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Treasury Department Sets Date For Bank Of America (NYSE: BAC) Warrant Sale
The U.S. Treasury will recoup more taxpayer money in the coming days as it has designated a date and time that warrant securities it holds on Bank of America (NYSE: BAC) will be auctioned off, an event that should raise well in excess... More of this article »
AIG (NYSE: AIG) Selling Asian Insurance Unit To Prudential For $35.5 Billion As It Works To Repay TARP
American International Group (NYSE: AIG) announced Monday it is selling AIA Group, Limited to Prudential plc for $35.5 billion in a cash and stock deal. The move is the latest in the insurer’s restructuring plan to raise cash and... More of this article »
Morgan Stanley (NYSE: MS) Chairman Mack Says Wall Street Pay To High, But Likely To Remain
While speaking at question and answer session hosted by retired Bank of America CEO Hugh McColl Jr., Morgan Stanley (NYSE: MS) Chairman John Mack said investment banker pay is still too high, but that it is unlikely to change with... More of this article »
Bank Of America (NYSE: BAC) Warrants May Offer Investors Hearty Return
If returns from past auctions are any hint of what may be made on the Bank of America (NYSE: BAC) warrants being auctioned off in the next month, investors may be lined up at the door. The coming auction will be the largest conducted... More of this article »
Freddie Mac (NYSE: FRE) Q4 Loss Narrows; Gov’t To Delay Reform On Freddie & Fannie Mae (NYSE: FNM)
Treasury Secretary Timothy Geithner said that plans to redesign the way Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) do business have been pushed back until 2011. However, a set of principles and objectives for the two mortgage... More of this article »
Data Treasury Corp. Lawsuit May Cost U.S. Bancorp (NYSE: USB), Bank Of America (NYSE:BAC) And Wells Fargo (NYSE: WFC) Millions
Several big banks are at risk of losing upwards of two hundred million each in a lawsuit filed by Data Treasury Corp. based out of Plano, TX. The suit alleges that JP Morgan Chase (NYSE: JPM) took the company’s check imaging technology... More of this article »
Wells Fargo (NYSE: WFC) Shareholders To Get “Say On Pay”
The board of directors for Well Fargo (NYSE: WFC) announced Tuesday that the bank’s shareholders will have a chance to vote on executive compensation at the annual meeting in April. Shareholders can cast votes on compensation for... More of this article »
Judge Approves Bank Of America (NYSE: BAC), SEC Settlment Over Merrill Lynch Merger
After months of deliberating and a growing dollar figure, Bank of America (NYSE: BAC) received approval from a U.S. District Judge on a $150 million settlement with the Securities and Exchange Commission, ending a drawn out lawsuit... More of this article »
U.S. Bancorp (NYSE: USB) Follows Wells Fargo (NYSE: WFC) Lead On Executive Bonuses
U.S. Bancorp (NYSE: USB) took a cue from Wells Fargo (NYSE: WFC) in the compensation arena, giving its President and CEO Richard Davis a retention bonus in stock that vests over three years. However, a condition that certain performance... More of this article »
Treasury Announces Warrant Auction On Bank Of America (NYSE: BAC), Three Others
The Treasury Department announced Thursday that another four auctions have been authorized for the bank warrants attained as part of bailout agreements with U.S. banks. The largest of the four is Bank of America (NYSE: BAC) after... More of this article »
Hedge Funds Go On Citigroup (NYSE: C) Buying Spree In Q4
More than 100 hedge funds snatched up shares of Citigroup (NYSE: C) during the fourth quarter of 2009, with large well-known names like George Soros, Eric Mindich and John Paulson purchasing nearly a half billion shares in the bank. The... More of this article »
Brokers At Bank Of America (NYSE: BAC), Wells Fargo (NYSE: WFC) And Morgan Stanley (NYSE: MS) Head For Exits In January
More than 2,000 brokers switched firms or went to independent brokerage houses in January, the highest number of movement in six months. Several big banks saw brokers head for the exit, including Morgan Stanley (NYSE: MS), Bank of... More of this article »
Bank Of America (NYSE: BAC) To Pay Wisconsin Borrowers Restitution From 2009 CountryWide Settlement
Bank of America (NYSE: BAC) will pay more than $824,000 in restitution to its Wisconsin customers as part of a 2009 settlement against Countrywide Financial, which the bank acquired in 2008, according to the Wisconsin Department of... More of this article »
Bank Of America (NYSE: BAC) Names New Chief Administration Officer, Alters Title
Bank of America (NYSE: BAC) announced Thursday its replacement for retiring Chief Administration Officer J. Steele Alphin. The bank named Andrea Smith as his replacement, changing the official title of the position to global human... More of this article »
MetLife (NYSE: MET) In Talks To Buy AIG (NYSE: AIG) Alico Unit For $15 Billion
MetLife Inc. (NYSE: MET) is in serious negotiations to purchase the American Life Insurance Co (Alico) from American International Group (NYSE: AIG) for roughly $15 billion in what would be a cash and stock deal, according to recent... More of this article »
Standard & Poor’s cuts Bank of America (NYSE: BAC) and Citigroup (NYSE: C) ratings outlook to negative
Standard & Poor’s announced Tuesday that it lowered the ratings outlook on Bank of America (NYSE: BAC) and Citigroup (NYSE: C) to negative. The ratings agency cited uncertainty over the government’s willingness to supply... More of this article »
Judge To Rule On Bank Of America (NYSE: BAC), SEC Settlement
U.S. District Judge Jed Rakoff said Monday that he will decide by the end of next week whether or not to reject the latest settlement between Bank of America (NYSE: BAC) and the Securities and Exchange Commission in regard to its 2009... More of this article »
MasterCard (NYSE: MA) Earnings Fall Short After Visa (NYSE: V) Profit Tops Views
MasterCard Inc. (NYSE: MA) posted fourth quarter earnings on Thursday that fell short of Wall Street estimates. The news comes just one day after rival Visa Inc. (NYSE: V) announced fiscal first quarter earnings that topped estimates... More of this article »
NY AG Cuomo Files Fraud Charges Against Bank Of America (NYSE: BAC)
The office for New York Attorney General Andrew Cuomo announced today that it has filed fraud charges against Bank of America (NYSE: BAC), former CEO Kenneth Lewis and former CFO Joseph Price for actions that led to the Merrill Lynch... More of this article »
PNC Financial (NYSE: PNC) Reaches Agreement To Repay TARP Funds
Just hours after announcing a sale of its global investment unit to the Bank of NY Mellon (NYSE: BK), PNC Financial (NYSE: PNC) said it reached an agreement with regulators to purchase the $7.6 billion in preferred shares given to... More of this article »
Bank Of New York Mellon (NYSE: BK) To Acquire Global Investment Unit From PNC Financial (NYSE: PNC) For $2.3 Billion
Bank of New York Mellon (NYSE: BK) announced Tuesday that it is in agreement to acquire the global investment servicing unit of PNC Financial (NYSE: PNC) for $2.31 billion. The move will strengthen the banks position in the fund... More of this article »
Citigroup (NYSE: C) Aims To Sell Private Equity Unit, Continue Debt Reduction
In an effort to continue cutting debt, Citigroup Inc (NYSE: C) is aiming to sell of spin-off its Citi Private Equity unit, which manages about $10 billion in funds. Word of the move came from people familiar with the situation, according... More of this article »
JP Morgan (NYSE: JPM) To Open Global Corporate Bank Unit, Challenge Citigroup (NYSE: C) and HSBC
JP Morgan Chase (NYSE: JPM) plans to launch a new unit focused on global business, emphasizing the sale of loans and commercial banking services to international corporations, according to a Financial Times Report. The unit would expand... More of this article »