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Stock Market & Financial Investment News

News For BCS;UBS;RBS;DB;HBC;C;JPM From The Last 14 Days
Check below for free stories on BCS;UBS;RBS;DB;HBC;C;JPM the last two weeks.
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July 29, 2014
18:00 EDTUBSUBS could have 25% upside, Barron's says
UBS' current drop could be a buying opportunity as steady cash flow could boost dividend. The stock looks like it has a 25% upside, Barron's contends in its "Ahead of the Crowd" column. Reference Link
14:18 EDTBCS, DBNY regulator seeks monitors in Deutsche Bank, Barclays, WSJ says
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11:12 EDTJPMJPMorgan reducing tech support headcount, Bloomberg says
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09:57 EDTJPMJPMorgan cutting hundreds of tech support employees, Bloomberg reports
06:58 EDTBCSInvestor sues Barclays regarding 'dark pool' trading, Reuters says
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06:47 EDTCCiti looks to hire 100 Asia unit bankers to rival HSBC, Reuters says
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06:11 EDTUBSUBS says 'responding to inquiries' on dark pools
UBS says it is responding to inquiries concerning the operation of UBSís alternative trading system and its securities order routing and execution practices from various authorities, including the SEC, the New York Attorney General and Finra, who reportedly are pursuing similar investigations industry-wide. These inquiries include an SEC investigation that began in early 2012 concerning features of UBSís ATS, including certain order types and disclosure practices that were discontinued two years ago. UBS is co-operating in these matters. In addition, UBS is among dozens of defendants, including broker dealers, trading exchanges, high-frequency trading firms, and dark pool sponsors, named in putative class actions pending in New York federal court, which have been filed on behalf of purchasers and sellers of equity securities. The lawsuits allege principally that the defendantsí equities order handling practices favored high-frequency trading firms at the expense of other market participants, in violation of the federal securities laws.
05:33 EDTDBDeutsche Bank reports Q2 net income EU 238M vs. EU 335M last year
Reports Q2 revenue EU 7.89B vs. EU 8.22B last year. Reports Common Equity Tier 1 ratio of 11.5% on a fully loaded Capital. Deutsche said its provision for credit losses declined 47% in Q2 to EU 250M compared to last year.
05:24 EDTUBSUBS says underlying challenges previously highlighted remain
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05:23 EDTUBSUBS reports Q2 net income CHF 792M vs. CHF 690M last year
Reports fully applied Basel III common equity tier 1 ratio 13.5%. UBS said it resolved its cross-border tax matter in Germany with the authorities in Bochum in July. The settlement, which includes a payment of approximately EUR 300M, concludes the Bochum proceedings. UBS booked provisions of approximately CHF 120M relating to this matter in Q2. It stated, "As a result of significant efforts by the bank, over 95% of its German clients have either provided UBS with evidence of tax compliance or completed the voluntary compliance program. UBS continues to target 100% by year-end."
July 28, 2014
10:02 EDTRBSOn The Fly: Analyst Upgrade Summary
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07:44 EDTDBInvestors looking for signs of Deutsche leveraging synergies, WSJ says
When Deutsche Bank reports its second quarter results Tuesday, investors will be looking for progress on the bank's stated goal of getting its investment bank and wealth-management business to work more to each other's benefit, said The Wall Street Journal. Reference Link
07:01 EDTJPMSankaty to acquire JPMorgan Global Special Opportunities Group portfolio
Sankaty Advisors, LLC, the independently managed credit affiliate of Bain Capital, announced the signing of a definitive agreement to acquire a portfolio of loans and other securities from J.P. Morganís Global Special Opportunities Group. The portfolio contains mezzanine loans in North America and Europe, as well as loans and related special situations investments in Australia and across Asia, with an aggregate value of approximately $1.3B. This acquisition follows Sankaty Advisors' other recent purchases of loan portfolios from Irish Bank Resolution Capital, Lloyds Banking Group and CapitalSource. The transaction, which is expected to close by the end of 2014, is subject to borrower and regulatory approvals. Kirkland & Ellis, LLP served as legal counsel to Sankaty Advisors. J.P. Morgan advised on the sale and Davis Polk & Wardwell, LLP served as legal counsel to JPMorgan Chase. This transaction is not expected to have a material impact on JPMorgan Chaseís earnings.
06:55 EDTBCSBarclays may reval GBP30B reduction in "bad bank," London Times reports
Barclays may reveal on Wednesday with its earnings report that it has reduced the size of its "bad bank" by as much as GBP30B, the London Times reports. Barclays previously said it looked to slash the size of the unit to about GBP80B by the end of the year. Reference Link
06:36 EDTJPMJPMorgan to sell debt portfolio to Sankaty for $1B, FT reports
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06:35 EDTJPMJPMorgan questoined by regulators for conclicts of interest, WSJ says
JPMorgan has been recently questioned by regulators about whether the firm steers private-banking clients to its own investment products, reports the Wall Street Journal. According to people familiar with the matter, the questions have prompted JPMorgan to change its disclosures to private-banking clients about the differences between its own products and outside offerings. Reference Link
06:25 EDTJPMJPMorgan implied volatility of 14 at lower end of index mean range
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05:25 EDTRBSRoyal Bank of Scotland upgraded to Neutral from Underweight at JPMorgan
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July 27, 2014
15:44 EDTRBSRBS advised to sell stake in Ulster Bank, Reuters says
Royal Bank of Scotland has been advised by Morgan Stanley to sell a majority stake in its Irish unit, Ulster Bank, says Reuters, citing a report in Ireland's Sunday Business Post. Reference Link
July 25, 2014
17:05 EDTDBHSBC, Deutsche Bank sued over manipulation of silver prices, Reuters reports
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11:03 EDTCCitigroup unit LavaFlow to pay $5M in settlement with SEC
The Securities and Exchange Commission has charged a Citigroup business unit operating an alternative trading system with failing to protect the confidential trading data of its subscribers. New York-based LavaFlow Inc. has agreed to pay $5M to settle the SECís charges, including a $2.85M penalty that is the agencyís largest to date against an ATS. According to the SECís order instituting a settled administrative proceeding, LavaFlow allowed an affiliate operating a technology application known as a smart order router to access and use confidential information related to the non-displayed orders of LavaFlowís ECNís subscribers. While LavaFlow only allowed the affiliate to use the confidential trading data for order router customers who also were ECN subscribers, the firm did not obtain consent from its subscribers to use their confidential information in this way, nor did LavaFlow disclose the use in its regulatory filings with the SEC. In addition to the Regulation ATS violations, the SECís order finds that LavaFlow aided and abetted a violation by the same affiliate that operated the smart order router, Lava Trading Inc., which continued to provide broker-dealer services for several months after it deregistered in August 2008.
09:37 EDTCActive equity options trading on open
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09:02 EDTRBSRoyal Bank of Scotland says 1H shows progress but 'bumps' in road ahead
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09:01 EDTRBSRoyal Bank of Scotland sees 1H profit before tax GBP2.65B
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07:57 EDTRBSRBS says private equity investment in Ulster possible, Reuters reports
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06:45 EDTUBSUBS blasts French prosecutors over probe, NY Times reports
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06:40 EDTRBS, DB, UBS, BCSLoan write down standards changed for non-U.S. banks, NY Times says
A new accounting rule will enable banks outside of the U.S. to write down the value of loans earlier but could cause loans to become less attractive for those banks, according to The New York Times. The rule was issued by the International Accounting Standards Board, whose guidelines are followed in more than 100 countries but not in America, the newspaper stated. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS).Reference Link
July 24, 2014
16:00 EDTCiPath S&P 500 VIX Short-Term Futures down 10c to 28.08
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10:46 EDTBCSBarclays files motion to dismiss lawsuit over dark pool, NY Times reports
Barclays filed a motion to dismiss a lawsuit from the NY State attorney general that accused the bank of lying to customers on its private stock market, reports the New York Times. The bank said its customers were sophisticated enough to understand that "glossy marketing brochures" do not reflect its actual composition. Reference Link
08:25 EDTDBDeutsche ability to pass U.S. stress tests questioned after warning, FT says
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08:20 EDTDBDeutsche Bank CFO faces internal criticism over reporting, WSJ says
U.S. authorities have expressed serious concerns about Deutsche Bank's financial data, it has recently come to light, but the bank's CFO Stefan Krause has also faced criticism from within the organization about the issues, say people familiar with the discussions, reported The Wall Street Journal. Reference Link
07:00 EDTJPMJudge dismisses JPMorgan case regarding Madoff scheme, Reuters says
U.S. Federal Judge Paul Crotty made a ruling that dismissed a shareholder's case which claimed JPMorgan board members knew about Bernard Madoff's Ponzi scheme and didn't acknowledge red flags motioning towards fraud, according to Reuters, citing the lawsuit. Reference Link
06:41 EDTUBSFrance initiates formal probe of UBS, NY Times says
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July 23, 2014
16:02 EDTCSallie Mae names Jeffrey Dale as companyís first Chief Risk Officer
Sallie Mae (SLM) appointed Jeffrey Dale as the companyís first Chief Risk Officer. Mr. Dale will work with senior executives and other company stakeholders to build out the enterprise risk management function and framework for the company and its Sallie Mae Bank subsidiary. Mr. Dale arrives from Citigroup (C) where he most recently served as the North American Group Risk Director responsible for consumer credit in the United States, Puerto Rico and Canada.
16:00 EDTCOptions Update; July 23, 2014
iPath S&P 500 VIX Short-Term Futures up 23c to 28.17. Option volume leaders: AAPL FB C GILD MSFT PBR NFLX AMZN TWTR TSLA according to Track Data
09:00 EDTRBSU.K. committee chair says RBS 'willfully obtuse' with evidence, Reuters says
The chairman of the U.K.'s Treasury Select Committee accused Royal Bank of Scotland of being "willfully obtuse" when giving evidence to lawmakers probing its Global Restructuring Group unit, which deals with corporate clients who find themselves in financial distress, said Reuters. Reference Link
07:14 EDTUBSUBS hires Edgar, Whitcher to beef-up investment banking team, Reuters says
UBS has named Craig Edgar as the new managing director and sector head of the company's power investment banking team and David Whitcher will be joining the firm as managing director of the unit, according to Reuters, citing an internal memo. UBS made the appointments in an effort to grow its America's power investment banking practice. Reference Link
06:56 EDTRBSRBS could sell Ulster Bank to private equity firm, Irish Examiner reports
Royal Bank of Scotland (RBS) is considering selling its Ulster Bank unit to a private equity firm, the Irish Examiner. A purchase price for the unit could be anywhere between EUR500M-EUR2.5B, depending on what assets are included in the sale, the publication says. KKR (KKR) and Apollo (APO) are rumored buyers for the unit. Reference Link
July 22, 2014
19:34 EDTJPMJPMorgan in advanced talks to sell half its stake in buyout arm, WSJ says
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15:32 EDTDBNY Fed said Deutsche Bank U.S. unit reports 'inaccurate, unreliable,' WSJ says
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09:36 EDTCActive equity options trading on open
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07:31 EDTDB, BCSSenate Homeland Security & Government Affairs Committee to hold a hearing
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07:30 EDTJPMJPMorgan creating new multi-class electronic-trading group, WSJ says
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07:16 EDTBCSBarclays plunges from 2nd to 12th in U.S. dark pool ranks after suit, FT says
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July 21, 2014
10:02 EDTJPMOn The Fly: Analyst Upgrade Summary
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09:38 EDTJPM, CActive equity options trading on open
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08:41 EDTJPMJPMorgan upgraded to Outperform from Market Perform at FBR Capital
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08:11 EDTBCSWarnings sounded over Barclays dark pool months before NY AG, WSJ says
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07:50 EDTJPMJPMorgan upgraded to Outperform from Market Perform at FBR Capital
07:29 EDTJPMAIG settlement with BofA takes crisis claw back total up to $2B, FT says
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07:23 EDTCCiti unit, Mexican regulator at odds over fraud probes, Reuters says
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07:12 EDTJPMCFA Institute to hold a seminar
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July 18, 2014
16:47 EDTC, JPMMarket ends week higher as earnings, M&A offset geopolitical tensions
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13:02 EDTJPMGoldman, JPMorgan ready with $25B bridge loan for Time Warner takeover by Fox
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12:01 EDTCCitigroup says DOJ settlement includes est. of cost of consumer relief
Says $3.8B charge for DOJ settlement included estimates of cost of consumer relief.
11:30 EDTCCitigroup sees issuing 'somewhat more' securitizations during rest of year
Says liquidity position remains strong. Sees FY NCL rate in Asia, Latin America roughly in line with 1H. Says expects to repurchase or redeem $10B of debt this year. Expects to issue preferred stock between now and when Basel III rules are implemented at a measured pace. Sees 2014 preferred stock issuance volume below 2013 levels. Says capital position remains among the strongest in the industry. Says will issue "somewhat more" securitizations during the rest of the year, says credit cards to be primary source of additional securitizations. Comments made on the company's Q2 Fixed Income Investor Review.
11:21 EDTRBS, BCSBritish antitrust regulator to investigate country's banks, NY Times reports
The U.K.'s antitrust authorities said they expected to open a formal investigation into Britain's retail banking industry, reports the New York Times. The regulators cited barriers to competition that include control of a national network of branches by four large banks that control more than three-quarters of the market. Reference Link
10:32 EDTCCitigroup says making continued progress in resolving legacy issues
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06:31 EDTRBSRBS winds-down distressed-debt unit as Weiss leaves, Bloomberg says
Royal Bank of Scotland is capping a distressed-debt division as it scales back its investment firm to revive profitability, according to Bloomberg citing three people familiar with the matter. The sources said that global head of a special situations group, Jon Weiss, departed this month. Reference Link
06:26 EDTDBMetro hires Deutsche to guide on consumer-electronics unit, Bloomberg says
Metro (MTTRY) hired Deutsche Bank (DB) to examine options for its consumer-electronics unit, according to Bloomberg, citing two people with direct knowledge of the matter. The sources said that alternatives may include a sale, spinoff or IPO of the Media-Saturn division. Reference Link
06:20 EDTRBSRBS considers selling Coutts' overseas operations, FT reports
Royal Bank of Scotland is eyeing the sale of Coutts' overseas operations, the Financial Times reports. The bank is currently conducting a review of its wealth management division. Reference Link
July 17, 2014
16:22 EDTJPMJPMorgan awards CEO Dimon 2M crisis-era stock options
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06:38 EDTUBSStudy says UBS largest private bank with assets near $2T, Reuters says
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06:34 EDTUBSBlackRock sells $3.7B of UBS securities to Credit Suisse, Bloomberg says
Blackrock (BLK) sold $3.7B of the $22B of securities it purchased six years ago from UBS (UBS) to Credit Suisse (CS) in yesterdayís auction of mostly subprime-mortgage bonds, according to Bloomberg, citing a person with knowledge of the transaction. Reference Link
July 16, 2014
16:00 EDTCOptions Update; July 16, 2014
iPath S&P 500 VIX Short-Term Futures down 70c to 27.25. Option volume leaders: AAPL FB GOOG AMZN TWTR TSLA C HPQ TWX INTC AMZN according to Track Data.
11:28 EDTCLeon Cooperman gives 12 stock picks at CNBC conference
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11:16 EDTCCooperman lists Actavis, Citigroup, KKR among top-picks, CNBC says
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09:37 EDTCActive equity options trading on open
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08:25 EDTJPM, DBCNBC / Institutional Investor to host a conference
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07:26 EDTJPMJPMorgan retreats from mortgage lending on foreclosure concerns, Reuters says
JPMorgan is retreating from making home loans to less creditworthy borrowers after losing confidence in its ability to recover much money from home foreclosures, even with government assurance, according to Reuters, citing comments from the CEO of JPMorgan's residential mortgage banking business Kevin Watters. Reference Link
July 15, 2014
16:40 EDTJPMOn The Fly: Closing Wrap
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14:48 EDTCCitigroup reports June credit loss 2.33% vs. 2.40% last month
Reports June delinquencies 1.43% vs. 1.46% last month.
12:21 EDTJPMOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite better than expected quarterly reports from two of the nation's largest financial institutions. Stock futures improved during the pre-market trading session, leading to a higher open for the broader market, following better than expected earnings reports from JP Morgan (JPM) and Goldman Sachs (GS). The earnings news also came alongside another huge M&A deal, as tobacco giants Reynolds American (RAI) and Lorillard (LO) confirmed plans to merge. However, the major averages weakened throughout the morning and fell into negative ground against the backdrop of Fed Chair Janet Yellen giving testimony on Capital Hill. In the Board of Governors' Monetary Policy Report, the central bank said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries." ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in June compared to the month prior, making for the weakest reading since January and missing the consensus forecast for an increase of 0.6%. The Empire State manufacturing index climbed to a four-year high of 25.6 in July, beating expectations for a reading of 16.5. Import prices rose 0.1% in June, with export prices slipping 0.4%. Business inventories grew 0.5% in May, which was just below the 0.6% consensus growth expectation. In Europe, Germany's ZEW survey missed expectations, as both its Current Situation and Expectations reading were lower than forecast. COMPANY NEWS: Shares of JPMorgan advanced nearly 4% after the bank reported a profit of $1.46 a share, which included a legal expense of 13c a share, beating analysts' consensus forecast of $1.29. The earnings report comes after CEO Jamie Dimon recently disclosed that he has throat cancer. During the company's conference call, Dimon said he was "feeling great," that doctors had found no evidence of cancer anywhere except in the location where it had originally been detected, and that his prognosis for recovery is "excellent"... Also in the large-cap bank sector, Goldman Sachs' headline earnings and revenue similarly beat expectations. The firm, which said it ranks first in worldwide announced and completed mergers and acquisitions for the year-to-date, advanced about 1% following its report... Along with JPMorgan in the Dow Jones Industrial Average, Johnson & Johnson (JNJ) reported quarterly sales and profits that beat expectations and the healthcare conglomerate raised its fiscal year EPS view to $5.85-$5.92 from $5.75-$5.85. However, its increased outlook range still fell short of the $5.90 per share consensus forecast that analysts had prior to its report... Reynolds American confirmed news that has been speculated for many weeks, announcing that it will acquire peer Lorillard in a cash-and-stock transaction currently valued at $68.88 per Lorillard share, or a total of $27.4B, including the assumption of net debt. Shares of both fell afterward, with Lorillard down 8% to trade near $61.75 at midday and Reynolds slipping 5%. MAJOR MOVERS: Among the notable gainers was small-cap pharma biotechnology research company Codexis (CDXS), which surged nearly 50% after announcing a collaboration and license agreement with GlaxoSmithKline (GSK). Among the noteworthy losers was Aaron's (AAN), which is engaged in the lease ownership and retail sale of a variety of consumer products. Its stock fell over 6% after the company lowered its second quarter outlook, citing lower than expected performance of its core business as the reason for the revision. INDEXES: Near midday, the Dow was down 33.45, or 0.2%, to 17,021.97, the Nasdaq was down 40.48, or 0.91%, to 4,399.94, and the S&P 500 was down 9.24, or 0.47%, to 1,967.86.
10:37 EDTC, JPMOptions with decreasing implied volatility
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09:47 EDTJPMJPMorgan rallies after earnings, levels to watch
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09:38 EDTJPMActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL FB JPM TSLA
09:37 EDTJPMJPMorgan upgraded to Outperform from Sector Perform at Portales
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09:25 EDTJPMJPMorgan continues to see share buyback as back-end loaded
JPMorgan CFO says company does not give specific guidance on share repurchases, but that the bank has capacity to do share buybacks in the second half of the year.
09:21 EDTJPMOn The Fly: Pre-market Movers
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08:44 EDTJPMJPMorgan CFO says mortgage production environment remains challenging
JPMorgan CFO Marianne Lake speaking on earnings conference call.
08:41 EDTJPMJPMorgan reports firm NIM down 1 bp, core NIM down 2 bps
JPMorgan reports Q2 firm and core NIM down 1 bp and 2 bps sequentially, to 2.19% and 2.64%, respectively, primarily due to lower loan yields, partially offset by lower long-term debt yields.
08:34 EDTJPMJPMorgan CEO Dimon says feels great, prognosis excellent for condition
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08:30 EDTJPMJPMorgan sees current fixed income and equities environment to persist in Q3
In Fixed Income & Equities, JPMorgan expects the current environment to persist into Q3 with normal seasonal trends. In Securities Services, sees revenue to decrease by approximately $100M in Q3 from $1.14B in Q2, due to seasonality. In Treasury Services, expects revenue to be flat vs. Q2 at approximately $1B in Q3, primarily due to the impact of business simplification and lower trade finance balances and spreads. JPMorgan sees FY14 pretax margin and ROE to be lower than Q2, as the business continues to invest in both infrastructure and controls as well as select front office hiring, but is on track to deliver TTC targets for FY15. Guidance in slides for Q2 earnings conference call.
08:26 EDTJPMJPMorgan expects FY14 adjusted expense $58B+/-
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07:43 EDTCCitigroup successfully executing plan, says RBC Capital
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07:37 EDTCAmerican Enterprise Institute holds a discussion
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07:34 EDTCCitigroup shares cheap on valuation, says UBS
UBS views Citigroup shares as cheap and does not expect them to trade below tangible book value indefinitely. The firm sees earnings stabilization, better than expected trading results, strong loan growth, and valuation as reasons to maintain its Buy rating and raise its price target on Citigroup shares to $61 from $60.
07:23 EDTJPMFortune to hold a conference
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07:08 EDTJPMJPMorgan CEO says saw encouraging signs toward end of Q2
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07:06 EDTJPMJPMorgan reports Q2 Basel III Common Equity Tier 1 ratio 9.8%
Reports Common Equity Tier 1 of $161B, or ratio of 9.8%. Reports Firm Supplementary Leverage Ratio of 5.4%. Reports "core loans" up 8% compared with the prior year. Consumer & Community Banking: average Consumer & Business Banking deposits up 9%; credit card sales volume up 12%; record client investment assets up 19%; record Business Banking loan originations up 46% Corporate & Investment Bank: maintained #1 ranking for Global Investment Banking fees with 8.2% wallet share YTD; assets under custody up 14%. Commercial Banking: period-end loan balances up 9%, driven by 14% growth in Commercial Real Estate; gross investment banking revenue with Commercial Banking clients up 25%. Asset Management: twenty-first consecutive quarter of positive net long-term client flows; record client assets up 15%; record loan balances up 17%.
07:05 EDTJPMJPMorgan reports headcount down 8,871 to 245,192
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07:04 EDTJPMJPMorgan reports Q2 provision for credit losses $692M
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07:02 EDTJPMJPMorgan says Q2 results include $500M after-tax, or 13c, legal expense
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07:01 EDTJPMJPMorgan reports Q2 adjusted EPS $1.46, consensus $1.29
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06:19 EDTJPMJPMorgan reports June net charge losses 2.84% vs. 3.05% last month
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