NYSE: WFC) To Spend $7 Million on Charlotte PGA Tournament
Wells Fargo & Co (NYSE: WFC) will be spending $7 million as the top financier of Charlotte, N.C.’s PGA Tour Event. The San Francisco based bank is hoping to keep its name relatively anonymous next week at Quail Hollow Club... More of this article »
Citigroup (NYSE: C) Shares Fail to Stay above $5.00 Mark
Citigroup’s (NYSE: C) surprise $4.4 billion profit wasn’t quite enough to keep its shares above $5.00 ending last week. Although Citigroup’s stock price hit above the $5.00 mark twice during the week, on Tuesday and on Wednesday,... More of this article »
Citigroup (NYSE: C) Wins Lawsuit Against Former Brokers
Citigroup Inc (NSE: C) was awarded a dismissal of a lawsuit from six of its former brokers that said they should not have to pay back the balance on their signing bonus loans which totaled $1.5 million. Federal District Judge Lewis... More of this article »
Wells Fargo (NYSE: WFC) CEO Says He Relates to Distressed Homeowners
Wells Fargo & Co’s (NYSE: WFC) CEO John Stumpf said that he knew what distressed homeowners are going through and admitted that he too had been “underwater” on his own mortgage during the company’s first... More of this article »
Bank of America (NYSE: BAC) Has Two Contenders for New Chairman Position
Bank of America Corp (NYSE: BAC) has narrowed its list of contenders for its chairmanship to two directors, Frank Bramble and Charles Holliday, according to a WSJ report. It’s possible that another candidate could emerge in the... More of this article »
SEC Inspector General to Investigate Timing of Goldman Sachs (NYSE: GS) Fraud Charges
The SEC’s inspector general, David Kotz, will begin an investigation into the SEC’s decision to mov forward with a suit against Goldman Sachs Group Inc (NSE: GS), according to a letter that he sent to Rep. Darrell Issa... More of this article »
Wells Fargo (NYSE: WFC) Advisors Expanding Out from Midwest
Wells Fargo & CO’s (NYSE: WFC) Wells Fargo Advisors Financial Network will be expanding its regional markets out of the Midwest to include the Southwest, South Pacific, Great Lakes and New England regions. “We’ve... More of this article »
Former Executive Files Gender Bias Lawsuit Against JPMorgan Chase & Co (NYSE: JPM)
A former executive at JPMorgan Chase & Co (NYSE: JPM) filed a lawsuit against the company on Thursday arguing that she was fired after trying to start a family. Marie Dzanis, a former vice president in the company’s funds... More of this article »
Get Peer to Peer Lending Investment Tips from Lending Club Webcasts
If you are interested in investing some of your money in a peer to peer lending company, such as Lending Club or Prosper.com, you really shouldn’t go in without spending a significant amount of time learning about what makes... More of this article »
Prosper.com “Series D” Funding Devalued Shares by 93%
Prosper.com, a company which offers a peer to peer lending marketplace, recently completed its “Series D” funding round which provided the company with $14.7 million in new capital, however the deal was on much less favorable... More of this article »
2010 U.S. Bank Failures Now at 57; Cost to FDIC tops $970 Million
U.S. regulators closed seven Illinois banks on Friday, bringing to 57 the number of U.S. banks that have failed this year, after 140 failures in 2009. The Federal Deposit Insurance Corp. said the total cost to its deposit insurance... More of this article »
Opinion: Goldman Sachs (GS) is Only the Tip of “Quant” Iceberg
I recently read The Quants, a book by Wall St. Journal reporter Scott Patterson. The book talks about the rise, and perhaps fall, of a group of mathematicians and computer scientists turned investment bankers and hedge fund managers. Their... More of this article »
Morgan Stanley (NYSE: MS) To Close 120 Locations To Eliminate Overlapping
Morgan Stanley (NYSE: MS) will likely close 120 U.S. brokerage offices in order to remove overlapping that exists with Smith Barney locations, said President and COO Charles D. Johnston, according to a Bloomberg report. Johnston made... More of this article »
J.P. Morgan Chase (NYSE: JPM) “Far and Away the Best Bidder” for WaMu
According to regulators, J.P. Morgan (JPM) may not have received the sweetheart deal it was reported to have received after submitting its winning bid for Washington Mutual. Pursuant to a Freedom of Information Act request, the Wall... More of this article »
Wells Fargo (NYSE: WFC) Merges Canadian Lending Units, Forms Wells Fargo Capital Finance
Wells Fargo (NYSE: WFC) announced Friday that it has formed a new lending unit, Wells Fargo Capital Finance. The unit is a combination of the bank’s Wachovia Capital Finance Corporation (Canada), Wells Fargo Business Credit Canada... More of this article »
Warren Buffett Has No Problem with Berkshire Hathaway (NYSE:BRK) Stake in Goldman Sachs (NYSE:GS)
According to Berkshire Hathaway (NYSE:BRK) director, Thomas Murphy, cited by Bloomberg News, Warren Buffett has little concern over the large stake Berkshire holds in the giant financial firm, regardless of the current fraud charges... More of this article »