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Citigroup (NYSE: C) Cuts Earnings Estimates On Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS)
Shares of Wall Street banks Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) held up on Tuesday despite seeing first quarter earnings estimates cut by analysts at Citigroup (NYSE: C). Stocks for both firms finished the session... More of this article »
Shares Of Wells Fargo (NYSE: WFC) Regions Financial (NYSE: RF), Zions Bancorp (NSDQ: ZION) Upgraded Ahead Of Q1 Results
Shares of Wells Fargo (NYSE: WFC), Regions Financial (NYSE: RF) and Zions Bancorp (NSDQ: ZION) all finished higher on Monday as buyers were sparked following an upgrade to all three stocks by analysts at Collins Stewart, according... More of this article »
Wells Fargo (NYSE: WFC) Wins “Most Innovative” Award For Business Advice Library
Wells Fargo (NYSE: WFC) announced Wednesday it has received the Monarch Innovation Award for “Most Innovative Feature.” The bank received the award for its Business Online Advice Library that provides educational resources for... More of this article »
Mortgage Bond Issues Jump In Q1, Bank Of America (NYSE: BAC) Top Underwriter
The Federal Reserve’s buying program for mortgage backed securities is set to officially end today. The conclusion of the program comes at the close of the first quarter of 2010, which has seen the size of mortgage backed bond... More of this article »
Wells Fargo (NYSE: WFC) Converts International Wachovia Locations
Wells Fargo (NYSE: WFC) announced Tuesday that the majority of the international Wachovia locations have begun operating under the Wells Fargo brand. The change impacted more than 30 locations and is the latest step in the bank’s... More of this article »
UAW To Sell Its Ford (NYSE: F) Stock Warrants
The United Auto Workers Union announced it will sell all the stock warrants it owns for Ford Motor Co. in an effort to raise cash for the union’s retiree healthcare trust. The UAW is hoping to raise $1.3 billion from the sale of... More of this article »
Bank Of America (NYSE: BAC) Warrants Net Investors 33 Percent In 3 Weeks
Three weeks ago the U.S. Treasury Department auctioned off the Bank of America (NYSE: BAC) warrants it had received when providing the company with bailout money from TARP. The auctioned raised more than a $1 billion for taxpayers,... More of this article »
Are Loan Modifications By Bank Of America (NYSE: BAC) & Others Really Helping Folks Keep Their Homes?
Loan modifications through the Housing Affordable Modification Program (HAMP) and various individual programs at many big banks have led to the reduction in monthly payments for millions of borrowers who were behind on payments. Bank... More of this article »
Citigroup (NYSE: C) Joins Bank Of America (NYSE: BAC), JP Morgan (NYSE: JPM), Wells Fargo (NYSE: WFC) In Second Loan Relief Program
Citigroup Inc. (NYSE: C) announced Thursday that it is joining the second-lien program, which is part of the government’s Home Affordable Mortgage Program, in an effort to keep more borrowers in their homes. The announcement by Citigroup... More of this article »
JP Morgan Chase (NYSE: JPM) Joins Bank Of America (NYSE: BAC), Wells Fargo (NYSE: WFC) In HAMP Second-Lien Mod Program
JP Morgan Chase (NYSE: JPM) announced Monday it has joined the government’s second-lien relief program, a program that aims to provide relief on borrower’s “piggyback” loans, an option that was unavailable in previous modification... More of this article »
Bank Of America (NYSE: BAC) CEO Moynihan To Visit China In Effort To Expand Business
Brian Moynihan, chief executive officer of Bank of America (NYSE: BAC) is making his first trip to China this coming week in an effort to expand into China, according to a recent Wall Street Journal report. The bank is looking to... More of this article »
Goldman Sachs (NYSE: GS) Cuts Estimates On Bank Of America (NYSE: BAC), JP Morgan (NYSE: JPM) And Morgan Stanley (NYSE: MS)
Analysts at Goldman Sachs (NYSE: GS) cut earnings estimates for the current quarter and full-year on several names in the banking sector, including Bank of America (NYSE: BAC), JP Morgan (NYSE: JPM) and Morgan Stanley (NYSE: MS). ... More of this article »
Trading Volume Ramps Up In Hartford Financial (NYSE: HIG) Ahead Of TARP Repayment, Stock Offering
Trading volume on shares of Hartford Financial (NYSE: HIG) surged on Thursday following the insurer’s pricing of its secondary stock offering. The offering is part of Hartford’s plan to raise capital in order to payback taxpayer... More of this article »
Lending At Citigroup (NYSE: C), Other Bailed Out Banks Falls In January
The Treasury Department reported Monday that new lending dropped 35 percent in January at the nine largest banks that still owe bailout money. However, average loan balances did rise 2 percent compared to December, the highest level... More of this article »
Report: Bank Of America (NYSE: BAC) Aims To Grow Business In China
Bank of America (NYSE: BAC) is looking to expand its business operations in China, according to recent reports. The largest U.S. bank, based on assets, inherited a well established Asian investment banking business from Merrill Lynch... More of this article »
Wells Fargo (NYSE: WFC) Boosts Loan Modifications 41 Percent In February
Wells Fargo (NYSE: WFC) announced Friday that it started 24,975 new mortgage modification trials in February under the government’s Home Affordable Modification Program, up 41 percent from a month prior. The bank now has 139,065... More of this article »
Citigroup (NYSE:C), JP Morgan (NYSE: JPM) Helped Spark Lehman’s Collaspe
In a 2,200 page report, the U.S. Trustee appointed examiner said that JP Morgan Chase (NYSE: JPM) and Citigroup (NYSE: C) helped cause the demise of Lehman Brothers by changing guarantee agreements and requiring more capital from the... More of this article »
Berkshire Hathaway (NYSE: BRK-B) Chairman Warren Buffett Takes $100,000 Salary For 29th Year
In a time when bailed out Wall Street firms are reporting multi-million dollar payouts to executives for 2009, Warren Buffett, the Oracle of Omaha took just $100,000 from Berkshire Hathaway, the company he led to a 60 percent earnings... More of this article »
Visa (NYSE: V) To Hire 350 Workers In Miami Area
Visa Inc. (NYSE: V) announced they will hire 350 workers to staff a new customer service center opening in the Miami-Dade county of Florida. The new employees will provide support to Visa’s financial institution clients, merchants... More of this article »
SEC Charges Stock Loan Trader For Defrauding Morgan Stanley (NYSE: MS) And Bank Of America (NYSE: BAC)
The Securities and Exchange Commission filed charges against a former New York stock loan trader who was employed at Morgan Stanley (NYSE: MS) and Bank of America (NYSE: BAC) for periods of time. The suit claims Salvatore Zangari... More of this article »
Recession Takes Bite Out Of Tax Preparers, H&R Block (NYSE: HRB) Reports Fewer Filings
Last year’s recession and surging unemployment levels impacted many U.S. households and businesses. However, it is just now impacting tax preparers like H&R Block (NYSE: HRB) who have seen filings drop more than 9 percent in... More of this article »
AIG (NYSE: AIG) Readies Another Big Sale, Alico Unit Likely Going To MetLife (MYSE: MET)
American International Group (NYSE: AIG) is apparently not wasting any time raising even more capital following capital last week’s sale of American International Assurance (AIA) to Prudential plc. The firm is expected to announce... More of this article »
American Express (NYSE: AXP) And Capital One (NYSE: COF) Joined The Big Banks Raising Credit Card Rates
American Express (NYSE: AXP) and Capital One Financial Corp. (NYSE: COF) raised rates on two of their most popular cards before February 22, when the Credit Card Accountability, Responsibility and Disclosure (CARD) Act kicked in. American... More of this article »