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Stock Market & Financial Investment News

News Breaks
January 18, 2013
18:40 EDTBCS, CS, LAZ, JPMCerberus struggled to find advisor for gun unit sale, Bloomberg reports
Cerberus struggled to find an advisor for the sale of Freedom Group, the firm's gun unit, with JPMorgan (JPM), Credit Suisse (CS), and Barclays (BCS) all declining to advise on the sale, according to a Bloomberg report that cites people with knowledge of the matter. The report cites several people familiar with the matter that said that Lazard (LAZ) is helping Cerberus with the sale. Reference Link
News For JPM;CS;BCS;LAZ From The Last 14 Days
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April 9, 2014
06:27 EDTJPMBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
05:38 EDTCSCredit Suisse downgraded to Underweight from Neutral at JPMorgan
JPMorgan downgraded Credit Suisse to Underweight citing concerns over the bank's investment bank strategy.
April 8, 2014
07:28 EDTJPMSecurity Innovation Network to hold a forum
IT Security Entrepreneurs Forum: ITSEF 2014 is being held in Mountain View, California on April 8-9.
07:26 EDTJPMElsevier Business Intelligence to hold a conference
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06:26 EDTCSYodle planning IPO for 2014, WSJ reports
Online advertising company Yodle is planning an IPO for the second half of the year, the Wall Street Journal reports. Sources say the startup has selected Credit Suisse (CS) and Deutsche Bank (DB) for the offering, which could raise about $100M. Reference Link
April 7, 2014
19:57 EDTJPMFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
13:43 EDTBCSBarclays reaches settlement with U.K. care home operator, Reuters says
Barclays reached a settlement with U.K. care home operator, Guardian Care Homes, that accused it of mis-selling products connected to benchmark interest rates just weeks prior to the beginning of a possibly embarrassing court case for the company, according to Reuters, citing a Barclays spokesman. Reference Link
08:56 EDTJPMJPMorgan, U.K.'S DFID, CDC to invest $20M combined in Novastar Ventures
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06:58 EDTCSDark markets could cause more harm than high-frequency trading, Reuters says
After a book by financial author Michael Lewis sparked worries that high-speed traders have been rigging the U.S. stock market, former regulators and academics say a more serious threat to investors could be the increasing amount of trading that happens outside of exchanges, reported Reuters. Top internalizers include units of KCG Holdings (KCG), Citadel, UBS (UBS), and Citigroup (C). Dark pool operators include Credit Suisse (CS) and Morgan Stanley (MS). In an attempt to earn back some of the retail orders, exchanges such as IntercontinentalExchange Group's (ICE) New York Stock Exchange, Nasdaq (NDAQ), and BATS Global Markets, have allowed brokerages to place dark pool-style orders on their platforms, with the trade hidden until after it is executed. Reference Link
06:28 EDTCSNew York launches probe of Credit Suisse, NY Times says
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April 4, 2014
10:02 EDTJPMOn The Fly: Analyst Upgrade Summary
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07:20 EDTJPMJP Morgan April volatility up into Q1 and outlook for capital return
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06:42 EDTJPMJPMorgan selling part of retirement business to Great-West, WSJ reports
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06:36 EDTJPMJPMorgan upgraded to Outperform from Neutral at Macquarie
Macquarie upgraded JPMorgan to Outperform from Neutral based on relative valuation, improving U.S. and European economies, improving business mix and potential for increased buybacks. Price target raised to $68 from $62.
06:26 EDTCSRoyal Bank of Scotland names Ewen Stevenson as CFO
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April 3, 2014
18:40 EDTJPMJPMorgan restructures chief investment office, FT says
JPMorgan has restructured its chief investment office, the unit that housed the "London whale," combining its CIO and treasury unit, reports The Financial Times, citing people familiar with the matter. Reference Link
14:01 EDTJPMJPMorgan to sell large-market 401(k) recordkeeping business
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13:13 EDTJPMJPMorgan names Canavari Chief Brand Officer for Chase
JPMorgan Chase announced that Susan Canavari will join the firm as Chief Brand Officer for Chase. In this newly created role, Canavari will lead strategy and development for the consumer brand, including advertising, creative services and social media marketing. Canavari will report to Kristin Lemkau, the firm’s Chief Marketing Officer. Canavari joins Chase from mcgarrybowen, where she was Managing Director and lead on the JPMorgan Chase account.
06:52 EDTJPMJPMorgan eases tension with Russian embassy by processing payment, Reuters says
JPMorgan is processing a payment from Russia's embassy in Kazakhstan to insurance agency Sogaz in an effort to ease tension after Moscow accused the firm of illegally blocking the transaction under the pretext of sanctions, according to Reuters, citing a company statement from the U.S. bank. Reference Link
05:47 EDTCSCredit Suisse announces charge of CHF 468M for litigation provision
Credit Suisse said its preliminary results for 2013 were updated to reflect an additional after-tax charge of CHF 468M, primarily due to an increase in the litigation provision relating to the ongoing United States Department of Justice investigation into the U.S. tax-related matter. As a result, Credit Suisse reported a net loss of CHF 476M for Q4. For the full year 2013, reported core results pre-tax income was CHF 3.5B, compared to CHF 1.89B in 2012, and reported 2013 net income attributable to shareholders was CHF 2.3B, compared to CHF 1.35B in 2012. Credit Suisse’s Look-through Total Capital ratio was 15.7%, Look-through Basel III CET1 ratio was 10.0%, and Basel III CET1 ratio was 15.7% as of the end of 2013.
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