Stock Blog Hub » Money Center Banks

(BAC) Class-Action Suit Against Bank of America

vitalstocks — Wed, 08 Feb 2012 18:06:25 +0000

Yesterday, the federal judge in Manhattan ordered Bank of America Corporation (BAC) to deal with a shareholders’ class-action lawsuit. The lawsuit accused BofA along with some of its senior managers and directors of misleading investors about the takeover of Merrill Lynch & Co. as well as the amount of Merrill’s losses and bonus payouts in [...]

(BAC) Class-Action Suit Against Bank of America

(JPM) JPMorgan Chase and HSBC Holdings Dragged to Court

vitalstocks — Fri, 03 Feb 2012 18:08:04 +0000

On Tuesday, DZ Bank AG (DZBK), Germany’s largest co-operative lender, filed a lawsuit against JPMorgan Chase & Co. (JPM) and HSBC Holdings Plc (HBC) for breaching representations and warranties. The complaint lodged claims that both companies have misrepresented documents related to the sale of over $85 million and $122 million, respectively, in residential mortgage-backed securities. [...]

(JPM) JPMorgan Chase and HSBC Holdings Dragged to Court

(BAC) Bank of America Corporation – Bear of the Day

vitalstocks — Thu, 26 Jan 2012 16:03:47 +0000

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 items, the company would have incurred a loss. Higher non-interest expense was the primary headwind in [...]

(BAC) Bank of America Corporation – Bear of the Day

(JPM) 2012 U.S. Bank Failures Number Three

vitalstocks — Tue, 24 Jan 2012 17:19:26 +0000

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 a few large banks have been stabilizing [...]

(JPM) 2012 U.S. Bank Failures Number Three

(BAC) Stock Market News for January 23, 2012 – Market News

vitalstocks — Mon, 23 Jan 2012 17:38:44 +0000

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 moved up by over 2%. The Dow Jones Industrial Average [...]

(BAC) Stock Market News for January 23, 2012 – Market News

(BAC) Stock Market News for January 18, 2012 – Market News

vitalstocks — Wed, 18 Jan 2012 20:42:10 +0000

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 banking sector incurred losses following disappointing earnings figures [...]

(BAC) Stock Market News for January 18, 2012 – Market News

(BAC) Company News for January 17, 2012 – Corporate Summary

vitalstocks — Tue, 17 Jan 2012 18:22:45 +0000

• 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) Chad Holliday expressed his continued support for CEO Brian Moynihan at [...]

(BAC) Company News for January 17, 2012 – Corporate Summary

(JPM) JPMorgan Delivers Unlikely Friday the 13th Report

vitalstocks — Fri, 13 Jan 2012 21:08:44 +0000

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 number, though not a market-moving release, adds to the negative headlines. An outsized gain in the [...]

(JPM) JPMorgan Delivers Unlikely Friday the 13th Report

(BAC) Stock Market News for January 4, 2012 – Market News

vitalstocks — Mon, 09 Jan 2012 04:48:03 +0000

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 Dow Jones Industrial average (DJIA) surged 1.5% to close at [...]

(BAC) Stock Market News for January 4, 2012 – Market News

(BAC) Stock Market News for January 3, 2012 – Market News

vitalstocks — Tue, 03 Jan 2012 19:06:04 +0000

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) lost 0.57% to close at 12,217.56. The [...]

(BAC) Stock Market News for January 3, 2012 – Market News

(BAC) Fitch Ratings Downgrades Giant Wall Street Banks

vitalstocks — Sat, 24 Dec 2011 15:17:28 +0000

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 includes Wall Street giants – Bank of America Corporation (BAC), The Goldman Sachs Group [...]

(BAC) Fitch Ratings Downgrades Giant Wall Street Banks

(JPM) GMAC Exits Mortgage Loans

vitalstocks — Wed, 21 Dec 2011 17:42:27 +0000

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 5 as well as continue providing services to its existing customers. Additionally, GMAC will [...]

(JPM) GMAC Exits Mortgage Loans

(JPM) Banks Face Foreclosure Charge Again

vitalstocks — Mon, 19 Dec 2011 19:51:55 +0000

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 Inc. – for alleged violation of foreclosure practices. Further, Mortgage Electronic Registration System Inc. [...]

(JPM) Banks Face Foreclosure Charge Again

(BAC) Net Charge-Off Rate Falls

vitalstocks — Sat, 17 Dec 2011 18:30:30 +0000

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 two of them recorded lower delinquency rates. In comparison with the prior month,Bank [...]

(BAC) Net Charge-Off Rate Falls

(BAC) Stock Market News for December 15, 2011 – Market News

vitalstocks — Thu, 15 Dec 2011 18:05:42 +0000

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 Industrial Average (DJIA) plunged 1.1% to settle the day at 11823.48. The Standard & [...]

(BAC) Stock Market News for December 15, 2011 – Market News

(JPM) Banks Face Foreclosure Charge Again

vitalstocks — Thu, 15 Dec 2011 17:56:52 +0000

(JPM) Banks Face Foreclosure Charge Again

(PNC) PNC Financial Services Group Beefs Up Atlanta Portfolio

vitalstocks — Wed, 14 Dec 2011 19:51:30 +0000

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 and the associated businesses and retail deposits worth approximately $210 million at the [...]

(PNC) PNC Financial Services Group Beefs Up Atlanta Portfolio

(WFC) Wells Fargo Clears Bid-Rig Case

vitalstocks — Mon, 12 Dec 2011 13:56:25 +0000

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 allegedly involved in bid-rigging for winning business from municipalities. [...]

(WFC) Wells Fargo Clears Bid-Rig Case

(BAC) Bank of America Corporation Continues Assets Sale

vitalstocks — Fri, 02 Dec 2011 16:26:09 +0000

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 on its core banking business. The financial terms [...]

(BAC) Bank of America Corporation Continues Assets Sale

(BAC) Can You Live Without Debt?

vitalstocks — Wed, 30 Nov 2011 20:10:52 +0000

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 learning to live without debt, priming protection over growth. According to a report [...]

(BAC) Can You Live Without Debt?

(BAC) Standard & Poor’s Downgrades Giant Wall Street Banks

vitalstocks — Wed, 30 Nov 2011 20:09:48 +0000

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 ratings fell, included Wall Street giants – Bank of America Corporation [...]

(BAC) Standard & Poor’s Downgrades Giant Wall Street Banks

(BK) The Bank of New York Mellon Corporation Expands Overseas

vitalstocks — Wed, 30 Nov 2011 19:53:58 +0000

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 is a clearing firm that offers execution and clearing services. It also processes [...]

(BK) The Bank of New York Mellon Corporation Expands Overseas

(C) Citigroup-SEC Settlement Revoked

vitalstocks — Wed, 30 Nov 2011 19:41:13 +0000

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 (CDO). Rakoff concluded that the facts and figures submitted by Citigroup were unsatisfactory. Moreover, he commented that [...]

(BAC) Is Bank of America Playing a “Shell Game” With Its Derivatives?

InvestmentU — Wed, 30 Nov 2011 18:48:23 +0000

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 glimpse, no big deal right? Wrong… Not when we’re talking about $75 trillion [...]

(BAC) Is Bank of America Playing a “Shell Game” With Its Derivatives?

(WFC) Wells Fargo May Purchase Irish Assets of Bank of Ireland PLC

vitalstocks — Mon, 28 Nov 2011 20:38:33 +0000

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 the sale of Burdale since April and has hired Hawkpoint Partners Ltd. [...]

(WFC) Wells Fargo May Purchase Irish Assets of Bank of Ireland PLC

(JPM) FDIC Problem Bank List Shrinks – Earnings Soar

vitalstocks — Mon, 28 Nov 2011 16:41:05 +0000

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 represents the second quarterly drop since 2006. Things looked a lot brighter in [...]

(JPM) FDIC Problem Bank List Shrinks – Earnings Soar

(C) Will U.S. Bank Stress Test Protect Our Money?

vitalstocks — Mon, 28 Nov 2011 16:33:29 +0000

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 crisis will have to go through even tougher tests this time. But [...]

(BAC) Bank of America Achieves Financial Solution Advisors Hiring Goal

vitalstocks — Wed, 23 Nov 2011 17:25:33 +0000

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 across the country in the Merrill [...]

(BAC) Bank of America Achieves Financial Solution Advisors Hiring Goal

(C) Citigroup Plans Layoff to Cut Costs

vitalstocks — Tue, 22 Nov 2011 17:41:03 +0000

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 division. The move came on the back of turmoil in equity and [...]

(JPM) JPMorgan Chase & Co Ends Trial Fees

vitalstocks — Tue, 22 Nov 2011 17:37:21 +0000

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 months, the company was imposing of these fees [...]

(JPM) JPMorgan Chase & Co Ends Trial Fees

(BAC) Credit Card Mixed Net Charges Off & Delinquency in October

vitalstocks — Tue, 22 Nov 2011 17:36:26 +0000

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 four of them recorded lower delinquency rates. Bank of America Corporation (BAC), Citigroup [...]

(BAC) Credit Card Mixed Net Charges Off & Delinquency in October

(JPM) U.S. Bank Failures in 2011 Reach 90

vitalstocks — Tue, 22 Nov 2011 17:35:36 +0000

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 of a few [...]

(JPM) U.S. Bank Failures in 2011 Reach 90

(C) Moneygram Sues Citigroup For Documentation Flaws In Recent Sale

vitalstocks — Tue, 15 Nov 2011 16:57:20 +0000

Citigroup Inc. (C) has been sued by Moneygram Payment Systems Inc., the electronic cash-transfer business, Bloomberg reported. The complaint lodged claims that Citi misrepresented documents during the sale of $140 million of collateralized debt obligations (CDOs). Moneygram Payment Systems Inc., a subsidiary of Moneygram International Inc. (MGI), offers its customers payment processing services. The company [...]

(BAC) Bank of America to Repay Unfair Overdraft Fees

vitalstocks — Thu, 10 Nov 2011 18:16:57 +0000

Bank of America Corporation (BAC) has hit the headlines for manipulating overdraft fees. On Monday, the U.S. District Court of Southern District of Florida (Miami) ordered BofA to pay back $410 million to its more than 13 million customers who were charged with inappropriate overdraft fees by the company over the last decade. The court [...]

(BAC) Bank of America to Repay Unfair Overdraft Fees

(WFC) Wells Fargo & Company Acquires $3.3 Billion Loan Portfolio

vitalstocks — Sun, 06 Nov 2011 20:14:50 +0000

Yesterday, Wells Fargo & Company (WFC) announced the acquisition of a loan portfolio with a face value of $3.3 billion from Irish Bank Resolution Corporation (IBRC), previously known as Anglo Irish Bank. The portfolio comprised 61 performing U.S.-based commercial real estate loans. Last week, out of the total 61 loans, WFC closed 25 worth $1.5 [...]

(WFC) Wells Fargo & Company Acquires $3.3 Billion Loan Portfolio

(BAC) Bank of America Calls Off Debit-Card Fee

vitalstocks — Thu, 03 Nov 2011 15:11:21 +0000

Bank of America Corp. (BAC) has called off its plan to charge a $5 monthly fee on debit card purchases on Tuesday, but only after a hostile response from consumers and lawmakers nationwide. The company was under pressure to drop debit card fee as some of its rival companies including JPMorgan Chase & Co. (JPM) [...]

(BAC) Bank of America Calls Off Debit-Card Fee

(JPM) CEOs Are Gloomy – So Buy Their Stocks

InvestmentU — Fri, 28 Oct 2011 15:50:40 +0000

by Marc Lichtenfeld, Investment U Senior Analyst Thursday, October 27, 2011 Last week, The Business Council released results from a survey of CEOs. The big cheeses revealed that they’re the most pessimistic they’ve been in two and a half years. Almost 60 percent of the respondents said business conditions in their industries were deteriorating. That [...]

(JPM) CEOs Are Gloomy – So Buy Their Stocks

(STI) SunTrust Banks Beats Earnings on Lower Loss Provision

vitalstocks — Wed, 26 Oct 2011 14:00:15 +0000

SunTrust Banks Inc.’s (STI) third quarter earnings came in at 39 cents per share, 4 cents ahead of the Zacks Consensus Estimate. This represents SunTrust’s fifth straight quarter of profit after incurring significant losses since mid-2008. This was also substantially better than earnings of 17 cents in the year-ago quarter. Despite the weakness in the [...]

(STI) SunTrust Banks Beats Earnings on Lower Loss Provision

(TCB) TCF Financial Earnings Lag Estimates by a Penny

vitalstocks — Wed, 26 Oct 2011 13:50:00 +0000

Last week, TCF Financial Corporation (TCB) reported third-quarter 2011 earnings of 20 cents per share, lagging the Zacks Consensus Estimate by a penny. Moreover, this compares unfavorably with 26 cents in the prior-year quarter while favorably with the earnings of 19 cents in the prior quarter. On a year-over-year basis, decreased non-interest income and reduced [...]

(TCB) TCF Financial Earnings Lag Estimates by a Penny

(JPM) U.S. Foreclosures Rise Modestly in Third Quarter

vitalstocks — Tue, 18 Oct 2011 17:17:20 +0000

According to the data released by RealtyTrac, the leading online marketplace of foreclosure properties, foreclosure filings in the third quarter of 2011 increased slightly from the prior quarter, with 610,337 properties receiving notices of default, auction or repossession during the reported quarter. However, this is still down 34% from the prior-year quarter figures. The modest [...]

(JPM) U.S. Foreclosures Rise Modestly in Third Quarter

(BK) Bank of New York-Mellon – Bear of the Day

vitalstocks — Thu, 13 Oct 2011 16:31:30 +0000

We are downgrading our recommendation on Bank of New York-Mellon (BK) to Underperform as a low interest rate environment and various lawsuits filed against the company are expected to dent its profitability and lead to higher expenses over the medium term. Although the company is well positioned to benefit from favorable long-term wealth management trends [...]

(BK) Bank of New York-Mellon – Bear of the Day

(C) Citigroup Pressed with Allegations

vitalstocks — Tue, 11 Oct 2011 15:39:24 +0000

On Friday, Citigroup Inc. (C) was sued by the German lender IKB Deutsche Industriebank AG. The complaint lodged claims that Citi misrepresented documents as an underwriter in the sale of over $4.2 million in residential mortgage-backed securities. According to Dusseldorf-based IKB, Citi issued misleading statements and omissions related to the mortgage-backed securities and breached the [...]

(BAC) Bank of America Adds 13 Bankers to Hit List

vitalstocks — Fri, 07 Oct 2011 16:38:16 +0000

Bank of America Corp. (BAC) has sacked 13 investment bankers in its industrials group, which provides advisory and financing services through two units, Bloomberg reported on Tuesday following communication with two people familiar with the action. The retrenched bankers include managing directors David Iwan and Egan Antill. This explains BofA’s attempt to improve profitability by [...]

(BAC) Bank of America Adds 13 Bankers to Hit List

(BAC) Stock Market News for October 4, 2011 – Market News

vitalstocks — Tue, 04 Oct 2011 18:06:30 +0000

Fears arising from the Greek debt crisis pushed the benchmarks lower and the S&P 500 logged its lowest closing level since September 2010.October began on a despondent note, as Greece’s acknowledgement of possibly not meeting its target of deficit reduction for this year dominated investor sentiment, overshadowing a strong US manufacturing report. The Dow Jones [...]

(BAC) Stock Market News for October 4, 2011 – Market News

(BAC) Bank of America to Charge for Debit Card Usage

vitalstocks — Mon, 03 Oct 2011 19:18:10 +0000

Following the footsteps of some of its peers, Bank of America Corporation (BAC) is all set to charge its debit card users, in order to recoup some of the revenue losses that the company would suffer after the debit interchange fee (proposed by the Durbin Amendment) takes effect from October 1. BofA has announced that [...]

(BAC) Bank of America to Charge for Debit Card Usage

(C) Company News for October 3, 2011 – Corporate Summary

vitalstocks — Mon, 03 Oct 2011 19:17:48 +0000

• Lower-than-expected demand for residential and commercial security systems in North America led to Ingersoll-Rand Plc (NYSE:IR) reducing its third-quarter and full-year guidance • Orion Marine Group, Inc (NYSE:ORN) said that it expects its profit margins to be adversely impacted by weak economic conditions and delays in federal government spending • Concerns about slower Chinese [...]

(WFC) Wells Fargo Invests in Solar Energy

vitalstocks — Wed, 28 Sep 2011 14:58:46 +0000

Last week, Wells Fargo & Company (WFC) announced to finance for the operation of 53.5 megawatt (MW) photovoltaic solar power project of Sun Edison in New Mexico. The project includes five solar power plants, while three plants will be activated in the installation phase. The remaining two plants are anticipated to be in operation before [...]

(WFC) Wells Fargo Invests in Solar Energy

(JPM) U.S. FDIC Announces Two Bank Failures – Takes Count to 73 in 2011

vitalstocks — Tue, 27 Sep 2011 20:46:39 +0000

After a week’s pause, U.S. regulators were back in action. The sector saw a couple of banks topple in Virginia and California last week. This brings the total number of U.S. bank failures to 73 so far in 2011, following 157 in 2010, 140 in 2009 and 25 in 2008. While the financials of a [...]

(JPM) U.S. FDIC Announces Two Bank Failures – Takes Count to 73 in 2011

(C) Stock Market News for September 26, 2011 – Market News

vitalstocks — Mon, 26 Sep 2011 19:25:11 +0000

After four consecutive days of heavy sell-offs, markets edged up modestly on Friday, bringing to a close one of their worst weeks in almost three years. Mounting fear and anxiety over Europe’s debt crisis coupled with the Federal Reserve’s gloomy forecast about the US economy had driven the markets down throughout the week. The Dow [...]

(PNC) PNC Financial Services Group Sells Senior Notes

vitalstocks — Wed, 21 Sep 2011 14:56:28 +0000

Last week, PNC Funding Corporation, a unit of PNC Financial Services Group Inc. (PNC), announced the sale of 5-year senior notes with a maturity value of $1.25 billion. PNC Financial sold the notes at a coupon rate of 2.7% and an issue price of $99.879. The notes will mature on September 19, 2016, yielding 2.726% [...]

(PNC) PNC Financial Services Group Sells Senior Notes