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First of the “Big Banks” Report – J.P. Morgan Chase (NYSE: JPM) Profit Surges to $3.3 Billion
J.P. Morgan Chase & Co. (JPM) reported a $3.3 billion profit in the fourth quarter of 2009. And while that was 9% less than what it reported from the third quarter, it beat analyst expectations. Analysts noted that the earnings... More of this article »
Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS) Compete Over Release of 4th Quarter Earnings
Fueled by public perceptions of their 2009 earnings, Morgan Stanley (MS) and Goldman Sachs Group Inc. (GS) are carefully timing their respective releases. Goldman, anticipating intense public scorn and scrutiny over its projected bonus... More of this article »
Goldman Sachs (NYSE: GS) Reportedly Will Give Bonus Recipients a Mandatory Floor for Charitable Giving
It’s been a bad year to work at Goldman Sachs. No bank draws the ire of American taxpayers like the Wall Street icon. They received over $12.9 billion when AIG was bailed out by the U.S. government. And with expectations that Goldman... More of this article »
J.P. Morgan Chase (NYSE: JPM), Morgan Stanley (NYSE: MS), Bank of America (NYSE: BAC) and Citigroup (NYSE: C) Expected to Report Declines in 4th Quarter Earnings
Analysts are cautioning that fourth-quarter investment banking earnings suffered a significant “early Christmas” slowdown on the back of falling fixed-income revenues. The warnings come just days before the start of the... More of this article »
Profits from REITs Highlight Positive in Bank of America Corporation’s (NYSE: BAC) Purchase of Merrill Lynch
The latest headlines regarding Bank of America Corporation’s (BAC) purchase of Merrill Lynch & Co. overlook the huge profits that the combined banks have made in real-estate investment banking. The addition of Merrill Lynch,... More of this article »
Shakeup Begins at Bank of America (NYSE: BAC); Curl’s Duties Limited
The Wall Street Journal is reporting that new Chief Executive Officer Brian Moynihan is expected to make his first major restructuring announcement at Bank of America (BAC). Moynihan is expected to announce a new, diminished role for... More of this article »
Citigroup’s (C) GTS Global Footprint Complicates Downsizing Efforts
A little known unit with Citigroup, Inc. (C) is illustrating that the “too-big-to-fail” bank may not be too big when its primary client is the U.S. Government. The Wall St. Journal reports that Citigroup’s Global Transaction... More of this article »
Limit Leverage or Lending? “Too-Big-to-Fail” Banks J.P. Morgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Bank of America (NYSE: BAC) May Face Statutory Leverage Limits as Part of Congressional Bank-Reform Bill
As part of its campaign to rein in “too-big-to-fail” banks such as J.P. Morgan Chase (JPM), Citigroup (C), and Bank of America (BAC), Republicans and Democrats in Congress are debating a provision that would cap borrowing, or leverage,... More of this article »
Defending “Pay For Performance” Bonuses Is First of Many Challenges Facing New Bank of America Corp. (NYSE: BAC) CEO
New Bank of America Corp. (BAC) CEO Brian Moynihan faces an unenviable set of challenges as he seeks to polish a tarnished image and reclaim public trust. Moynihan, who officially took charge on January 1, won’t have to wait long... More of this article »
“Turning an Oil Tanker On a Dime” – Citigroup (NYSE: C) One Year Later
Nearly a year after an unprecedented meltdown in the financial industry, the story of Citigroup (C) continues to be written in, and shape, the financial news. A report on CNNMoney.com shows the financial giant has accomplished a lot... More of this article »
Opinion: Should Citigroup, Inc. (NYSE: C), Capital One (NYSE: COF) Draw Criticism for Bowl Sponsorships
An article in the Houston Chronicle tapped into the populist sentiment against major banking institutions. Among their targets were Citigroup, Inc. (C) and Capital One (COF). At issue is the sponsorship of college football bowl games,... More of this article »
Twice Bitten? Meredith Whitney Lowers Profit Estimates for Goldman Sachs (NYSE: GS) For the Second Time in a Month
Banking analyst Meredith Whitney lowered her profit estimates for investment bank Goldman Sachs (GS) for the second time in less than a month. Shares of Goldman rose $3.06, to $176.14. Although no reason was given, Goldman’s recent... More of this article »
Morgan Stanley (NYSE: MS) tops Goldman Sachs (NYSE: GS) in M&A Activity
Morgan Stanley (MS) has beaten its arch-rival Goldman Sachs (GS) to the top of the mergers and acquisitions league tables Although 2009 will hardly go down as a good year for mergers and acquisitions, Morgan Stanley advised on $585... More of this article »
Morgan Stanley (NYSE: MS) Awarded $800 Million Settlement from Discover Financial Services
Morgan Stanley (MS) won a key legal ruling in its battle with former credit-card subsidiary Discover Financial Services Inc. (DFS) over almost $800 million Morgan Stanley says it is owed. In a ruling on Monday, New York State Supreme... More of this article »
Bank of America (NYSE: BAC) Chief Executive “Concerned” About Glass-Steagall Reinstatement
As part of muted remarks that highlighted his first day as Bank of America Corp’s (BAC) new chief executive, Brian Moynihan said he is “concerned with the view that somehow the integration of capital markets and commercial banking... More of this article »
J.P. Morgan Chase (NYSE: JPM) Continues to Dominate Underwriting Market
J.P. Morgan Chase & Co. (JPM) led the world’s banks in the business of underwriting and selling a company’s stock. In 2009, the bank earned an estimated $2.2 billion in fees in equity capital market (ECM) underwriting, nearly... More of this article »
New report shows Citigroup (NYSE: C) and SunTrust (NYSE: STI) face more belt-tightening in 2010
Flurries of new regulations are adding expenses. Failing loans are cutting into revenue. It’s a recipe for continuing budget cuts for many banks. A report by research firm SNL Financial confirms that cost-cutting is the new normal... More of this article »
FDIC Receives Welcome News – Mulitple Bidders For Troubled Loan Portfolio
The FDIC has received bids from over a dozen investors for a $1.1 billion dollar package of commercial real-estate loans that they acquired from various failed banks. The portfolio consists of mostly nonperforming commercial property... More of this article »
Citigroup, Inc. (NYSE: C) and Wells Fargo & Co. (NYSE: WFC) Complete TARP Repayments
Wells Fargo & Co. (WFC) and Citigroup, Inc. (C) both repaid the government aid they received under the Trouble Asset Resolution Program (TARP). Although expected, it wasn’t a foregone conclusion that Wells Fargo and Citigroup... More of this article »
Wells Fargo (NYSE: WFC) Poised to Benefit From New Home Loan Disclosures
Wells Fargo (WFC) could serve as a litmus test for how banks across the U.S.will deal with the largest changes to home loan disclosures since the 1970s. Even as the housing market shows signs of recovery, banks are having to wrestle... More of this article »
Meredith Whitney Lowers Profit Estimates for Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS)
Banking analyst Meredith Whitney lowered her profit estimates for investment banks Morgan Stanley (MS) and Goldman Sachs (GS). Shares of both banks fell following the announcement. On Thursday, shares of Goldman fell $4.06, to $160.93.... More of this article »
SunTrust Inc. (NYSE: STI) Expands Live Solid Initiative with Budgeting Application for Facebook
SunTrust Banks, Inc. (STI) has launched Daily Dollar on Facebook. It’s the bank’s latest application in support of its Live Solid initiative. Daily Dollar taps into two complementary cultural shifts – a desire to rebalance priorities... More of this article »
Citigroup Inc (NYSE: C) Shares Drop 7% as Treasury Holds On to Shares
In a somewhat surprising move late Wednesday, the Treasury Department backed away from an initial plan to sell some of its shares in Citigroup Inc. (C). Shortly after the announcement, shares in Citigroup, Inc dropped almost 7% to... More of this article »