Foreign Money Center Banks

(BCS) Golden Smackdown for Big Banks

A rogue gang of fat ladies is parked in the lobbies of the big five gold-dealing banks, and they’re clearing their throats and tuning up.

Here’s why: On Friday, researchers announced the London gold fix – the benchmark used since 1919 to set gold’s market price – may have been manipulated...

18Mar2014 | | Comments Off on (BCS) Golden Smackdown for Big Banks | Continued

(DB) Deutsche Bank AG Issues $1.5 Billion in Notes

Recently, Frankfurt-based Deutsche Bank AG (DB) issued $1.5 billion of subordinated notes that qualify under Tier 2 capital. The notes have a maturity date of May 24, 2028. The issuance of notes is part of the German lender’s newly...

8Sep2013 | | Comments Off on (DB) Deutsche Bank AG Issues $1.5 Billion in Notes | Continued

(MTU) Mitsubishi UFJ Financial Group Earnings Disappoint

Mitsubishi UFJ Financial Group Inc. (MTU) reported net income of ¥852.6 billion ($10.3 billion) for the fiscal year ended Mar 31, 2013, down from net income of ¥981.3 billion ($12.5 billion) in the year-ago period.

Results...

7Jul2013 | | Comments Off on (MTU) Mitsubishi UFJ Financial Group Earnings Disappoint | Continued

(HBC) HSBC Holdings to Eliminate 14,000 Jobs

In an effort to improve overall efficiency, HSBC Holdings plc (HBC) announced a second round of cost saving initiatives. The new cost saving program will start from 2014 and run for 3 years.

HSBC plans to slash $3 billion in...

14Jun2013 | | Comments Off on (HBC) HSBC Holdings to Eliminate 14,000 Jobs | Continued

(MTU) Mitsubishi UFJ Financial Group Continues Expansion

San Francisco-based Union Bank, N.A., the primary subsidiary of UnionBanCal Corporation, announced a deal to acquire deposits and certain assets of Vallejo, Calif.-based First Bank Association Bank Services – a unit of First Bank. UnionBanCal Corp. is a fully owned subsidiary of Mitsubishi...

23May2013 | | Comments Off on (MTU) Mitsubishi UFJ Financial Group Continues Expansion | Continued

(MTU) Mitsubishi UFJ Financial Group Seeks to Acquire Morgan Stanley Trust Business

In order to expand its operations, Japan-based Mitsubishi UFJ Financial Group, Inc.’s (MTU) U.S.-based subsidiary – UnionBanCal Corporation – is seeking to acquire the rights to sell trust-banking services to Morgan Stanley’s...

16May2013 | | Comments Off on (MTU) Mitsubishi UFJ Financial Group Seeks to Acquire Morgan Stanley Trust Business | Continued

(UBS) Foreign Banks Stock Outlook – February 2013 – Zacks Analyst Interviews

In order to plan the path to future growth, banks all over the world are seeking new strategies to lessen the regulatory burden. Almost every bank has its focus on capital efficiency. And most of the foreign banks are adopting reconstruction-by-asset-sale strategies to strengthen their capital ratios.

Self-protective...

28Feb2013 | | Comments Off on (UBS) Foreign Banks Stock Outlook – February 2013 – Zacks Analyst Interviews | Continued

(HBC) HSBC Holdings’ China Deal in Trouble

HSBC Holdings plc’s (HBC) divestiture of its entire stake (15.6%) in Chinese insurance giant Ping An Insurance (Group) Company of China, Ltd to Thailand-based Charoen Pokphand Group has come to an unexpected halt after China Development...

15Jan2013 | | Comments Off on (HBC) HSBC Holdings’ China Deal in Trouble | Continued

(RBS) The Royal Bank of Scotland Group Wins Lawsuit Dismissal

A lawsuit filed by South Korea-based Woori Bank against The Royal Bank of Scotland Group plc (RBS) was dismissed by a U.S. District judge in Manhattan. The lawsuit was related to Royal Bank’s sale of collateralized debt obligations...

1Jan2013 | | Comments Off on (RBS) The Royal Bank of Scotland Group Wins Lawsuit Dismissal | Continued

(UBS) UBS AG Settles LIBOR Scam with $1.5 Billion

UBS AG (UBS) has finally conceded to paying a penalty of CHF 1.4 billion ($1.5 billion) to the U.S., U.K. and Swiss authorities to resolve charges against the bank for its involvement

28Dec2012 | | Comments Off on (UBS) UBS AG Settles LIBOR Scam with $1.5 Billion | Continued

(UBS) UBS AG to Resolve LIBOR Scam with $1 Billion?

UBS AG (UBS) is said to be nearing a deal to pay a penalty of over $1 billion over its alleged involvement in the manipulation of the London Interbank Offered Rate (LIBOR), according to a Wall Street Journal report. The announcement...

19Dec2012 | | Comments Off on (UBS) UBS AG to Resolve LIBOR Scam with $1 Billion? | Continued

(BCS) Barclays to Exit Crop Trading Biz?

Barclays Plc. (BCS) is contemplating a retreat from trading in agriculture commodities, according to a Reuters report. The move comes as the company gears up for a strategic revamp of its overall business...

4Dec2012 | | Comments Off on (BCS) Barclays to Exit Crop Trading Biz? | Continued

(UBS) UBS AG Contemplates 10,000 Layoffs

UBS AG (UBS) is likely to make 10,000 job cuts, according to a report in the Financial Times. The layoffs are part of the company’s efforts to reorganize its business and split its investment bank. The details are expected...

28Nov2012 | | Comments Off on (UBS) UBS AG Contemplates 10,000 Layoffs | Continued

(DB) Deutsche Bank Posts Profit and Revenues Up

Aided by improved performance at its investment bank unit, Deutsche Bank AG’s (DB) net income attributable to its shareholders came in at €747 million ($935 million) in third quarter 2012, up 3% from €725 million in the prior-year...

27Nov2012 | | Comments Off on (DB) Deutsche Bank Posts Profit and Revenues Up | Continued

(BCS) Foreign Banks Stock Outlook – November 2012 – Zacks Analyst Interviews

Just as banks worldwide are focusing more on capital efficiency, most foreign banks have been adopting reconstruction-by-asset-sale strategies to strengthen their capital ratios and lower leverage. Self-protective efforts have been significantly helping these banks to stay afloat, but at the cost...

3Nov2012 | | Comments Off on (BCS) Foreign Banks Stock Outlook – November 2012 – Zacks Analyst Interviews | Continued

(HBC) Fitch Affirms Ratings of 12 Global Trading and Universal Banks

Providing great relief to the financial sector, Fitch Ratings has reiterated the long and short term Issuer Default Rating (IDR) of 12 Global Trading and Universal Bank (GTUB) peer group (formed last October and includes 13 major securities trading and universal banks). Only the review of HSBC...

18Oct2012 | | Comments Off on (HBC) Fitch Affirms Ratings of 12 Global Trading and Universal Banks | Continued

(HBC) New Quarter to Start on a Positive

The market may start the first trading session of the final quarter of the year on a positive note today. But sustaining the favorable open would depend on how the manufacturing ISM survey for September pans out.

This key gauge of the nation’s manufacturing sector has been in contraction...

9Oct2012 | | Comments Off on (HBC) New Quarter to Start on a Positive | Continued

(RBS) Royal Bank of Scotland Group Prices Direct Line Offering

In an effort to attract investors, The Royal Bank of Scotland Group plc (RBS) has priced the initial public offering (IPO) of its insurance wing – Direct Line Group – at a discount. The shares are priced in the range of £1.60...

9Oct2012 | | Comments Off on (RBS) Royal Bank of Scotland Group Prices Direct Line Offering | Continued

(DB) Fresh Claims Against Deutsche Bank

Troubles emanating from mortgage backed securities are far from over for Deutsche Bank AG (DB). A trustee for mortgage-bond investors has charged one of the units of Deutsche Bank for over $183 million in faulty loans underlying the...

9Oct2012 | | Comments Off on (DB) Fresh Claims Against Deutsche Bank | Continued

(CS) Credit Suisse Group Sued Over Mortgage Backed Securities Sale

Credit Suisse Group (CS) seems to be in sticky waters with litigation issues arising from the sale of mortgage backed securities (MBS). The U.S. regulator for credit unions has sued its unit, Credit Suisse Securities (USA), for misrepresentation...

5Oct2012 | | Comments Off on (CS) Credit Suisse Group Sued Over Mortgage Backed Securities Sale | Continued

(UBS) UBS AG Sued Over Sale of Risky MBS

UBS AG (UBS) seems to be in sticky waters yet again with litigation issues arising from the sale of mortgage backed securities (MBS). This time, the U.S. regulator for credit unions has sued UBS for misrepresentation of documents while...

8Sep2012 | | Comments Off on (UBS) UBS AG Sued Over Sale of Risky MBS | Continued

(DB) Deutsche Bank AG Confronts FHFA Ire

Deutsche Bank AG (DB) is facing the wrath of the Federal Housing Finance Agency (FHFA). Its unit, named DB Structured Products Inc., has been sued by FHFA over mortgage backed securities, according to a Bloomberg report.

In a...

8Sep2012 | | Comments Off on (DB) Deutsche Bank AG Confronts FHFA Ire | Continued

(RBS) The Royal Bank of Scotland Group Probed Over Iranian Dealings

The Royal Bank of Scotland Group plc (RBS) is the latest bank to be investigated by U.S. regulators over possible violations of restrictions imposed on Iran. The Federal Reserve and Department of Justice are the agencies involved.

According...

30Aug2012 | | Comments Off on (RBS) The Royal Bank of Scotland Group Probed Over Iranian Dealings | Continued

(HBC) Standard & Poor’s Ratings Services Lowers HSBC’s Rating Outlook

On Thursday, Standard & Poor’s Ratings Services (S&P) downgraded its outlook on HSBC Holdings plc (HBC) and its other rated holding companies to ‘Negative’ from ‘Stable’.

The downward revision was propelled...

26Aug2012 | | Comments Off on (HBC) Standard & Poor’s Ratings Services Lowers HSBC’s Rating Outlook | Continued

(BCS) Barclays Sued for Selling Risky MBS

German-based Bayerische Landesbank (BayernLB) has sued Barclays PLC (BCS) over the losses that it incurred from investments in risky mortgage backed securities (MBS). BayernLB alleged that Barclays made false representations while...

21Aug2012 | | Comments Off on (BCS) Barclays Sued for Selling Risky MBS | Continued

(MTU) Mitsubishi UFJ Financial – ADS – Bull of the Day

We are upgrading our recommendation on Mitsubishi UFJ Financial – ADS (MTU) to Outperform based on the company’s impressive earnings results for the fiscal year ended March 31, 2012. The company’s net income increased...

16Jul2012 | | Comments Off on (MTU) Mitsubishi UFJ Financial – ADS – Bull of the Day | Continued

(BCS) Foreign Banks Stock Outlook – July 2012 – Industry Outlook

Foreign banks have been adopting reconstruction-by-asset-sale as the means to reduce leverage and stay afloat. However, the industry remains thwarted by non-stop challenges that are keeping its performance under pressure.

The latest deterrents, nagging macroeconomic issues — the European...

11Jul2012 | | Comments Off on (BCS) Foreign Banks Stock Outlook – July 2012 – Industry Outlook | Continued

(CS) Moody’s Investor Services Downgrades Major Banks

Moody’s Investor Services has finally announced the much-anticipated credit ratings revisions for major global banks, dealing a blow to the already stressed financial industry. This comes in the wake of weak global markets and the seemingly endless Eurozone crisis.

Of the 17 major international...

24Jun2012 | | Comments Off on (CS) Moody’s Investor Services Downgrades Major Banks | Continued

(ITUB) Itau Unibanco S.A. – ADS – Bear of the Day

We are downgrading our recommendation on Itau Unibanco S.A. – ADS (ITUB) to Underperform from Neutral based on the deterioration in its credit quality. The company’s first quarter 2012 adjusted earnings were down 5.4%...

7Jun2012 | | Comments Off on (ITUB) Itau Unibanco S.A. – ADS – Bear of the Day | Continued

(LYG) Lloyds Banking Group plc to Sell Troubled Loans

On Friday, Reuters reported that a unit of UK-based Lloyds Banking Group plc (LYG) plans to sell a portfolio of troubled property loans in Australia to the private equity property funds managed by The Blackstone Group...

4Jun2012 | | Comments Off on (LYG) Lloyds Banking Group plc to Sell Troubled Loans | Continued