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Bank Of America (NYSE: BAC) Posts Net Income Of $6.3 Billion For 2009 Despite Fourth Quarter Loss
Bank of America (NYSE: BAC) announced Wednesday that it had total net income of $6.3 billion for the full year 2009, despite posting a fourth quarter loss that included costs from repaying TARP funds. The bank posted a $194... More of this article »
Bank Of America (NYSE: BAC), JP Morgan (NYSE: JPM) And Wells Fargo (NYSE: WFC) Small Business Lending Falls More Than 3 Percent Through Most Of 2009
Bank of America (NYSE: BAC), JP Morgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) all made a pledge in late 2009 to increase small business lending in 2010. However, those initiatives follow a year that saw all three big banks cut lending... More of this article »
Wells Fargo (NYSE: WFC) Mortgage Relief Efforts Help Nearly Half A Million Customers In 2009
Wells Fargo (NYSE: WFC) announced on Friday that through the Home Affordable Modification Program (HAMP) and other modification programs it has provided mortgage relief for nearly a half million customers. The bank stepped up efforts... More of this article »
JP Morgan Chase (NYSE: JPM) Q4 Earnings Surge On Investment Banking Strength, But Loan Losses Remain High
JP Morgan Chase (NYSE: JPM) announced Friday fourth quarter earnings jumped more than 400 percent as profits from its investment banking unit were robust. However, the bank continued to face rising loan losses. For the quarter, JP... More of this article »
Obama Plans Bank Tax On AIG (NYSE: AIG), Bank Of America (NYSE: BAC), Citigroup (NYSE: C) And Other Big Banks To Recoup TARP Losses
President Obama is planning to announce Thursday a bank tax on 50 of the nation’s largest financial institutions in order to recoup losses from the bank bailout. The tax would be applicable to any institution with more than $50... More of this article »
JP Morgan (NYSE: JPM) Launches Accounts Payable Program To Assist Small And Mid-Sized Businesses
JP Morgan Chase (NYSE: JPM) announced this week the launch of its Order-to-Pay Rapid Deployment platform, which is designed to eliminate the complexity of managing accounts payable for small and mid-sized businesses. The platform... More of this article »
Financial Crisis Committee Hearing In Full Swing, Goldman Sachs (NYSE: GS) CEO Blankfein Faces Questions, Bank of America (NYSE: BAC) CEO Moynihan Still On Deck
The Financial Crisis Inquiry Commission began its public hearing Wednesday with executives from the nation’s top banks. The Bipartisan panel has already began questioning Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein and is set... More of this article »
NY Attorney General Cuomo Seeks Bonus Info From Bank Of America (NYSE: BAC), Citigroup (NYSE: C), JP Morgan Chase (NYSE: JPM), And Others
Amidst public displeasure and regulatory scrutiny over bonus payments, several large U.S. banks received a letter from New York Attorney General Andrew Cuomo requesting information on bonus allocations. The letter went to eight of... More of this article »
SEC Files Additional Charges Against Bank of America (NYSE: BAC) In Merrill Lynch Merger
The Securities and Exchange Commission (SEC) announced Monday that it is expanding charges against Bank of America (NYSE: BAC) for the lack of financial disclosures to shareholders when seeking approval of Merrill Lynch merger. The... More of this article »
Auto Trade Publication Ranks Bank of America (NYSE: BAC) Online Auto Financing Customer Service Best
Bank of America (NYSE: BAC) announced last week that its auto eLending website has been rated number one in customer service for online auto financing by a leading trade publication. Auto Finance News ranked Bank of America’s website... More of this article »
Financial Crisis Inquiry Commission Set To Interview Top Execs At Bank of America (NYSE: BAC), JP Morgan (NYSE: JPM)
The Financial Crisis Inquiry Commission is set to hold its first public hearing on January 13, where it will interview several CEO’s from the nation’s largest banks. The hearing is aimed at gaining perspective on items that caused... More of this article »
Americans Continue To Slash Credit While Bank Of America (NYSE: BAC) And Citigroup (NYSE: C) Battle Credit Card Defaults
Though many major banks, such as Bank of America (NYSE: BAC) and Citigroup (NYSE: C) continue to report double-digit credit card default rates, Americans have also continued to cut down total credit levels. The Federal Reserve announced... More of this article »
FDIC Reports One Bank Failure To Start New Year Following The Most Costly Year In History
Following a year of record bank failures, the Federal Deposit Insurance Corporation announced just one bank failure for the first week of 2010. Horizon Bank of Bellingham, WA saw its assets and deposits seized by regulators on Friday... More of this article »
Geithner Led NY Fed Urged AIG (NYSE: AIG) To Stay Mum On Default Swap Payouts With Goldman Sachs (NYSE: GS), Merrill Lynch
According to email messages between American International Group (NYSE: AIG) and the Federal Reserve Bank of New York, the regulator urged the insurance giant to limit public disclosure on payments made to banks, such as Goldman Sachs... More of this article »
Morgan Stanley (NYSE: MS) Wins Antitrust Legal Battle Against Discover (NYSE: DFS), Awarded Nearly $800 Million
Morgan Stanley (NYSE: MS) received a ruling from a New York state Supreme Court Justice on Wednesday awarding the bank nearly $800 million; ordering Discover Financial Services (NYSE: DFS) to pay what was deemed as Morgan’s portion... More of this article »
Will Falling Mortgage Apps and Expiring Tax Credits Cut Into Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) Lending Profits?
The Mortgage Bankers Association (MBA) announced Wednesday that mortgage applications remained near a six-month low last week as rising rates cut into what has been a robust refinancing market. Rates on the 30-year fixed mortgage... More of this article »
Goldman Sachs (NYSE: GS) Q4 Earnings Estimate Cut By Top Banking Analyst Meredith Whitney
Shares of Goldman Sachs had a brief hiccup on Tuesday before heading 1.7 higher for the day. The midday selling was sparked by well known Wall Street banking analyst Meredith Whitney, who lowered her fourth quarter earnings estimates... More of this article »
Citigroup (NYSE: C), Bank of America (NYSE: BAC) And JP Morgan (NYSE: JPM) Likely Benefactors From Expiring Corporate Debt In 2010
The year 2010 will see very large chunks of corporate debt maturing for many U.S. corporations, including several of the nations’ largest banks, such as Citigroup (NYSE: C), Bank of America (NYSE: BAC) and JP Morgan Chase (NYSE:... More of this article »
GMAC May Receive An Additional $3.5 Billion In TARP Funds
GMAC Financial Services is likely to receive an additional $3.5 billion in financial aid from the U.S. government, according to recent reports. The official announcement could be made in the coming days and would add to a taxpayers’... More of this article »
Consumer Confidence Rises Again As Housing, Employment Outlook Continue To Firm
The Conference Board announced Tuesday its Consumer Confidence Index rose again in December as recent gains in home sales and prices, coupled with an improved outlook over labor markets, pushed sentiment higher. The agency’s confidence... More of this article »
Federal Reserve Selects Two Community Bankers For Consumer Advisory Panel As ICBA Continues To Make Footprint
In yet another example of community banks gaining traction over the influence of the U.S. financial system, the Independent Community Bankers of America (ICBA) announced last week that the Federal Reserve selected to more of its members... More of this article »
Federal Reserve Considers Term-Deposits To Help Reign In Excess Bank Reserves
The Federal Reserve announced Monday that it is considering the use of a term-deposit program that would motivate financial institutions to park excess reserves at the central bank. The move is being considered as the Fed ponders... More of this article »
Will U.S. Economy Really Rebound 4 to 5 Percent In 2010 As Many Analysts Expect?
Coming out of the past recession many analysts have become somewhat bold with rebound predictions for 2010, forecasting 4-5 percent GDP growth in the U.S. economy for 2010. Historically, the year following the end of a recession has... More of this article »