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Stock Market & Financial Investment News

News Breaks
January 16, 2013
07:54 EDTAIG, BAC, GS, JPM, DBAIG seeking to sue banks beyond Bank of America, NY Times says
American International Group (AIG), which has already been fighting a legal battle with Bank of America (BAC) over claims that the bank sold it defective mortgages securities, is now seeking to sue other banks that sold it mortgage-backed securities but must first win a separate court fight with an entity controlled by the New York Federal Reserve Bank, according to The New York Times. AIG has not named the banks, but possibilities include Goldman Sachs (GS), JPMorgan (JPM) and Deutsche Bank (DB), according to the report. Reference Link
News For AIG;BAC;GS;JPM;DB From The Last 14 Days
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September 5, 2014
10:11 EDTAIGAIG claims Coventry First engaged in 'egregious criminal scheme,' WSJ reports
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09:06 EDTBAC, GS, JPMCFTC concerned about banks shifting trading operations overseas, WSJ says
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07:26 EDTBAC, JPMApple strikes transaction fee discount deals, Bank Innovation says
Apple (AAPL) has reached deals with American Express (AXP), JPMorgan (JPM), Citigroup (C), Capital One (COF), and Bank of America (BAC) to lower card transaction fees for its soon to be launched payments venture, said Bank Innovations, citing an earlier report from Tom Noyes and confirmation by its own sources. Apple has both convinced them to consider its transactions as “card present,” which carries a lower discount rate, and has also managed to bump down the actual “card present” rate by 15 to 25 basis points, according to people with knowledge of the matter, the report noted. Reference Link
07:18 EDTDBRegulators drafting flexible 'bail in' bond deal for large banks, Reuters says
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06:27 EDTJPMHealthCare.gov insurance site breached by hacker in July, WSJ reports
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September 4, 2014
16:00 EDTBACOptions Update; September 4, 2014
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06:40 EDTGS, JPM, BACAgencies finalize liquidity rule for large banks
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized a rule yesterday that they said would strengthen the liquidity positions of large financial institutions. The rule will for the first time create a standardized minimum liquidity requirement for large and internationally active banking organizations., according to the agencies. Each institution will be required to hold high quality, liquid assets, or HQLA, such as central bank reserves and government and corporate debt that can be converted easily and quickly into cash in an amount equal to or greater than its projected cash outflows minus its projected cash inflows during a 30-day stress period, the agencies explained. The ratio of the firm’s liquid assets to its projected net cash outflow is its “liquidity coverage ratio,” or LCR, they said. The LCR will apply to all banking organizations with $250B or more in total consolidated assets or $10B or more in on-balance sheet foreign exposure and to these banking organizations’ subsidiary depository institutions that have assets of $10B or more, the agencies reported. The rule also will apply a less stringent, modified LCR to bank holding companies and savings and loan holding companies that do not meet these thresholds, but have $50B or more in total assets. Bank holding companies and savings and loan holding companies with substantial insurance or commercial operations are not covered by the final rule. The final rule is largely identical to the proposed rule, with a few key adjustments in response to comments from the public, the agencies stated. Those adjustments include changes to the range of corporate debt and equity securities included in HQLA, a phasing-in of daily calculation requirements, a revised approach to address maturity mismatch during a 30-day period, and changes in the stress period, calculation frequency, and implementation timeline for the bank holding companies and savings and loan companies subject to the modified LCR. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
06:34 EDTGSBlackstone pledges $200M to Brown's Arkkan Capital, Bloomberg says
Blackstone (BX) pledged $200M to Arkkan Capital Management, a firm that is supervised by Jason Brown, who is the former leader of Goldman Sach's (GS) Global Special Situations Group, according to Bloomberg, citing a person with knowledge of the matter. Reference Link
06:30 EDTJPMJPMorgan probe reveals computers rerouted data to Russia, Bloomberg says
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06:30 EDTGSITG launching dark pool for bonds, WSJ reports
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06:10 EDTGSGoldman overseeing early share trading in Alibaba IPO, Reuters says
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September 3, 2014
10:40 EDTJPMAnalyst sees security 'spending frenzy' amid high-profile hacks
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10:00 EDTBACOn The Fly: Analyst Downgrade Summary
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10:00 EDTJPMOn The Fly: Analyst Upgrade Summary
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09:02 EDTBACFirst South Bancorp purchases banking operations in North Carolina
First South Bancorp (FSBK) announced the signing of an agreement under which the Bank has agreed to purchase the branch banking operations of nine locations in North Carolina from Bank of America (BAC). The branch offices are located in Elizabethtown, Goldsboro, Kenansville, Kinston, Kitty Hawk, Morehead City, Mount Olive, Wallace and Wilson, North Carolina. The purchase is expected to add approximately $261.4M of deposits. The Bank has also agreed to purchase the fixed assets and a small amount of loans related to the purchased branches. The Bank expects the transaction to close in the fourth quarter of 2014, subject to approval by regulators and satisfaction of customary closing conditions. After the purchase of the branches, the Bank's franchise will increase from 26 to 35 banking offices. The transaction is expected to increase assets from $711M at June 30, 2014 to approximately $972M and deposits from $593M to approximately $854M at close.
07:29 EDTGS, JPM, BACFinal liquidity, swaps margin rules to be unveiled today, Reuters says
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07:19 EDTBACBank of America downgraded to Neutral from Buy at Nomura
Price target lowered to $17 from $18.
07:19 EDTJPMJPMorgan upgraded to Buy from Neutral at Nomura
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06:35 EDTBAC, JPMJPMorgan in talks to sell oil-supply agreement to Bank of America, WSJ says
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06:34 EDTBAC, GS, JPMFBI hasn't found evidence JPMorgan hack hit other big banks, WSJ reports
The FBI hasn't found any evidence to suggest that the recent breach at JPMorgan hit any of the other big U.S. banks, the Wall Street Journal reports, citing four people close to the probe. JPMorgan said it isn't experiencing "unusual amounts of fraud," and, according to two sources, consumers "likely don't face a serious risk." Reference Link
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