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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 »
Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC), Lower Political Spending in 2009
Contributions from the majority of large U.S. financial institutions were reduced significantly in 2009, as giving to political action committees dropped 41 percent from $3.4 million given in 2007, according to the Federal Election... More of this article »
Regulators Close Another 6 Banks to Bring Total to 15 Already Closed in 2010
In what is running close to most projections, another six banks were closed on Friday by regulators, making it 15 bank closures for the year, running at a pace close to the expected 200 projected to be closed in 2010. States having... More of this article »
Bank of America (NYSE:BAC), J.P. Morgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) Hit Hard by Forced Repurchases of Loans Guaranteed by Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE:FRE)
In a move made to look like they’re looking out for taxpayers, Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE:FRE) have finally started doing the job they should have been doing in the first place: checking out the mortgages from... More of this article »
J.P. Morgan (NYSE: JPM) Installs Steve Black as Vice Chairman of Company
After successfully helping the transition of his successor Jes Staley while he moved into the role of executive chairman of the investment bank, J.P. Morgan Chase (NYSE:JPM) announced it has now named Steve Black as vice chairman of... More of this article »
Standard & Poor’s Says UK Banking System Sucks
Standard & Poor’s released a report named ‘Banking Industry Country Risk Assessment: United Kingdom,’ where they stated “We no longer classify the United Kingdom among the most stable and low-risk banking... More of this article »
Bank of America (NYSE:BAC) Decides to Keep Merrill Lynch Asia Property Funds Business
Bank of America (NYSE:BAC) has changed its mind concerning getting out of the Asia property funds business it inherited when it acquired Merrill Lynch, saying it will now help raise capital for the unit as the Asian real estate sector... More of this article »
Wells Fargo (NYSE:WFC) Expands ExpressSend Across Latin America
Latin America is a place where numerous American immigrants from the region send back money to help their families as the better themselves in the country. To that end, Wells Fargo (NYSE:WFC) has expanded its ExpressSend service to... More of this article »
Citigroup (NYSE:C) Bankers Bonuses More Liquid Than Thought – Can Sell Common Stock in April
It seems from a recent news report that Citigroup (NYSE:C) has found a way to make their bonuses to their bankers more liquid than anybody thought when compensation was announced, as an unnamed source familiar with the situation stated... More of this article »
Morgan Stanley (NYSE:MS): Bank of America (NYSE:BAC) May Be Hit Harder than Thought from Obama Trading Ban
The original report from Citibank (NYSE:C) in response to a proposal to limit proprietary trading from Obama was that Bank of America (NYSE:BAC) would lose about 1 to 2 percent of earnings from the event. Morgan Stanley (NYSE:MS) has... More of this article »
Bank of America (NYSE:BAC) First to Officially Sign On To Home Affordable Second-Lien Modification Program
Bank of America (NYSE:BAC), which is the largest mortgage servicer in the United States, has become the first such company to sign on to the Home Affordable Second-Lien Modification Program (HAMP). This is a formalization of what Bank... More of this article »
J.P. Morgan (NYSE:JPM) Looking to RBS Sempra to Become Major Commodity, Derivatives Player
While the attempt by J.P. Morgan (NYSE:JPM) to acquire RBS Sempra in order to move itself up the ladder as one of the premiere commodity and/or derivative players in the world looks good on paper, in truth the timing is poor in light... More of this article »
Class Action Lawsuit Filed Against Bank of America (NYSE: BAC) Over Securities
Claiming some major facts were omitted from the Registration Statement and Prospectuses for several securities issued by Bank of America (NYSE: BAC) in 2008, a class action lawsuit has been initiated for those that acquired those securities... More of this article »
Bank of America (NYSE:BAC) Launches New “help2retire” Ad Campaign Targeting Retirement Market
With the retirement market set to explode as baby boomers increasingly leave the job market, it offers great opportunities for banks and financial institutions to tap into the most lucrative demographic in history. To that end Bank... More of this article »
Goldman Sachs (NYSE:GS) May Sell Off US Banking Business as Obama Continues War on Wall Street
Rumor has it that Goldman Sachs (NYSE:GS) may be thinking of taking steps to sell or spin off it banking business in the United States as Obama continues to cater to populist feelings and ravage the banking industry, as little else... More of this article »
Goldman Sachs (NYSE:GS) Cuts Key London Workers’ Pay Down to £1 Million
In what could be a risky move, Goldman Sachs (NYSE:GS) has decided to cap the combination of salary and bonus for its key employees in London down to £1 Million. The details of the change in compensation hasn’t been revealed... More of this article »
Bank of America (NYSE:BAC) Spent $3.6 Million Lobbying Congress Last Year – Most in Fourth Quarter
Although Bank of America (NYSE:BAC) spent $3.6 million on lobbying Congress last year, it was far less than the $4.1 million they spent in 2008. Still, they increased spending significantly in the fourth quarter as major issues which... More of this article »
Bank of America Corp. (NYSE:BAC) Morgan Stanley (NYSE:MS) and Wells Fargo (NYSE:WFC) Brokers Getting Payroll Makeovers after Their Parent Companies were Acquired by Them
As a consequence of being acquired, brokers from Wachovia, Smith Barney and Merrill Lynch have been introduced to new payroll systems, and not all of them are feeling good about the changes, especially those at Wachovia, who have been... More of this article »
Morgan Stanley (NYSE:MS) CEO James Gorman Takes No Cash Bonus in 2009
With the current negative environment and ongoing recession, Morgan Stanley (NYSE:MS) CEO James Gorman understood the negative media coverage he and the company would receive if he received a significant cash bonus for 2009, and so... More of this article »
Morgan Stanley (NYSE:MS) Realigning Private Wealth Management Unit
With revenue from their joint venture with Smith Barney enjoying solid growth in the fourth quarter, Morgan Stanley (NYSE:MS) has decided to realign their Private Wealth Management division in hopes of generating even more revenue... More of this article »
Shareholders File Lawsuit Against Wells Fargo (NYSE:WFC) Over SILO Tax Shelters
Executives at Wells Fargo (NYSE:WFC) had a shareholder lawsuit filed against them in reference to “SILO” tax shelters. It wasn’t clear at the time of this writing who these shareholders were, but they were represented... More of this article »
JP Morgan Chase & Co. (NYSE: JPM) and Bank of America (NYSE: BAC) Plummet on Obama Bank Interference
Shares for JP Morgan Chase & Co. (NYSE: JPM) and Bank of America (NYSE: BAC) plunged on Friday on the news of more interference in the financial industry from the Obama administration, with Bank of America falling 57 cent to $14.90,... More of this article »