Archive for Alex
Proxy Showdown at Wells Fargo (NYSE: WFC)
Is a proxy fight brewing at Wells Fargo (NYSE: WFC)? It may be too early to tell, but maybe. The San Francisco based banking giant has been forced to vigorously defend its slate of candidates to serve on the board after two proxy advisory services recommended investors vote against certain candidates. The Rockville, MD based […]
Bank of America (NYSE: BAC) Hires Former JPMorgan Chase (NYSE: JPM) Exec Howard
The game of musical chairs on Wall Street continues to go on. Earlier this week JP Morgan Chase (NYSE: JPM) Announced significant hiring plans across the business, and Citigroup (NYSE: C) followed with large expansion plans of their own. But, as banks continue to reshape and prepare for new business opportunities, there are few with […]
JP Morgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), Wells Fargo (NYSE: WFC), and Others Named In EU Probe
Major banks are facing increased scrutiny in the EU, where a competition watchdog is investigating their practices, as well as a financial data firm and a clearing house, in the market for credit default swaps. During the financial crisis, a common criticism arose that there was a lack of transparency. The two probes launched are […]
JPMorgan Chase (NYSE: JPM) Analysts Chime in on Gas Prices
As the summer travel season is nearly upon us, consumers are worried about the prospects of rising gasoline prices. With speculators expecting further volatility in the middle east, many fear gas prices will continue to inch higher and have a severe impact on disposable person income. This uncertainty may be coupled with fundamental issues as […]
AIG (NYSE: AIG) Planning To Sue ICP and Moore Capital, Goldman Sachs (NYSE: GS) Next?
Against all odds, AIG (NYSE: AIG) was able to survive the financial crisis of 2008 (thanks to large cash infusions from the government.) Now though, their attention has to turned from surviving to going after some of the losses with a goal to return some profitability. Recently, AIG sued two money management firms in a […]
Former Wells Fargo (NYSE: WFC) Exec to Lead U.S. Bancorp (NYSE: USB) Ultra High Net Worth Division
The U.S. banking industry has become highly fragmented over the past few years. As many of the large banks change their business models to target new opportunities, most have the same goal: more wealthy customers. The theory goes that banking is still a relationship business, so if a bank is able to attract the personal […]
Bank of America (NYSE: BAC) Plans New Credit Card Fees, Follows JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) Approach
The financial services industry continues to struggle with replacing the revenue lost through the Dodd Frank financial regulatory reform legislation. Since the major banks have to get out of prop trading, and now have limits on overdraft fees, merchant charges, and a myriad of other issues, the banks are scramble to find new ways to […]
JPMorgan Chase (NYSE: JPM) Exec Voices Concern Over Debt Ceiling
Although the government was able to avoid a shut down a few weeks ago, a bigger financial problem may be brewing as well. As noted in various news outlets, the debt ceiling for the U.S. is just above current levels, and is expected to be breached this summer for sure. Financial service companies have recognized […]
California Public Employees Retirement System Disagrees with Plan from Goldman Sachs (NYSE: GS)
CalPERS, the California Public Employees’ Retirement System is concerned by a plan set forth by Goldman Sachs (NYSE: GS). Goldman’s plan is to liquidate Lehman Brothers Holdings Inc., the last remnants of the once storied investment bank that collapsed at the height of the financial crisis in 2006 and has a much different flavor than […]
Citigroup (NYSE: C) To Hire 500 New Employees
In what may turn out to be some of the most promising signs of the economic recovery on Wall Street, Citigroup (NYSE: C) has disclosed plans to hire 500 new employees over the next two years. A bank spokesperson confirmed the rumors earlier today, and this is a welcome sign for the leagues of finance […]
Bank of America (NYSE: BAC)’s Krawcheck Planning Management Changes for Brokerage Business
Salle Krawcheck, President of Bank of America (NYSE: BAC)’s wealth management division continues to search for a head of the firms brokerage business. The 15,500 person operation remains one of the largest in the industry, and the candidate pool is rather sparse. Two people with knowledge of the process state that Andrew Sieg and John […]
JPMorgan Chase (NYSE: JPM) CEO Dimon Speaks Out Against Regulatory Reform
Jamie Dimon, the Chief Executive Officer of JPMorgan Chase (NYSE: JPM) was able to navigate his firm through the financial crisis relatively unscathed, and even picked up a few business opportunities in the process. While Dimon has been revered in Wall Street circles and commended for his vision and strategy at the New York based […]
Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) Meet with State Attorney Generals
The mortgage crisis that began nearly three years ago continues to plague the banking industry, but the firms with the greatest exposure are seeking to expedite and remediate the issue as soon as possible. Today, officials from Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) met […]
Bank of America (NYSE: BAC) Hires Goldman Sachs (NYSE: GS) Exec
A day after Citigroup (NYSE: C) announced key new hires targeting the European market, Bank of America (NYSE: BAC) has made a splash of their own. The Charlotte based bank has hired a Goldman Sachs (NYSE: GS) executive to run its North American rates trading business, according to a company memo obtained by Reuters on […]
Citigroup (NYSE: C) Hires Former UBS (NYSE: UBS) Exec Guerin for Europe Post
Citigroup (NYSE: C) is getting aggressive in the European region, announcing key hires aimed at helping restore inroads that have fractured since the financial crisis. Facing mounting challenges in the US market this may provy to be a savy strategy in the coming years. Recently, the third largest U.S. bank by assets hired former UBS […]
Shareholders Sue Bank of America (NYSE: BAC) Over Mortgage Mess
Bank of America Corp (NYSE: BAC), the nation’s largest bank, has been battered by lawsuits during the past two years and there does not appear to be an end in sight. Yesterday, one more has been added to the mix. A group of shareholders filed suit against the firm over its foreclosure paperwork practice in […]
Bank of America (NYSE: BAC) Seeking To Improve Online Retail Presence
Bank of America (NYSE: BAC) may be the largest U.S. bank when measured by deposits, but is still struggling to meet the demands of customers in the new technology centric economy. The firm is seeking to hire three executives to improve its retail online and mobile-banking services, said two people with direct knowledge of the […]
Citigroup (NYSE: C) Hires Popham For Europe Post
As Citigroup (NYSE: C) continues to rebound from the depths of the financial crisis, the firm has sought to shed assets and rebuild its image. Part of that image transformation involves hiring well connected people to create business opportunities and improve corporate governance that former CEO Chuck Prince was never able to establish. This week, […]
Lloyds Banking Group Plc Taps JPMorgan Chase (NYSE: JPM) and Citigroup (NYSE: C) For Asset Sale
JPMorgan Chase (NYSE: JPM) and Citigroup Inc. (NYSE: C) have been tapped by Lloyds Banking Group Plc to oversee the sale of six hundred branches. Lloyds, Britain’s largest mortgage lender, has been ordered by European Union regulators to dispose of the assets. The U.K. government owns 41 percent of the firm, after paying an average […]
JPMorgan Chase (NYSE: JPM) CEO: Don’t Lump All Banks Together
No one questions Jamie Dimon’s passion. As Chief Executive of JPMorgan Chase (NYSE: JPM), he resides at the top of US finance, able to navigate his firm through the financial crisis relatively unscathed, while picking up strong business opportunities at fire sale prices in the process. Nonetheless, the public vitriol directed at the banking sector […]
Bank Execs from JPMorgan Chase (NYSE: JPM), Barclays (NYSE: BCS), Bank of America (NYSE: BAC), and Others Converge in Davos
Davos, Switzerland was the site of a major meeting today, bringing together the chief executive officers from many of the major banks. The leaders of Bank of America Corp (NYSE: BAC), Barclays Plc (NYSE: BCS), JPMorgan Chase (NYSE: JPM), UBS AG (NYSE: UBS), and Credit Suisse Group AG (NYSE: CS) convened behind closed doors to […]
JPMorgan Chase (NYSE: JPM) Decreases Gannett Investment
The newspaper industry isn’t what is used to be. With the rise of digital news, the industry finds itself losing customers, and investors alike. This week, news came down that JPMorgan Chase & Co. has reduced its stake in Gannett Co., the country’s biggest newspaper publisher and the owner of USA Today. It remains Gannett’s […]
Paulson Scores Big Profit on Citigroup (NYSE: C)
John Paulson, the hedge fund manager famously embroiled in the “Fabulous Fab” trading issue at Goldman Sachs (NYSE: GS) has apparently done quite well since mid-2009, reportedly earning $1 billion on his investment in Citigroup (NYSE: C). According to a note sent to clients this month, Citi was his fund’s most profitable holding in 2010. […]
Bank of America (NYSE: BAC) Exec Supportive of Regulations on Investment Advice
The U.S. brokerage industry continues to lack uniformity in regulations on providing investment advice, and Bank of America (NYSE: BAC) exec Sallie Krawcheck thinks something should be done about that. The Securities and Exchange Commission on Friday proposed extending the fiduciary standard — which forces financial advisers to place their clients’ interests above their own […]
Wells Fargo (NYSE: WFC) Making Progress Re-Branding Wachovia
At the height of the financial crisis, Wells Fargo (NYSE: WFC) was able to build it’s long desired east coast presence through the acquisition of Wachovia. The integration of the Charlotte based bank into the San Francisco based Wells Fargo has gone relatively smoothly so far, though the full re-branding has not yet been completed. […]