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Goldman Sachs (NYSE: GS) Earnings Jump As Trading Profits Soar
Goldman Sachs (NYSE: GS) announced Thursday that fiscal third quarter profits more than tripled to $3.03 billion as strong results from its trading division helped pad the bottom line. Earnings for the third quarter easily topped... More of this article »
Pay Czar Asks AIG (NYSE: AIG) Not Pay Full Retention Bonuses
Executives in the Financial Products Group at American International Group have paid back just over 40 percent of the $45 million in promised bonus repayments. However, now it looks as if the remaining $26 million in expected repayments... More of this article »
Bank of America (NYSE: BAC) To Re-Launch Merrill Lynch Wealth Management
Bank of America (NYSE:BAC) announced last week that it will re-launch the Merrill Lynch Wealth Management brand after research and a survey showed many affluent American are unsure how to invest back in the markets following the economic... More of this article »
ICBA Urges Congress To Focus Consumer Protection On Too-Big-To-Fail Firms
The Independent Community Bankers of America (ICBA) addressed Congress in regard to the proposed Consumer Financial Protection Agency (CFPA), urging them to set the agency’s sights on the unregulated firms that hold systematic risk. The... More of this article »
Labor Union Wants Pay Czar To Cut Bank Of America (NYSE: BAC) CEO Lewis’ Pension
The Service Employees International Union sent a formal letter to the pay czar, Kenneth Feinberg, requesting he stop Bank of America’s retiring CEO Ken Lewis from receiving a pension and severance package worth about $125 million. The... More of this article »
Consumer Credit Drops $12 Billion In August
U.S. households cut the nation’s level of consumer credit for the seventh consecutive month. Consumer credit declined $12 billion in August, according to a Federal Reserve report released Wednesday, that’s more than the $10 billion... More of this article »
Pay Czar Feinberg Expected To Cut Salaries
According to recent reports, President Obama’s Pay Czar Kenneth Feinberg is expected to cut part of the cash many top Wall Street Executives receive as part of their annual salary. The move would only impact executives and top... More of this article »
Bank Of America (NYSE: BAC) To Pay $713 Million TARP Dividend
Bank of America’s (NYSE: BAC) board of directors approved on Friday $713 million worth of preferred dividend payments on stock issued to the U.S. Treasury Department. The Treasury received the preferred shares in exchange for... More of this article »
Bank Of America (NYSE: BAC) CEO Ken Lewis To Retire
Following what has been a tumultuous year since the Merrill Lynch acquisition, Bank of America (NYSE: BAC) President and Chief Executive Ken Lewis announced Wednesday he will step down from his role as the company’s head and retire. ... More of this article »
The Hartford Financial Services Group (NYSE: HIG) Names McGee As New CEO
The Hartford Financial Services Group (NYSE: HIG) announced Tuesday it has named Liam E. McGee as it new Chairman and Chief Executive Officer. McGee, 55, is a former President of the Consumer and Small Business Bank at Bank of America... More of this article »
FDIC Exploring Pre-Pay Fee Option In Order To Replenish Deposit Fund
In another possible move to replenish a severely depleted deposit insurance fund; The Federal Deposit Insurance Corporation is considering asking member banks to pre-pay $36 billion in fees in order to boost the funds reserves, according... More of this article »
Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) Follow Bank of America’s (NYSE: BAC) Lead in Overdraft Fee Changes
Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) have also said they are making substantial changes to their overdraft policies and fee structure, just one day after Bank of America (NYSE: BAC) announced a similar plan. All... More of this article »
Fed Sees Continued Economic Improvement, Leaves Key Rate Unchanged
The Federal Open Market Committee released on Wednesday its latest statement on the condition of the U.S. economy. Continued improvement and stabilization were seen in several key areas, such as financial markets and consumer spending. However,... More of this article »
Bank Of America (NYSE: BAC) To Limit Overdraft Fees, Offer Opt-Out Options
Bank of America (NYSE: BAC) announced that it will cap the fees it charges when customers overdraw accounts and place an annual limit on the number of times a customer can overdraw their accounts on point of sale transactions. The... More of this article »
Bank Of America (NYSE: BAC) Fails To Meet Merrill Disclosure Deadline, SEC Targets Trial
Bank of America (NYSE: BAC) failed to satisfy a deadline on Monday lawmakers had set for the bank to hand over additional information in regard to its Merrill Lynch acquisition. The deadline was set after a federal judge shot down... More of this article »
FHA Capital Reserve Ratio To Drop Below Federal Mandate
The Federal Housing Authority announced last week that its capital reserve ratio would drop below mandatory levels for the first time in its 75-year history. The news comes just weeks after the Obama Administration launched a program... More of this article »
SEC To Increase Oversight Of Credit Rating Agencies
The Securities and Exchange Commission voted unanimously to adopt rules that will increase oversight of credit rating agencies and improve transparency. The rules will require greater disclosure, address conflicts of interest and... More of this article »
Foreign Appetite For U.S. Debt Takes Massive Dip In July
Worries over the impact of ever increasing federal deficits proved to be warranted as the Treasury Department reported Wednesday that foreign demand for long-term U.S. assets tumbled in July compared to June. Net buying of long-term... More of this article »
Federal Reserve To Oversee Subprime Lenders Under New Policy
Under a new policy, the Federal Reserve announced Tuesday that it will begin a consumer compliance supervision program that will perform checks on non-bank subsidiaries of bank holding companies, such as home-equity loan businesses. ... More of this article »
Obama Expected To Push Regulatory Reform On Wall Street Monday
President Barack Obama will speak in New York on Monday, addressing the government’s role in the financial markets and pushing for regulatory reform on Wall Street. Since the near financial collapse last fall financial regulations... More of this article »
Dolphins Owner Ross Looks To Acquire Failed Bank, Receives Approval For SJB National
Federal Regulators have issued a preliminary approval of a shelf charter for SJB National Bank, which is led by Miami Dolphins owner and CEO of Related Cos., Stephen M. Ross. The move paves the way for Ross and his partners to acquire... More of this article »
Money Market Guarantee Program To Expire Next Week
The U.S. Treasury Department announced last week that it will end a program which provided a temporary guarantee for money market funds. The program was installed about a year ago when the nation’s financial crisis was near its... More of this article »
Federal Reserve Reports Record Drop In Consumer Credit
The Federal Reserve reported yesterday that U.S. consumer credit dropped by a record $21.6 billion in July as Americans continue to pay down debt and delay big purchases that may have previously been financed. The July decline is... More of this article »