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Wells Fargo (NYSE: WFC) Offers Customers Fraud Prevention Tips For The Holidays
Wells Fargo (NYSE: WFC) produced a press release last week offering its customers safety tips to help avoid being defrauded during the holiday shopping season. The advice is for both online shopping, along with transactions done... More of this article »
Federal Reserve’s Balance Sheet Shrinks $2.4 Billion Last Week
The Federal Reserve released data on Friday that showed a $2.4 billion decrease in its total liabilities for the week prior. However, America’s central bank still has a balance sheet showing liabilities in excess of $2 trillion... More of this article »
Federal Reserve Minutes Detail Gov’t Liquidity Programs, State of Economy
The Federal Reserve released the minutes from its last Federal Open Market Committee meeting held on September 22. Comments leaned toward an improving economy with improving retail sales and stabilizing unemployment. The report listed... More of this article »
Standard & Poor’s Risk Capital Study Finds Citigroup (NYSE: C) And UBS (NYSE: UBS) Lacking
Standard & Poor’s releases a report on Monday that detailed a capital ratio study of the world’s largest banks. The report showed a wide variance in the risk adjusted capital ratio (RAC) and regulatory ratios, such as Tier... More of this article »
Citigroup (NYSE:C) Bumps Base Salary Of Key Execs, Pays Stock Bonus
Citigroup Inc. (NYSE: C) reported Tuesday that it increased the base salary of its Chief Financial Officer and head of trading, according to regulatory filings. Those executives, along with the bank’s vice chairman also received... More of this article »
Credit Card Defaults Fall At Capital One (NYSE: COF), BofA (NYSE: BAC) And JP Morgan (NYSE: JPM), But Delinquencies Rise
Several large financial institutions, such as Capital One (NYSE: COF), Bank of America (NYSE: BAC) and JP Morgan (NYSE: JPM) reported Monday that credit card defaults fell in October. However, a rise in delinquencies was reported... More of this article »
Hedge Fund Billionaire Paulson Takes Citigroup (NYSE: C) Stake, Reduces JP Morgan (NYSE: JPM)
Billionaire investor John Paulson disclosed in a regulatory filing his Paulson & Co. hedge fund took a large stake in Citigroup (NYSE: C), while reducing its holdings in JP Morgan Chase (NYSE: JPM) and Goldman Sachs (NYSES: GS). According... More of this article »
Citigroup (NYSE: C) To Sell Stake In Japanese Call Center
Citigroup Inc. (NYSE: C) announced Sunday it has agreed to sell its majority stake in Japanese call center Bellesystem24. The move is just the latest in assets sales by the bank as it aims to raise capital and shore up its balance... More of this article »
U.S. Trade Deficit Soars 18.2 Percent In September
The Commerce Department announced Friday that the U.S. Trade Deficit hit $36.5 billion in September, the largest amount since this past January. The figure topped the $31.5 billion economists’ were expecting and marks the largest... More of this article »
Bank Of America (NYSE: BAC) CEO Lewis Says Merrill Merger Ahead Of Schedule
Kenneth Lewis, CEO of Bank of America (NYSE: BAC) said today that the Merrill Lynch deal is ahead of schedule, according to several reports. Lewis said the merger has already created $2.2 billion in cost saving through the end of... More of this article »
MBIA Inc. (NYSE: MBI) Posts Q3 Loss Due To Insurance Losses
Bond insurer MBIA (NYSE: MBI) announced Monday after the market close it suffered a third quarter loss of $727.8 million or $3.50 a share as insurance losses on mortgage-backed securities saddled the company yet again. However, the... More of this article »
Fannie Mae (NYSE: FNM) Posts Third-Quarter Loss, Requests $15 Billion In Aid
Fannie Mae (NYSE: FNM) announced Thursday evening it lost $18.9 billion in the third quarter as the number of delinquent loans it holds continues to surge. The loss is larger than a year ago, when the company was in the red by $14.8... More of this article »
MasterCard (NYSE: MA) Posts $452 Million Third-Quarter Profit On Cost Cuts, Revenue Growth
MasterCard Inc. (NYSE: MA) announced Tuesday that it returned to profitability in the third quarter, posting profit of $452.2 million or $3.45 a share. The result compares to a loss of $193.6 million or $1.48 a share in the same... More of this article »
CIT Group (NYSE: CIT) Files For Chapter 11 Bankruptcy Protection
Just two weeks after announcing major debt restructuring plans in an effort to avoid bankruptcy proceedings; CIT Group (NYSE: CIT) announced it has filed for Chapter 11 bankruptcy protection. The lender received overwhelming support... More of this article »
Genworth Financial (NYSE: GNW) Posts Q3 Profit On Shrinking Investment Losses
Genworth Financial Inc. (NYSE: GNW) announced Thursday after the market closed that it earned $45 million or 10 cents a share in the third quarter of 2009. The result compares to a loss of$258 million or 60 cents a share in the same... More of this article »
Visa (NYSE: V) Posts Q4 Profit On Cost Cuts, Increased Debit Card Transactions
Visa Inc. (NYSE: V) announced Tuesday that it swung a $514 million profit for the fiscal fourth quarter after suffering a $356 million loss in the same period a year ago. Profits were pushed by increased debit card transactions and... More of this article »
Commercial Lender Capmark Financial Group Files For Chapter 11 Protection
Capmark Financial Group, a Pennsylvania-based commercial real-estate lender, announced Sunday that it has filed for Chapter 11 bankruptcy protection as it aims to reorganize business under the pressure of mounting debt. The lender... More of this article »
Senator Dodd’s FAIR Act Threatens Banks’ Overdraft Fees
Despite many of the country’s national banks implementing new rules to limit overdraft charges on its customers, U.S. Senator Dodd’s, D-CT, Fairness and Accountability in Receiving Overdraft Coverage Act (FAIR) certainly threatens... More of this article »
American Express (NYSE: AXP) Sees Q3 Profit Slip 22 Percent
American Express (NYSE: AXP) announced Thursday night that third quarter profit dipped 22 percent to $632 million as cardholder spending fell 11 percent overall to $156.6 billion. However, Amex suggested that overall card billings... More of this article »
Pay Czar To Cut Compensation By 50 Percent At Seven Bailed Out Firms
Kenneth Feinberg, the White House appointed compensation watchdog, has requested large compensation cuts that are expected to be formally announced by the Treasury Department in the coming days. The reductions impact executives and... More of this article »
Morgan Stanley (NYSE: MS) Snaps Losing Streak, Posts Q3 Profit
Morgan Stanley (NYSE: MS) broke its string of three losing quarters, announcing Wednesday that it turned a third quarter profit. The New-York based company posted earnings from continuing operations related to Morgan Stanley of $757... More of this article »
Sallie Mae (NYSE: SLM) Swings Third-Quarter Profit On Increased Loan Activity
The SLM Corporation, mainly known as Sallie Mae (NYSE: SLM), announced Tuesday that it swung a third quarter profit of $116 million or 25 cents a share. That compares to a loss of $186 million or 40 cents a share in the same period... More of this article »
Morgan Stanley (NYSE: MS) To Sell Asset Management Business To Invesco (NYSE: IVZ)
Morgan Stanley (NYSE: MS) announced Monday it has agreed to sell its retail management business in a cash and stock deal to Invesco Ltd. (NYSE: IVZ) for $1.5 billion. The move comes as the investment bank looks to refocus on its... More of this article »