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Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) Mortgage Portfolios Underscore Ongoing Weakness in Sector
Even though fourth-quarter results were aided by the mortgage businesses of Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC), it was far from telling the overall story as to the continuing weakness in the mortgage sector during... More of this article »
Goldman Sachs (NYSE:GS) Exceeds Quarterly Expectations, Netting Profits of $4.95 billion but Missing Revenue Numbers
The fourth-quarter results of Goldman Sachs (NYSE:GS), while impressive, had more to do with adjusting their compensation structure outperforming by generating new business, as the company enjoyed profits of $4.95 billion, based on... More of this article »
Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM) Plunge in Response to New Proposed Obama Rules
In what seems to be a relentless and increasingly dangerous mentality by Barack Obama concerning the banks of America, he continues to attack them from every angle as he suffocates the ability to generate revenue based on what looks... More of this article »
Were Wells Fargo’s (NYSE:WFC) Fourth-quarter Results as Impressive as They Seemed?
Everybody seems to have made a big deal of the fact Wells Fargo’s (NYSE:WFC) fourth-quarter results far exceeded analysts’ expectations. But I’m not that convinced by them, as they generate some questions that will... More of this article »
Will Morgan Stanley (NYSE:MS) Go With More Risk or Smoother Sailing as They Failed to Meet Earnings Expectations
Morgan Stanley (NYSE:MS) stands in a very interesting place, as they performed relatively well in the economic conditions it operated in in the last quarter, yet their failure to meet expectations could put pressure on their to increase... More of this article »
Warren Buffett Doesn’t Like Obama Bank Tax, Saying it’s “Trying to Punish People”
I was surprised to hear Warren Buffett state in an interview on Bloomberg Television yesterday that he opposed the Obama tax on financial institutions, as he views it as “trying to punish people.” Buffett said in the interview... More of this article »
Bank of America (NYSE:BAC) Earnings Report Confirms We’re Still in Deep Recession
For the first time in over 20 years Bank of America (NYSE:BAC) posted its first annual loss, much of that from the ongoing default crisis from consumers’ inability or unwillingness to pay back their home loans. To a lesser degree... More of this article »
Citigroup (NYSE:C) Gets Crushed in Fourth Quarter with Losses of $7.58 billion
It doesn’t matter how anybody tries to spin the fourth-quarter results for Citigroup (NYSE:C), the $7.58 billion in losses was a disaster for the giant bank, with overall losses for all of 2009 coming in at close to $1.6 billion. Of... More of this article »
Charles Schwab’s (Nasdaq:SCHW) Profits Down 47 Percent in Fourth Quarter
Although it was in line with their own projections, profits for Charles Schwab’s (Nasdaq:SCHW) missed the streets’ estimates, and fell 47 percent to $164 million in the fourth quarter, or 14 cents a share. Last year the... More of this article »
Will Wells Fargo’s (NYSE:WFC) Enjoy Profits in the Fourth Quarter?
There are a couple of factors which will play primary roles in the results reported by Wells Fargo (NYSE:WFC), and that is how the $2 billion of reduced shareholder income will affect their bottom line, and how well the mortgages from... More of this article »
Large Banks Fighting Back Against Obama Tax by Hiring Supreme Court Lawyer
When the top lobbying arm of the banking industry hired one of the leading Supreme Court lawyers to go over the proposal by Obama to tax the largest banks in the country, they are obviously sending a message to the administration,... More of this article »
Goldman Sachs (NYSE:GS) Announcement it Will Delay Employee Bonus Details Generates Speculation of Policy Overhaul
With seemingly all the media focusing their eyes and resources on the quarterly results of the large banks this week, along with the payouts they’re giving their employees, Goldman Sachs (NYSE:GS) announced in the midst of it... More of this article »
Citigroup (NYSE:C) Star Andrew Hall Ready to Battle for $100 Million Compensation Package
Although the current economic circumstances seem to make the $100 million compensation package offered by Citigroup (NYSE:C) to its superstar trader Andrew Hall sound outrageous, he in fact had the contract in place before the crisis... More of this article »
Business as Usual for Bank of America (NYSE:BAC), Citigroup (NYSE:C), J.P. Morgan (NYSE:JPM) and Wells Fargo (NYSE:WFC)
Watching the unfolding compensation situation at banks after the last couple of years, shows that for Bank of America (NYSE:BAC), Citigroup (NYSE:C), J.P. Morgan (NYSE:JPM) and Wells Fargo (NYSE:WFC), the largest banks in America,... More of this article »
Why Citigroup (NYSE:C) Cash Cap at Below $100,000 is Meaningless
The latest move by a big financial institution, in this case Citigroup (NYSE:C), to limit cash bonuses in order to shore up their pubic relations campaigns, are in my estimation largely a waste of time. First of all, I personally really... More of this article »
Major Citigroup (NYSE:C) Shareholder Saudi Prince Alwaleed bin Talal Pressures CEO Vikram Pandit to Perform in 2010
Saying that it was understandable for the last couple of years with the global recession cutting into revenue and profits, Saudi Prince Alwaleed bin Talal told Citigroup (NYSE:C) CEO Vikram Pandit that this year is crucial, and he... More of this article »
J.P. Morgan Chase (NYSE:JPM) Fourth-Quarter Results Show Street Far Too Optimistic for 2010
With J.P Morgan Chase (NYSE:JPM) considered among the top-run banks in the country, and having survived the economic and banking crisis better than most in the industry, the disappointing fourth-quarter results underscores the reality... More of this article »
Will New Morgan Stanley (NYSE:MS) CEO James Gorman Remain Committed to Less Risk Under Increasing Pressure?
One of the key strategies articulated by new Morgan Stanley (NYSE:MS) CEO James Gorman is he’s going to manage risk far closer and better than the company leadership has in the past, and the company won’t be as aggressive... More of this article »
Bank Closures in 2010 Begin in Earnest: Three More Closed, One with No Buyer
Three more banks in the U.S. were closed on Friday, and the FDIC wasn’t able to find a buyer for the largest of them all, forcing them to create what they call a bridge bank, which will exist temporarily for the purpose of customers... More of this article »
Quarterly Reports for Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Morgan Stanley (MS) and Goldman Sachs (GS) Due This Week
Now that the first major bank reported last week on its quarterly results, and the strong profits weren’t enough to convince shareholders there was a turnaround of any sort, we know the upcoming quarterly reports from Bank... More of this article »
Bank of America (NYSE:BAC), J.P. Morgan (NYSE:JPM) and Consumers Could Get Clobbered from Obama Tax
A5s we get deeper into the realization of the folly of the government bailout of banks and financial institutions – some of which were forced – the government is playing its big card now by proposing taxing many of the... More of this article »
Wells Fargo (NYSE:WFC) Cutting Back on Funds Offered, Dropping ‘Evergreen Investments’ Brand
After acquiring Wachovia last year, Wells Fargo (NYSE:WFC) inherited a lineup of funds which had a lot of overlap with the funds they offered, and so they’ve decided to cut back on the number of funds they manage and drop them... More of this article »
Investment Banking Earnings to Plunge at Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) for Fourth Quarter
Even while the newly created banking committee has been searching for answers concerning the credit and banking crisis, and pressure grows to separate retail and investment banking, the investment banking sector has been getting clobbered,... More of this article »