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Stock Market & Financial Investment News

News For JPM;BAC;GS;C;USB;MS;WFC From The Last 14 Days
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March 24, 2015
08:59 EDTMSMorgan Stanley confirms Jonathan Pruzan will succeed Ruth Porat as CFO
Morgan Stanley (MS) announced in a filing that Ruth Porat, executive VP and CFO, would leave the company on April 30. In a memo, CEO James Gorman says, "After a 28-year career at Morgan Stanley, Ruth Porat has decided to leave the Firm to take on a new role in Silicon Valley and return to her California roots. It is with a heavy heart that we see her go. Ruth joined Morgan Stanley in 1987 and has played a number of key roles at the Firm, from her time leading the tech banking franchise during the Internet boom, to leading the FIG banking team during the financial crisis, then as CFO partnering with the senior team to transform Morgan Stanley for the new regulatory environment. She has been a mentor and sponsor to many colleagues, and a role model for even more. Her tremendous energy, diligence and insight have been an enormous asset to the Firm... Jonathan Pruzan, currently Co-Head of the Global Financial Institutions Group in Investment Banking, will be appointed CFO upon Ruthís departure. Jon joined Morgan Stanley in 1994 and has spent more than 20 years at the Firm working with financial institution clients. He understands the current regulatory environment, having shepherded clients through the Fedís stress test and CCAR processes. He brings both great technical skill and proven leadership to this new role. Jon has served on the Morgan Stanley/MUFG steering committee since 2013 and will continue to do so. He will join the Firmís Operating Committee and Management Committee."
08:57 EDTMSGoogle confirms that Morgan Stanley's Ruth Porat to join company as CFO
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08:55 EDTMSGoogle to name Ruth Porat as CFO, Bloombeg reports
Dow Jones previously reported that Porat is leaving Morgan Stanley (MS).
08:53 EDTMSMorgan Stanley CFO Porat leaving bank for role in Silicon Valley, DJ reports
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07:45 EDTJPM, GS, USB, BAC, C, MS, WFCMetLife CEO letter may be early sign of bank earnings headwinds, WSJ says
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07:27 EDTWFCTelsey Advisory to hold a conference
2015 Consumer Conference is being held in New York on March 24-25.
March 23, 2015
09:56 EDTBACMassachusetts securities regulator fines Merrill Lynch $2.5M, Reuters reports
Massachusetts Secretary of the Commonwealth William Galvin has fined Bank of America's Merrill Lynch unit $2.5M for failing to supervise employees properly, Reuters reports. Merrill, Lynch, Pierce, Fenner & Smith was accused of failing to stick to its own compliance rules. Reference Link
09:44 EDTCCiti fires two over inflation trading error, Bloomberg says
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08:53 EDTCAmazon VP and General Manager of Payments departs, TechCrunch says
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07:19 EDTWFC, C, MSCapital Link to hold a forum
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March 22, 2015
18:05 EDTCCitigroup authorized to process Argentine bond payments, Reuters says
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17:10 EDTCCiti shares could rise faster, Barron's says
Citi shares have remained relatively flat and shares could rise a little faster as the company continue to improve, Barron's argues in a follow up article. Reference Link
March 20, 2015
16:00 EDTCOptions Update; March 20, 2015
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10:36 EDTBACBank of America changes bylaws to allow some investors to nominate directors
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10:09 EDTGSAllstate enters accelerated share repurchase agreement with Goldman Sachs
Allstate (ALL) said in a filing that on March 19, the Registrant entered into an accelerated share repurchase agreement with Goldman, Sachs & Co. (GS), to purchase $500M of its outstanding common stock. The majority of the shares to be repurchased under this agreement will be received by the Registrant at the agreementís inception. It is expected that Goldman will purchase the shares that it delivers under the agreement in the market within a timeframe not to exceed three months. The final purchase price per share and number of shares to be delivered by Goldman will be determined at the conclusion of the agreement and settlement will consist of the Registrant receiving shares based on the average of the daily volume weighted average prices of the Registrantís common stock during the period of Goldman purchases. If the Registrant is required to pay a settlement amount, the Registrant may elect to settle in cash or shares of its common stock. The agreement is part of the Registrantís repurchase program totaling $3B that was announced on February 4, 2015. All of the shares acquired by the Registrant under the agreement will be placed into its treasury.
05:57 EDTBACBank of America faces pressure to defend structure, Financial Times reports
Bank of America will have to defend its current structure at its annual meeting in May after the SEC allowed a small shareholder the right to challenge the board on a break-up, reports the Financial Times. Bank of America's board could be under pressure to appoint a committee to examine a plan for divesting all non-core banking businesses if a proposal from Barlett Naylor of Public Citizen is adopted. Reference Link
March 19, 2015
16:01 EDTCOptions Update; March 19, 2015
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15:29 EDTJPMJPMorgan execs 'brace' for potential investment/commercial bank cuts, FBN says
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12:29 EDTJPMJudge dismisses lawsuit over $13B JPMorgan-Justice Dept settlement, Reuters says
A federal judge has dismissed a lawsuit that sought to block a $13B settlement reached between JPMorgan and the U.S. Justice Department over mortgage loans, reports Reuters. Judge Beryl Howell accepted a motion by the Justice Department to dismiss the lawsuit, which argued the non-profit group Better Markets lacked standing to sue. Howell said, "The plaintiff has failed to meet its burden to show it has suffered an injury in fact." Reference Link
11:53 EDTBAC, MS, C, GS, WFC, JPM, USBU.S. banks face headwinds in unloading oil loans, WSJ says
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