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Bank of America (NYSE:BAC) Inks Human Resource Deal with Hewitt Associates and Plateau Systems
Bank of America (NYSE:BAC) has decided to switch human resources providers, and have signed a deal with Hewitt Associates Inc. and Plateau Systems to provide the services starting in 2011. The current contract with fidelity investments... More of this article »
Citigroup (NYSE:C) Hires Paul Phillips from Bank of America (NYSE:BAC)
Looking to shore up its global telecom, media and technology investment banking unit, Citigroup (NYSE:C) hired Paul Phillips away from Bank of America (NYSE:BAC) to become managing director of the division. Phillips was the managing... More of this article »
Is Goldman Sachs (NYSE:GS) Right that Chinese will Increase Value of Renminbi?
The announcement by China that President Hu Jintao will be visiting Washington in a couple of weeks makes one wonder if the idea thrown out by Goldman Sachs (NYSE:GS) that the Chinese were ready to increase the value of the renminbi... More of this article »
Wells Fargo (NYSE:WFC) Says Analysts’ Downward Revision of Earnings Closer to the Mark This Quarter
Wells Fargo (NYSE:WFC) analyst Scott Wren, who is senior equity strategist at Wells Fargo Advisors in St. Louis, said the downward revision of earnings by analysts should result in earnings estimates closer to reality than in the recent... More of this article »
Goldman Sachs (NYSE:GS) Slashes U.S. Payroll Estimate
After Goldman Sachs (NYSE:GS) seeing a report contradicting their original projections of U.S. payrolls adding 275,000 jobs for March, Goldman Sachs revised their numbers down 75,000 to 200,000. Job payrolls plunged in February by... More of this article »
U.S. Bank Ordered to Pay $27 Million in Patent Case – are Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) Next?
U.S. Bank lost a patent-infringement case in federal district court, with the jury ordering them to pay $27 million in damages to DataTreasury Corp., which has patents on the technology used to capture and store images of checks. Bank... More of this article »
Citigroup (NYSE:C) Adding Mexican Securities to World Government Bond Index
The market responded positively to the news Citigroup (NYSE:C) had determined the Mexican local-currency bonds are eligible to be included in the World Government Bond Index, sending the Mexican peso to a 17-month high yesterday. Among... More of this article »
Analysts Cut Earnings Outlook for Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS)
Analysts from different camps seem to be in agreement about Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) concerning earnings in the first quarter, and that is that they aren’t going to be that good for either company. Most... More of this article »
Five Greek Banks Downgraded by Moody’s (NYSE:MCO)
In a reminder of the fragility of the Greek credit crisis, and the sovereign debt challenges they still face, Moody’s (NYSE:MCO) downgraded five Greek banks today, citing the debt challenges will eat into the earnings of the... More of this article »
Treasury Taking a Chance by Selling Citigroup (NYSE:C) Shares Incrementally?
There are a couple of ways to look at the decision by the Treasury Department to sell its stake in Citigroup, with one being somewhat positive and predictable, and the other having a lot of downside possibilities built into it. First... More of this article »
Morgan Stanley (NYSE:MS) Wins Business to Help Treasury Sell Stake in Citigroup (NYSE:C)
The Treasury Department announced they hired Morgan Stanley to help them sell their stake in Citigroup (NYSE:C), which they acquired under the TARP program after the bank received billions in aid from taxpayers. A number of companies... More of this article »
Wells Fargo (NYSE:WFC) Says Boston Scientific (NYSE:BSX) Review Could Take Up to 135 Days
Concerns have risen over the Boston Scientific (NYSE:BSX) review process, and Wells Fargo (NYSE:WFC) analyst Larry Biegelsen said it could take up to 135 days for the process to play itself out. Other analysts watching the situation... More of this article »
Dick Bove Says Buy Citigroup (NYSE:C) Now!
Dick Bove, analyst at Rochdale Securities, continues to push his price target up for Citigroup (NYSE:C), raising it to a huge $8.50 a share, an increase of $1.50 a share from his last targeted price of $7.00 a share. Part of his increasing... 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 »
Goldman Sachs (NYSE:GS) Drops Euro Play After Getting Clobbered
For some reason Goldman Sachs (NYSE:GS) felt the euro would rebound against the U.S. dollar in light of the sovereign debt crisis which continues in Europe. They were wrong, and after getting clobbered on the play, have finally left... More of this article »
Citigroup Joins JPMorgan Chase, Bank of America and Wells Fargo in 2nd-Lien Foreclosure Program
Citigroup (NYSE:C) announced it will join JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) in the Second-Lien Modification Program (2MP) initiated by the government. The program works with borrowers... More of this article »
Wells Fargo (NYSE:WFC) Acquiring Factoring Business from GMAC
Wells Fargo (NYSE:WFC) announced it will acquire the factoring business in North America, a division of GMAC Commercial Finance, which is their global factoring arm. Factoring is the practice of selling receivables for cash to another... More of this article »
J.P. Morgan (NYSE:JPM) Could Receive $1.4 Billion Tax Refund from Stimulus Bill
J.P. Morgan (NYSE:JPM) is trying to get a $1.4 billion tax refund, something a number of companies have quietly doing as part of the stimulus bill. The context of the situation is a company is allowed to apply losses incurred in 2008... More of this article »
Bank of America (NYSE:BAC) Cutting Mortgage Principal for Some Borrowers
Bank of America (NYSE:BAC) announced it will be cutting the principal of homeowners who owe above 120 percent of the value the loan they took out; up to 30 percent of the principal could be cut for borrowers. Contrary to what many... More of this article »
Citigroup (NYSE:C) Named Corporate Broker of Deutsche Telekom
Deutsche Telekom announced on its Web site today that Citigroup (NYSE:C) had been named the corporate broker for the company. A corporate broker is unique to Britain, and deals with a variety of the aspects of investor relations; this... More of this article »
Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM) and Citigroup (NYSE:C) Help America Movil Sell Bonds
Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM) and Citigroup (NYSE:C) managed the offering of bonds offered by America Movil SAB, which is the largest mobile-phone company in Latin America. This is the second global bond issue... More of this article »
European Central Bank Trying to Change Deficit Rules after Goldman Sachs (NYSE:GS) Greek Swaps
After news came out that Goldman Sachs (NYSE:GS) had made swap arrangements with Greece which allowed them to hide how deeply their budget deficit and debt level were, the European Central Bank has responded by seeking to change the... More of this article »