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Stock Market & Financial Investment News

News Breaks
December 12, 2012
10:00 EDTBCS, BCS, GS, GS, GFIG, GFIGHouse Financial Services Committee to hold a hearing
The Capital Markets and Government Sponsored Enterprises Subcommittee holds a hearing entitled, "Challenges Facing the U.S. Capital Markets to Effectively Implement Title VII of the Dodd-Frank Act". Participants include Commodity Futures Trading Commission Chairman Gensler, SEC Director Cook, Managing Director Bailey of Barclays, Managing Director Cohen of Goldman Sachs and EVP Giancarlo of GFI Group on December 12 at 10 am. Webcast Link
News For BCS;GS;GFIG From The Last 14 Days
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February 26, 2015
15:02 EDTGSFed extends capital surcharge for SiFi banks comment period to April 3
The Federal Reserve extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies. The Fed extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 2. The proposed rule would establish a methodology to identify whether a firm is a global systemically important banking organization and would also establish the size of a firm's risk-based capital surcharge. The proposal is designed to further strengthen the capital positions of these institutions. Large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
14:01 EDTBCSBarclays to double provision for forex rigging fines, Sky News says
Barclays (BCS), which previously excluded itself from a broader settlement between several banking peers and regulators over alleged manipulation of foreign exchange rates as it worked to secure a binding agreement with all relevant authorities, will more than double its existing provision for forex fines next week, which may indicate that a settlement deal could be announced soon, said Sky News. Barclay took a GBP500M charge during the course of last year in advance of expected forex issue costs, the report noted. Other banks that previously agreed to a settlement included Bank of America (BAC), Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS (RBS) and UBS (UBS). The report indicates that U.S. regulators have stepped up talks with banks including Barclays and the others involved. Reference Link
10:50 EDTGSNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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10:35 EDTGSGoldman Sachs shakes up mergers and acquisitions group, Financial Times says
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February 25, 2015
06:36 EDTGSGoldman Sachs looking to launch energy debt investment fund, NY Times reports
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February 24, 2015
13:07 EDTBCSEU official: Euro banks shouldn't also go through Fed's stress test, WSJ says
Jonathan Hill, the European Unionís new financial markets chief, told The Wall Street Journal that he does not see a need for the U.S. to give stress tests to European banks that have already received health checks in Europe. Hill says banks across Europe are "properly and sensibly capitalized." The WSJ reported last week that the U.S. units of two European banks, Deutsche Bank (DB) and Banco Santander (SAN), are set to fail the Federal Reserve's stress tests, though they passed ECB stress tests last year. Reference Link
07:21 EDTGSSecurities Industry & Financial Markets Association to hold a conference
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06:15 EDTGS, BCSBanks probed for possible rigging of precious metals markets, WSJ reports
Officials in the U.S. are investigating at least 10 major banks for potential rigging of precious-metals markets, sources tell The Wall Street Journal. The DOJ's antitrust unit are investigating the price-setting process for gold, silver, palladium and platinum in London, while the CFTC has begun a civil investigation, with both agencies making requests for information, including a subpoena to HSBC (HSBC) from the CFTC. According to a source, Credit Suisse (CS), JP Morgan (JPM), UBS (UBS), Societe Generale (SCGLY), Bank of Nova Scotia (BNS), Barclays (BCS), Goldman Sachs (GS) and Deutsche Bank (DB) are also under investigation. Reference Link
February 23, 2015
06:52 EDTGSGoldman Sachs sees $3B in possible legal costs above reserves
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February 20, 2015
06:07 EDTGFIGBGC Partners, GFI Group reach agreement, GFI board supports BGC offer
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February 19, 2015
14:21 EDTBCSS&P reportedly says Greece contagion not a major risk, Reuters reports
The risk of contagion spreading from Greece to other European countries is not that large, a German newspaper quoted S&P's chief sovereign ratings officer as saying, according to Reuters. The euro zone would be able to handle an exit of the bloc by Greece, the ratings officer was quoted as saying, Reuters reported. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
13:33 EDTGFIGBGC Partners says expects to reach consensual agreement with GFI Group
BGC Partners (BGCP) announced that it is engaged in discussions with GFI Group (GFIG) and expects to reach a consensual agreement related to its tender offer to purchase the shares of GFI for $6.10 per share. The proposed agreement would satisfy all of BGC's previously disclosed tender offer conditions. Howard Lutnick, Chairman and CEO of BGC, said, "We have been actively engaged in discussions with GFI and expect to reach an agreement on all of the tender offer conditions that we have been seeking over the last several months in order to complete our $6.10 per share all-cash offer. We continue to urge GFI stockholders to tender their shares by today's deadline to ensure that they receive the value to which they are entitled." The offer is scheduled to expire at 5:00 PM ET today, February 19.
07:12 EDTGSWharton Health Care Club to hold a conference
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06:47 EDTGSReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:04 EDTBCSFCA to investigate investment and corporate banking
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February 18, 2015
07:33 EDTGSGoldman Sachs vows legal battle with Bank of Portugal over loan, Reuters says
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07:21 EDTGSJPMorgan, Citi top government report of riskiest banks, Reuters reports
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06:04 EDTGFIGBGC Partners urges GFI Group holders to tender shares before expiration
BGC Partners (BGCP) urged GFI Group (GFIG) stockholders to tender into its $6.10 per share offer to purchase all outstanding shares of GFI before its expiration on February 19. The expiration date for the tender offer is 5:00 PM New York City time on February 19, unless extended.
February 17, 2015
06:39 EDTGSBanks settle claims related to mortgage securities, Reuters says
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February 13, 2015
18:01 EDTBCSBarclays bid to dismiss NY 'dark pool' lawsuit rejected, Reuters says
A New York judge rejected Barclays bid to dismiss state Attorney General Eric Schneiderman's lawsuit that claimed it defrauded clients about high-speed trading in its private "dark pool" trading platform, Reuters reports. Reference Link
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