Money Center Banks
(BAC) Bank of America Corporation – Bear of the Day
Bank of America Corp.’s (BAC) fourth-quarter earnings came in substantially lower than the Zacks Consensus Estimate. The sale of non-core assets and accounting gains made it possible for the company to remain profitable during the quarter. However, excluding nonrecurring...
26Jan2012 | vitalstocks | 0 comments | Continued(JPM) 2012 U.S. Bank Failures Number Three
After a month’s pause, U.S. regulators were back in action, shuttering three small banks in Georgia, Florida and Pennsylvania last Friday. These 3 represent the first bank failures of 2012 following 92 in 2011, 157 in 2010, 140 in 2009 and 25 in 2008. While the financials of...
24Jan2012 | vitalstocks | 0 comments | Continued(BAC) Stock Market News for January 23, 2012 – Market News
Strong corporate results helped lift the Dow higher to a six month high, while the S&P 500 registered frugal gains. Meanwhile, an earnings miss by Google weighed down the Nasdaq Composite Index. Nonetheless, the markets managed to end another week with gains and each benchmarks...
23Jan2012 | vitalstocks | 0 comments | Continued(BAC) Stock Market News for January 18, 2012 – Market News
The major US indices registered gains to close in the green after a slew of positive economic reports were released at home and in China. A successful debt auction in Europe added to the cheer. However, the gains were limited, as investors’ sentiments were dampened after the...
18Jan2012 | vitalstocks | 0 comments | Continued(BAC) Company News for January 17, 2012 – Corporate Summary
• During a hearing in Franfurt, Presiding Judge Daniel Koehle said JP Morgan Chase & Co. (NYSE:JPM) and the German city of Pforzheim should settle their dispute over losses of 56 million Euros on an interest rate swap. • Bank of America Chairman (NYSE:BAC)...
17Jan2012 | vitalstocks | 0 comments | Continued(JPM) JPMorgan Delivers Unlikely Friday the 13th Report
Stocks will find it difficult to sustain their upward drift of recent days in the face of lackluster results from banking bellwether JP Morgan (JPM) and the absence of anything meaningful on the economic calendar. This morning’s bigger-than-expected November Trade Deficit...
13Jan2012 | vitalstocks | 0 comments | Continued(BAC) Stock Market News for January 4, 2012 – Market News
The first trading day of the year witnessed a positive trend in the US markets, backed by encouraging news from the global arena and positive domestic economic reports. Major indices gained during the trading day helped by an optimistic mood that prevailed among investors. The...
8Jan2012 | vitalstocks | 0 comments | Continued(BAC) Stock Market News for January 3, 2012 – Market News
On the last trading day of the year, US markets witnessed low volumes and muted activity as investors seemed reluctant to make any major moves on Friday. The “Santa rally” continued into the day but barely made any impact on the market. The Dow Jones Industrial average (DJIA)...
3Jan2012 | vitalstocks | 0 comments | Continued(BAC) Fitch Ratings Downgrades Giant Wall Street Banks
Adding to the ongoing economic concerns, Fitch Ratings lowered its viability ratings on eight major global banks on Thursday. Moreover, long-term issuer-default ratings were also downgraded on six major U.S. and European banks. The banks experiencing fall in their viability ratings...
24Dec2011 | vitalstocks | 0 comments | Continued(JPM) GMAC Exits Mortgage Loans
On Friday, GMAC Mortgage, the mortgage origination and servicing operation of Ally Financial Inc., announced that it would stop purchasing mortgage loans from the third party in Massachusetts. However, the company would honor all its contractual obligations made as of December...
21Dec2011 | vitalstocks | 0 comments | Continued(JPM) Banks Face Foreclosure Charge Again
In yet another major setback for the foreclosure settlement, Massachusetts Attorney General (AG) Martha Coakley filed a lawsuit against – JPMorgan Chase & Co. (JPM), Bank of America Corporation (BAC), Citigroup Inc. (C), Wells Fargo & Company (WFC) and Ally Financial...
19Dec2011 | vitalstocks | 0 comments | Continued(BAC) Net Charge-Off Rate Falls
The regulatory filings by major credit card companies have disclosed mixed results in credit card defaults and delinquency rate for November 2011. According to these filings, three of the nation’s top six credit card companies reported a decline in card defaults, while...
17Dec2011 | vitalstocks | 0 comments | Continued(BAC) Stock Market News for December 15, 2011 – Market News
Spooked by European financial concerns and a sharp decline in commodity prices, benchmarks ended in negative territory for the third-straight day. Borrowing costs recorded euro-era highs and domestic economic data was not strong enough to negate lingering concerns. The Dow Jones...
15Dec2011 | vitalstocks | 0 comments | Continued(JPM) Banks Face Foreclosure Charge Again
In yet another major setback for the foreclosure settlement, Massachusetts Attorney General (AG) Martha Coakley filed a lawsuit against – JPMorgan Chase & Co. (JPM), Bank of America Corporation (BAC), Citigroup Inc. (C), Wells Fargo & Company (WFC) and Ally Financial...
15Dec2011 | vitalstocks | 0 comments | Continued(PNC) PNC Financial Services Group Beefs Up Atlanta Portfolio
PNC Financial Services Group Inc. (PNC) is in an expansion mode. Last week, the company completed acquiring the 27-branch retail bank franchise in Georgiafrom Flagstar Bank, a subsidiary of Flagstar Bancorp Inc. (FBC). Flagstar Bank sold the leases associated with the branches...
14Dec2011 | vitalstocks | 0 comments | Continued(WFC) Wells Fargo Clears Bid-Rig Case
Wells Fargo & Co. (WFC) is in the headlines and this time for a penalty. The company has agreed to pay $148 million to settle charges brought by federal and state authorities that its acquired unit – Wachovia Bank N.A. participated in fraudulent activities. Wachovia was...
12Dec2011 | vitalstocks | 0 comments | Continued(BAC) Bank of America Corporation Continues Assets Sale
Bank of America Corporation (BAC) has agreed to sell its Designated Market Maker (DMM) business on New York Stock Exchange (NYSE) to global market maker, Getco LCC. Bank of America’s decision to move away from its market making operations is a part of its strategy to concentrate...
2Dec2011 | vitalstocks | 0 comments | Continued(BAC) Can You Live Without Debt?
Remember the fictional immigrant Balki from the TV show “Perfect Strangers”? He seemed to speak a universal truth when he said, “Am I in debt? I’m a true American.” Well, not anymore. After being battered by the latest recession, Americans are gradually...
30Nov2011 | vitalstocks | 0 comments | Continued(BAC) Standard & Poor’s Downgrades Giant Wall Street Banks
On Tuesday, Standard & Poor’s (S&P) lowered its credit ratings for many U.S. and European banks. Out of 37 banks reviewed by S&P, ratings for 15 were downgraded, ratings remained unchanged for 20 and the remaining 2 were awarded upgraded ratings. The banks whose...
30Nov2011 | vitalstocks | 0 comments | Continued(BK) The Bank of New York Mellon Corporation Expands Overseas
The Bank of New York Mellon Corporation (BK) announced a definitive agreement to acquire Penson Worldwide Inc.’s (PNSN) Australian subsidiary, Penson Financial Services Australia Pty Ltd (PFSA). As a part of the agreement, BNY Mellon will pay AUD$33 million ($33 million). PFSA...
30Nov2011 | vitalstocks | 0 comments | Continued(C) Citigroup-SEC Settlement Revoked
Yesterday, U.S. District Judge Jed Rakoff rejected Citigroup Inc.’s (C) $285 million settlement with the U.S. Securities and Exchange Commission (SEC). The settlement was to compensate investors for misleading them with a housing market related collateralized debt obligation...
30Nov2011 | vitalstocks | 0 comments | Continued(BAC) Is Bank of America Playing a “Shell Game” With Its Derivatives?
by Chris Matthai, Investment U Research Wednesday, November 30, 2011 According to Bloomberg, Bank of America (NYSE: BAC) is currently shifting derivative contracts between its retail deposit bank, Bank of America NA, and its wholly owned brokerage arm, Merrill Lynch. At first...
30Nov2011 | InvestmentU | 0 comments | Continued(WFC) Wells Fargo May Purchase Irish Assets of Bank of Ireland PLC
On Friday, Bloomberg reported that Wells Fargo & Company (WFC) might purchase the London-based Burdale Finance Ltd. unit from Dublin-based Bank of Ireland PLC (IRE). In 2004, Bank of Ireland acquired Burdale from Wachovia Corp. for €71 million. Bank of Ireland was contemplating...
28Nov2011 | vitalstocks | 0 comments | Continued(JPM) FDIC Problem Bank List Shrinks – Earnings Soar
The number of banks on the Federal Deposit Insurance Corporation’s (FDIC) list of problem institutions saw a sharp decline for the second straight quarter to 844 in the July-September period from 865 in the preceding sequential period, federal regulators reported Tuesday. This...
28Nov2011 | vitalstocks | 0 comments | Continued(C) Will U.S. Bank Stress Test Protect Our Money?
It’s time again for America’s biggest banks to flex their financial muscles. Yet another round of stress tests await these banks that need to prove their financial prowess, should another recession befall. Among the targeted banks, six that are susceptible to the European...
28Nov2011 | vitalstocks | 0 comments | Continued(BAC) Bank of America Achieves Financial Solution Advisors Hiring Goal
With the hiring of 280 more employees in Texas (60 hires) and Florida (220 hires), Bank of America Corporation (BAC) reached the goal to more than double the number of Financial Solution Advisors (FSAs) by the end of this year. Now, more than 1,200 people are working as FSAs...
23Nov2011 | vitalstocks | 0 comments | Continued(C) Citigroup Plans Layoff to Cut Costs
Citigroup Inc. (C) is mulling over retrenching 3,000 workers as part of its cost containment measures, the Wall Street Journal reported following communication with people familiar with the plans. Among total layoffs, Citi plans to slash 900 jobs from its securities and banking...
22Nov2011 | vitalstocks | 0 comments | Continued(JPM) JPMorgan Chase & Co Ends Trial Fees
JPMorgan Chase & Co. (JPM) has decided to withdraw its other bank fees related to checking accounts in addition to debit card usage fee. The news should spread cheer among customers as these charges were not part of the company’s regular fee structure. Over the last 10...
22Nov2011 | vitalstocks | 0 comments | Continued(BAC) Credit Card Mixed Net Charges Off & Delinquency in October
Some regulatory filings by major credit card companies have disclosed mixed results in credit card defaults and delinquency rate for October 2011. According to these filings, three of the nation’s top six credit card companies reported a decline in card defaults, while...
22Nov2011 | vitalstocks | 0 comments | Continued(JPM) U.S. Bank Failures in 2011 Reach 90
U.S. regulators continue to shutter banks. Last Friday saw the closing down of one bank in Iowa and another in Louisiana. The twin closure takes the total number of U.S. bank failures to 90 so far in 2011, following 157 in 2010, 140 in 2009 and 25 in 2008. While the financials...
22Nov2011 | vitalstocks | 0 comments | Continued