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Stock Market & Financial Investment News

News Breaks
March 26, 2014
18:04 EDTC, HSBC, RBS, SAN, ZIONFed objects to capital plans of Citigroup, four others
Citigroup (C) and four other banks had their capital plans rejected by the Federal Reserve. The capital plans of the North American units of three international banks, HSBC (HSBC) of Britain, Santander (SAN) of Spain, and Royal Bank of Scotland (RBS), were rejected along with Zions Bancorporation (ZION), as the firm did not meet the minimum, post-stress tier-1 common ratio of 5%. WHAT'S NEW: Twenty five of the thirty banks that underwent the Federal Reserve stress test passed. The Federal Reserve objected to the plans of Citigroup, HSBC, Santander, and Royal Bank of Scotland based on qualitative concerns, while rejecting Zions' plan because it did not meet a minimum post-stress capital requirement. Passing the stress test is critical for the banks to get approval for dividend raises and increased share repurchase plans. CITIGROUP: The Fed noted that Citigroup has made progress in improving general risk management and control over the pasty several years but added "its 2014 capital plan reflected a number of deficiencies in its capital planning practices, including in some areas that had been previously identified by supervisors as requiring attention." PRICE ACTION: Shares of Citigroup traded down almost 6% in the after-hours to $47.30, Banco Santander was lower by almost 1% to $9.08, HSBC Holdings was up fractionally to $50.57, The Royal Bank of Scotland Group was down 0.6% to $9.94 and Zions was unchanged at $30.20.
News For C;HSBC;RBS;SAN;ZION From The Last 14 Days
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July 24, 2014
16:00 EDTCiPath S&P 500 VIX Short-Term Futures down 10c to 28.08
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July 23, 2014
16:02 EDTCSallie Mae names Jeffrey Dale as company’s first Chief Risk Officer
Sallie Mae (SLM) appointed Jeffrey Dale as the company’s 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
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
10:00 EDTZIONOn The Fly: Analyst Upgrade Summary
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09:36 EDTCActive equity options trading on open
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08:10 EDTZIONZions Bancorp upgraded to Buy from Neutral at Compass Point
06:15 EDTSANBanco Bilbao wins auction to buy Catalunya Banc for EUR1.19B
The Management Commission of the Banking Restructuring Fund has accepted BBVA´s bid in the competitive auction for the acquisition of Catalunya Banc S.A. As a consequence, BBVA has executed a sale and purchase agreement with FROB, by virtue of which FROB will sell up to 100% of the shares of Catalunya Banc to BBVA for the price of up to EUR1.19B. Closing of the sale and purchase transaction will be subject, among others, to the obtaining of the relevant administrative authorizations and approvals and to the effective closing of the transaction announced by Catalunya Banc to the market on July 17 whereby Catalunya Banc will transfer to an asset securitization fund a loan portfolio with a nominal value of EUR.6.4B.
July 21, 2014
16:14 EDTZIONZions Bancorp reports Q2 EPS 56c, consensus 45c
Net interest income of $416M this quarter was essentially unchanged from the prior quarter; the net interest margin decreased slightly to 3.29% from 3.31%.
15:30 EDTZIONNotable companies reporting after market close
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09:38 EDTCActive equity options trading on open
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07:23 EDTCCiti unit, Mexican regulator at odds over fraud probes, Reuters says
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July 18, 2014
16:47 EDTCMarket ends week higher as earnings, M&A offset geopolitical tensions
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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, HSBCBritish 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
06:20 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
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