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Visa Q2 Profit Jumps 33 Percent On Transaction Growth
Visa Inc. (NYSE: V) announced Wednesday that fiscal second quarter earnings jumped 33 percent as revenue pushed higher on gains in transaction volumes. The credit card company said it earned $713 million or 96 cents a share in the... More of this article »
General Electric (NYSE: GE) Says Economy, Business Has Stabilized
General Electric’s (NYSE: GE) annual shareholder meeting kicked off Wednesday and the industrial and financial giant said that it believes the broader economy has stabilized and that its business units are improving. The meeting,... More of this article »
Deutsche Bank (NYSE: DB) Q1 Profit Jumps On Investment Banking Strength
Deutsche Bank (NYSE: DB) announced Tuesday that first quarter profit surged nearly 50 percent due to fewer write-downs and strong results from its investment banking unit. The bank said it earned 1.76 billion euros ($2.34 billion)... More of this article »
Bank Of America (NYSE: BAC) Provided $150 Billion In Credit During Q1
Bank of America (NYSE: BAC) announced Tuesday that it extended $150 billion in credit during the first quarter of 2010, the most provided by any U.S. bank. The information was part of the bank’s Lending and Initiative Report, which... 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 »
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 »
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 »
American Express (NYSE: AXP) Q1 Earnings More Than Double On Strong Revenue, Shrinking Credit Costs
American Express (NYSE: AXP) announced Thursday that first quarter earnings more than doubled as revenue and volumes showed robust growth. The credit card company also took a much smaller provision for loan losses at net charge-offs... More of this article »
Dick Bove Raises Wells Fargo (NYSE: WFC) To Neutral, Bumps Price Target
Bank analyst Dick Bove raised his rating on Wells Fargo (NYSE: WFC) from sell to neutral on Thursday. The move comes just a day after the bank reported first quarter earnings that were lower than a year ago. Bove of Rochdale Securities... More of this article »
Fifth Third Bancorp (NSDQ: FITB) Q1 Loss Widens, But Credit Losses Shrink
Fifth Third Bancorp (NSDQ: FITB) announced Thursday that its first quarter loss nearly tripled compared to a year ago as noninterest income declined. However, the regional bank said it saw solid improvement in credit costs as delinquent... More of this article »
Wells Fargo (NYSE: WFC) Q1 Profit Takes Modest Dip As Mortgage Activity Tumbles
Wells Fargo (NYSE: WFC) announced Wednesday that first quarter earnings dipped slightly, down 1 percent, compared to a year ago as mortgage activity slowed and loan losses continued to weigh on results. The bank reported first quarter... More of this article »
Morgan Stanley (NYSE: MS) Swings Q1 Profit As Trading Profits Soar
Morgan Stanley (NYSE: MS) announced Wednesday that it swung back to a profit in the first quarter as net revenues surged more than three-fold. Results were driven by large gains in the bank’s fixed income and trading unit,... More of this article »
Regional Banks Rise As Zions Bancorp (NSDQ: ZION), Bank Of NY Mellon (NYSE: BK) Top Estimates
Regional banks rallied on Tuesday as better than expected quarterly results from several financial institutions sent the group higher. The Bank of New York Mellon (NYSE: BK) reported a 74 percent jump in first quarter profit, while... More of this article »
State Street (NYSE: STT) Q1 Profit Rises On Revenue, Asset Growth
State Street Corporation (NYSE: STT) announced Tuesday that first net income grew 11 percent as revenue and assets under management rose. The financial institution said it earned $496 million or 99 cents a share in the first quarter,... More of this article »
Goldman Sachs (NYSE: GS) Q1 Profit Nearly Doubles On Strong Trading Revenue
Goldman Sachs (NYSE: GS) announced Tuesday that first quarter earnings nearly doubled as profits from its trading unit soared due to robust activity in bonds, currency and commodities. The Wall Street bank said it earned $ 3.3 billion... More of this article »
Citigroup (NYSE: C) To Name Former Chairman Kelly To Head Global Banking Unit Again
Citigroup Inc. (NYSE: C) will likely name Vice Chairman Edward Kelly as chairman of the bank’s global banking unit, according to recent reports. Kelly had led the unit up until late 2009. Kelly, 56, has been extremely active since... More of this article »
Citigroup (NYSE: C) Swings To Q1 Profit, Tops Estimates
Citigroup (NYSE: C) announced Monday that it swung to a profit in the first quarter, earning $4.4 billion or 15 cents a share, compared to a loss of $696 million in the same period a year earlier. The quarterly profit was the bank’s... More of this article »
Bank Of America (NYSE: BAC) Q1 Profit Slips 23 Percent, But Tops Estimates
Bank of America (NYSE: BAC) announced Friday first quarter earings slid 23 percent due to slower mortgage banking business. However, the bank topped Wall Street estimates and said credit losses are slowing. The nation’s largest... More of this article »
Bank Of America (NYSE: BAC) Taps Noski As New CFO
Bank of America (NYSE: BAC) announced Wednesday it has named Charles H. Noski as executive vice president and chief financial officer, effective May 11. Noski, 57, was most recently the CFO and corporate vice president of aerospace... More of this article »
JP Morgan Chase (NYSE: JPM) Posts 57 Percent Jump In Q1 Profit
JP Morgan Chase (NYSE: JPM) announced Wednesday morning first quarter profits jumped 57 percent led by robust revenue growth at its investment banking unit. The bank said it earned $3.3 billion or 74 cents a share in the first quarter,... More of this article »
Bank Of America (NYSE: BAC) Permanently Modified More Than 12,000 Loans Last Month
Bank of America (NYSE: BAC) announced Monday that it has permanently modified 33,000 loans through the Home Affordable Modification Program (HAMP), an increase of 12,200 since its report a month ago. The monthly increase marks the... More of this article »
MasterCard (NYSE: MA) Names COO Ajay Banga As CEO, Succeeds Selander
MasterCard Inc. announced Monday that President and Chief Operating Officer Ajay Banga will succeed Robert W. Selander as chief executive officer on July 1. Selander, 59, will serve as executive vice chairman and on the board of directors... More of this article »
European Gov’t Officials Offer Greece $61 Billion Rescue Package
Saddled with debt and ever increasing borrowing costs, European finance ministers said Sunday they would offer the country up to 45 billion euros ($61 billion) in financial loans at below market interest rates. The move comes after... More of this article »