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Will the Goldman Sachs (NYSE: GS) Settlement Play With the Public?
This much is clear. We haven’t heard the last about Goldman Sachs’ settlement with the SEC. Daily Finance has been all over this story. Their reporting details both the short-term benefits and long-term challenges facing Goldman... More of this article »
Bank of America Corp. (NYSE: BAC) facing $10 billion hit from financial regulation bill
MarketWatch is reporting that Bank of America Corp. (BAC) is preparing to sustain a multibillion-dollar hit from the impending overhaul of U.S. financial regulations. According to the financial giant, debit-card fee rules could trigger... More of this article »
J.P. Morgan Chase (NYSE: JPM), Bank of America Corp. (NYSE: BAC) and Citibank (NYSE: C) are Ready to Report, But Will They Make the Grade?
It’s earnings season, and that means a slew of reports that give a snapshot into the health of corporations, including many of the top banks. Beginning tomorrow with JPMorgan Chase (JPM) and continuing on Friday with Bank of America... More of this article »
BB&T (NYSE: BBT), PNC Financial Services (NYSE: PNC), and U.S. Bancorp (NYSE: USB) Show the Opportunity and Challenge of Acquiring Troubled Banks
Fortune Magazine’s recent Street Sweep column profiled three “super regional” banks: BB&T (BBT), PNC Financial Services Group (PNC) and U.S. Bancorp (USB) who represent hope and challenge for the U.S. banking system. The... More of this article »
J.P. Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) Continue to Hold Top Spots in Derivative Exposure. But What Does it Mean?
According to the Office of the Comptroller of the Currency, J.P. Morgan Chase (JPM) and Bank of America Corp. (BAC) hold $123 trillion of derivative positions. J.P. Morgan Chase holds the top spot with $76.4 trillion, while Bank of... More of this article »
JPMorgan Chase (NYSE: JPM) Offers Interest Rate Breaks to Small Businesses Who Hire
The latest job figures, released today, are another reminder of the importance on hiring for our economy. And the engines of that job growth are small businesses. That’s a useful background for a new program being announced by JPMorgan... More of this article »
U.S. Treasury Sells 1.1 Billion Shares of Citigroup (NYSE:C) Common Stock
In a press release, the U.S. Department of the Treasury announced the sale of approximately 1.1 billion shares of Citigroup (C) common stock pursuant to the completion of its second trading plan with Morgan Stanley (MS) as sales agent. To... More of this article »
Bank of America (NYSE: BAC) Tops The Banker Magazine’s 2010 Rankings
Bank of America topped The Banker magazine’s 2010 ranking of the world’s banks, based on Tier 1 capital. Reuters recently posted the magazine’s rankings which show that Bank of America (BAC) has leap-frogged U.S. rival... More of this article »
Goldman Sachs (NYSE: GS) and Citigroup (NYSE:C) May Have Up to 12 Years to Comply with New Financial Reforms
According to Bloomberg Businessweek, some U.S. banks, including Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C), may have until 2022 to fully comply with a new provision in the pending financial reform legislation. The provision... More of this article »
Could the Dodd-Frank Bill Make Big Banks Bigger? Yes, Says Citigroup Inc. (NYSE: C) Non-Executive Chairman Parsons
In an interview at the Fortune Global Forum in Cape Town, Citigroup Inc’s Non-Executive Chairman Richard Parsons said the Obama administration’s financial regulatory overhaul bill will make the U.S.’s largest banks bigger. An... More of this article »
J.P. Morgan Chase (NYSE: JPM) Stands to be the Biggest Loser in Financial Reform Bill
As reported in the New York Times, JPMorgan Chase (JPM) will see almost every aspect of their business affected by the new reforms in the proposed Dodd-Frank act. The bill, which has moved to the Senate for a final vote, would impose... More of this article »
U.S. District Judge Kevin Castel Assigned to Bank of America Corp. (NYSE: BAC) Cases – Including Merrill Lynch & Co. Takeover
The Wall St. Journal is reporting that U.S. District Judge Kevin Castel will preside over the 15 pending civil shareholder cases involving Bank of America Corp. (BAC). The most prominent of these cases currently before the U.S. district... More of this article »
J.P. Morgan Chase (NYSE: JPM) Taking “Second Look”. But Are Businesses Looking Back?
When a bank in the year 2010, particularly a bank that has been branded as “too big to fail”, runs an ad pledging a commitment to lend $10 billion to small businesses, it doesn’t take long for the fact checkers to try to verify... More of this article »
Ex-Dupont CEO Named Chairman of the Board for Bank of America Corp. (NYSE: BAC)
Bank of America Corp. (BAC) directors chose as chairman former DuPont Co. Chief Executive Charles O. Holliday Jr., elevating a close adviser to the giant bank’s new top boss. The move, which came after the Charlotte, N.C., company’s... More of this article »
The More Things Change? Bank of America Corp. (NYSE: BAC) Shareholders Approve 1 of 6 Proposals
At the Bank of America Corp. (BAC) annual meeting on Wednesday, investors peppered Chief Executive Officer Brian Moynihan with questions and complaints about its lending policies and dividend. Still, when it came to proposals that... More of this article »
J.P. Morgan Chase (NYSE: JPM) Figures to be Biggest Loser With New Derivatives Proposal
A proposal gaining ground on Capitol Hill to force banks to spin off their derivatives-trading operations would represent a severe blow to one of Wall Street’s most profitable businesses. Passage would represent a particular... More of this article »
Decision Near on New Bank of America (NYSE: BAC) Chairman
The Wall St. Journal is reporting that Bank of America Corp. (BAC) directors Frank Bramble and Charles Holliday are the leading contenders to become chairman this week, according to people familiar with the situation. Mr. Bramble,... More of this article »
The Case for Streamlined Banks. Wells Fargo and Co. (NYSE: WFC) Puts up High Average Return on Equity
As Congress mulls over a financial reform bill, it may be the banks themselves that are providing the road map. The argument: it’s not the size that matters. It’s the complexity. Wells Fargo & Co. (WFC) does not have a large... More of this article »
2010 U.S. Bank Failures Now at 57; Cost to FDIC tops $970 Million
U.S. regulators closed seven Illinois banks on Friday, bringing to 57 the number of U.S. banks that have failed this year, after 140 failures in 2009. The Federal Deposit Insurance Corp. said the total cost to its deposit insurance... More of this article »
Opinion: Goldman Sachs (GS) is Only the Tip of “Quant” Iceberg
I recently read The Quants, a book by Wall St. Journal reporter Scott Patterson. The book talks about the rise, and perhaps fall, of a group of mathematicians and computer scientists turned investment bankers and hedge fund managers. Their... More of this article »
J.P. Morgan Chase (NYSE: JPM) “Far and Away the Best Bidder” for WaMu
According to regulators, J.P. Morgan (JPM) may not have received the sweetheart deal it was reported to have received after submitting its winning bid for Washington Mutual. Pursuant to a Freedom of Information Act request, the Wall... More of this article »
Dividends, Outstanding Shares Among Shareholder Concerns Despite Strong Quarter at Citigroup (NYSE: C)
One year after conducting an annual meeting that could charitably be described as “testy”, Citigroup (C) executives were treated to applause and even a few bouquets from shareholders. Citi’s stock has risen 60% in recent months.... More of this article »
Turning the Corner? Wells Fargo & Co. (NYSE: WFC) Posts 1Q Profit; Says Losses From Loans Will Decline
Wells Fargo & Co. (WFC) reported first-quarter net income of $2.5 billion, or 45 cents per share in the first quarter. Analysts had forecast earnings of 42 cents per share, according to Thomson Reuters. The number was down 16%... More of this article »