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October 9, 2015
10:22 EDTBCSBarclays may name Gerry Grimstone non-executive director, Sky News says
Barclays is in talks with Gerry Grimstone, a former privatization adviser to Margaret Thatcher, to name him a non-executive director, Sky News reports. Grimstone would be the bank's deputy chairman and senior independent director should the plan actually happen, the report says. Reference Link
09:59 EDTWFCOn The Fly: Analyst Upgrade Summary
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09:28 EDTBCSBarclays appoints Ben Davey investment bank CSO, Bloomberg says
Barclays has named Ben Davey chief strategy officer of the investment bank in London, Bloomberg reports, citing an internal memo. Davey will join the Investment Bank Executive Committee and report to securities unit CEO Tom King, the report says. Most recently, Davey served as head of the financial institutions group for banking in Europe, the Middle East, and Africa, the report says. Reference Link
05:49 EDTWFCWells Fargo upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Vivek Juneja upgraded Wells Fargo to Overweight saying share buybacks and an "attractive" dividend yield should drive higher capital return relative to peers in the second half of 2015. Juneja views Wells as a "steadier port in uncertain markets." He lowered his price target for shares to $58.50 from $59.50.
October 8, 2015
07:25 EDTBCSRosenblatt to hold a conference
8th Annual Global Exchange Leader Conference is being held in New York on October 8.
October 7, 2015
10:58 EDTBCSBarclays to launch Apple Pay support in UK in early 2016
Barclays (BCS) plans to launch Apple (AAPL) Pay support in the UK in early 2016, reports Mac Rumors. In an email to customer Mike Jobson, Barclays CEO of Personal and Corporate Banking Ashok Vaswani said, "We have signed up for ApplePay and will launch it very early in the New Year. We truly value your custom and hope that you continue to bank with us particularly since we are launching this shortly." Reference Link
October 6, 2015
07:20 EDTWFCWells Fargo volatility flat into Q3 and outlook
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October 5, 2015
07:19 EDTWFC, BCSOpen Mobile Media to hold a summit
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06:53 EDTWFCAverage ATM fees reach $4.52, WSJ says
The average ATM fee rose to $4.52 this year as regulators have pressured banks to reduce other fees and consumers aren't using ATMs as frequently as in the past, reports the Wall Street Journal, citing a Bankrate Inc. survey. 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), Wells Fargo (WFC), and Cardtronics (CATM). Reference Link
05:16 EDTMMCMercer acquires HRBS
Mercer, a wholly owned subsidiary of Marsh & McLennan, announced the acquisition of Human Resources Business Solutions, or HRBS, a provider of career and talent consulting and information services to clients across Asia, with concentrated strength in Hong Kong, Singapore and mainland China. The acquisition will extend Mercer's leadership in Asia in compensation and benefits expertise, an area of critical importance in the region's high demand talent markets. Founded in 2001, HRBS has offices in Hong Kong, Singapore, Shanghai and Beijing and employs approximately 45 professionals. The transaction is expected to close in the next 30 days.
October 2, 2015
16:27 EDTWFCOn The Fly: Top stock stories for Friday
Stocks on Wall Street were lower at the open after the government's monthly jobs report showed fewer people than expected were hired last month and average hourly wages did not increase. However, the major indexes gathered themselves and began drifting higher, crossing back into the green in early afternoon trading. Before this morning, many investors expected that the Federal Reserve would start raising interest rates before the end of the year, but the jobs data for September has certainly raised doubts in that regard. ECONOMIC EVENTS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Baker Hughes said that the U.S. rig count fell by 29 total rigs from last week to 809. COMPANY NEWS: Shares of big banks were underperformers after the jobs report cast doubt on how soon the Fed will begin raising interest rates. Shares of Wells Fargo (WFC) slid 0.32%, JPMorgan (JPM) dropped 0.21% and Bank of America declined 1.09%... Two of the nation's big four wireless carriers were in the news after Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS) and The Wall Street Journal reported that Sprint (S) plans to eliminate as much as $2.5B in costs and make job cuts over the next six months. MAJOR MOVERS: Among the notable gainers was Wynn Resorts (WYNN), which surged 22.73% to $63.47 following reports that the Chinese government may provide economic support to the gaming center Macau, where Wynn and several peers operate casinos. Shares of Las Vegas Sands (LVS) gained 10.52%, MGM Resorts (MGM) rose 6% and Melco Crown (MPEL) advanced 13.88% after the news as well. Among the noteworthy losers was Amicus Therapeutics (FOLD), which dropped 53.53% to $6.39 after the company said it is unlikely to submit a New Drug Application for its Fabry disease treatment to the FDA by the end of the year. Also lower were shares of backup generator maker Generac (GNRC), which fell 5.18% to $27.62 after weather forecasters' latest models predicted that Hurricane Joaquin may stay offshore and not make landfall along the East Coast of the U.S. INDEXES: The Dow rose 200.36, or 1.23%, to 16,472.37, the Nasdaq gained 80.69, or 1.74%, to 4,707.77, and the S&P 500 advanced 27.54, or 1.43%, to 1,951.36.
13:26 EDTWFCBanks, brokers slide as weak jobs report pushes out rate hike
Shares of banks and brokers are sliding after a weak jobs report pushed out the probability of near-term rate hike. WHAT'S NEW: Friday morning, the Labor Department reported that the U.S. economy added only 142,000 jobs in September compared to economists expectations of 203,000. The Labor Department's September jobs report strengthened the argument that the Fed will not raise rates in October, and even lessened the probability of a December rate hike. An increase in interest rates would let banks and brokers benefit from higher spreads on deposits. PRICE ACTION: Shares of Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB), and Wells Fargo (WFC) are all declining despite a rebound in the broad market. OTHERS TO WATCH: Shares of online brokers, including TD Ameritrade (AMTD), Charles Schwab (SCHW), E*TRADE (ETFC), and Interactive Brokers (IBKR) are also lower in afternoon trading.
October 1, 2015
19:10 EDTBCSJPMorgan to pay $595M in credit-default swap suit, Bloomberg says
JPMorgan (JPM) is set to pay $595M to settle allegations that major banks as well as Markit (MRKT) colluded to control information in the credit-default swaps market, reports Bloomberg, citing people briefed on the matter. Morgan Stanley (MS), Barclays (BCS), and Goldman Sachs (GS) will pay a respective $230M, $175M, and $164M, sources told Bloomberg. Reference Link
07:28 EDTBCSSEC Commissioner calls for increased transparency for dark pools, Reuters says
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September 30, 2015
18:21 EDTWFCGeneral Electric confirms sale of railcar services to Wells Fargo
General Electric (GE) confirmed that it has reached separate agreements to sell its tank car fleet assets and railcar repair facilities to Marmon Holdings and its remaining railcar leasing business, General Electric Railcar Services to Wells Fargo (WFC). Terms of the transactions are not being disclosed. "We expect to be substantially done with our exit strategy [to sell most of the assets of GE Capital] by the end of 2016," noted GE Capital chairman and CEO Keith Sherin. "GE and its board of directors have determined that market conditions are favorable to pursue disposition of these assets. GE Capital will retain the financing 'verticals' that relate to GE's industrial businesses," the company noted. The sale of the tank car assets is effective immediately and closed Wednesday. The sale of the railcar repair facilities is expected to close in Q4. The sale of the remaining railcar leasing business is expected to close by the end of 1Q16. When completed, the rail transactions, which represent about $4B of ending net investment, will contribute approximately $1.3B of capital to the overall target of approximately $35B of dividends expected to GE under this plan. The company also noted that the completion of the sale of GE's European fleet businesses to Arval, a fully owned subsidiary of BNP Paribas (BNPQY), is expected to close in Q4.
18:03 EDTWFCWells Fargo First Union Rail to acquire GE Railcar services, terms not disclosed
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18:00 EDTWFCWells Fargo First Union Rail to acquire GE Railcar services
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12:54 EDTMMCMarch & McLennan subsidiary acquires Comptryx, terms not disclosed
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07:46 EDTWFCFed liftoff may be more turbulent for banks than expected, WSJ says
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September 29, 2015
17:50 EDTBCSBarclays to exit Bmarkets business, Reuters says
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