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Stock Market & Financial Investment News

News Breaks
January 7, 2014
09:02 EDTUSB, RBSU.S. Bancorp acquires Chicago branch banking ops of RBS Citizens Financial
U.S. Bancorp (USB) announced today that its lead bank, U.S. Bank National Association, has reached an agreement to acquire the Chicago branch banking operations of the Charter One Bank franchise owned by RBS Citizens Financial Group (RBS). The acquisition includes Charter One’s Chicago retail branch network, small business operations, and select middle market relationships. Once complete, the acquisition will nearly double U.S. Bank’s deposit market share in the Chicago metro area. Under the terms of this transaction, U.S. Bank will acquire approximately $5.3B of deposits, $1.1B of loans, 94 branches, and 800 employees for a deposit premium of approximately $315M, or 6%. At close, U.S. Bank will have combined deposits of approximately $11.3B in Chicago. Approximately 35 percent of the $5.3B of acquired deposits are non-interest bearing and NOW accounts; 48 percent are money market and savings accounts; and 17% are time deposits. This acquisition is expected to meet or exceed U.S. Bancorp’s internal financial hurdles for internal rate of return and earnings per share accretion. This transaction is subject to regulatory approval and is anticipated to close in mid-2014. RBS Citizens Financial Group Chicago branches will continue to operate under their current name, Charter One, during the transition, and will be re-branded as U.S. Bank branches once the transaction is complete.
News For USB;RBS From The Last 14 Days
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May 20, 2015
16:26 EDTRBSOn The Fly: Top stock stories for Wednesday
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12:33 EDTRBSOn The Fly: Top stock stories at midday
Stocks began the session relatively unchanged from yesterday’s close and continue to trade in a holding pattern as investors await the release of the minutes from the Federal Reserve's last FOMC meeting. ECONOMIC EVENTS: In the U.S., EIA inventory data showed a 2.67M barrel fall in crude stocks, versus expectations for a 1.75M barrel decrease. The Federal Reserve is scheduled to release the minutes from its last rate setting meeting at 2 pm EDT. In Asia, Japan's GDP accelerated to a 2.4% growth pace in the first quarter, which was much better than expected. Japanese stock markets rallied on the news, sending the Nikkei 225 average to its best level in 15 years. COMPANY NEWS: Five of the world's largest banks - Citi (C), JPMorgan Chase (JPM), Barclays (BCS), The Royal Bank of Scotland (RBS) and UBS (UBS) - agreed to pay more than $5B and plead guilty to felony charges related to manipulating foreign currencies and interest rates. In conjunction with previously announced settlements with regulatory agencies in the United States and abroad, today’s resolutions bring the total fines and penalties paid by these five banks for their conduct in the foreign exchange spot market to nearly $9B, the Department of Justice stated... Target (TGT) shares advanced 1% after the retailer's first quarter earnings topped expectations and it raised the low-end of its fiscal year profit forecast. Brian Cornell, chairman and CEO of Target, said the company was pleased with its first quarter traffic and sales, particularly in its signature categories, which drove better-than-expected profitability through improved gross margin and continued expense management. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 53% after the company announced that, following meetings with the FDA, it would submit its eteplirsen drug to the FDA for approval on a rolling basis, with various components of the application being submitted separately. Eteplirsen is a treatment for Duchenne muscular dystrophy, or DMD. Also higher was Pep Boys (PBY), which gained 14% after The Wall Street Journal said private equity firm Golden Gate Capital and other potential suitors have expressed interest recently in buying the company. Among the noteworthy losers was Etsy (ETSY), which operates an online marketplace to buy and sell handmade items and vintage goods. The stock, which priced its IPO at $16 and opened for trading at $31 per share, dropped 22% to trade near $16.50 after the company issued its first financial report since coming public in April. Also lower were shares of several airline stocks, led by Southwest (LUV), which was down 8% near noon. In a regulatory filing last night, Southwest indicated it expects FY15 capacity growth to increase 7%-8% and to grow another 6%-7% in FY16. Buckingham downgraded Southwest to Neutral from Buy this morning, stating it has a more cautious revenue outlook for the company due to a worsening backdrop as competitors vow to compete aggressively. INDEXES: Near midday, the Dow was down 6.10, or 0.03%, to 18,306.29, the Nasdaq was up 1.65, or 0.03%, to 5,071.69, and the S&P 500 was down 0.49, or 0.02%, to 2,127.34.
10:20 EDTRBSRBS announces $669M in settlements with DOJ, Fed
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10:15 EDTRBSFive banks agree to parent-level guilty pleas in settlement over forex rigging
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10:09 EDTRBSCiti, JPMorgan, RBS, Barclays, UBS agreed to guilty pleas in forex settlement
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08:21 EDTUSBATM data theft soars to highest rate in two decades, WSJ says
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May 19, 2015
15:42 EDTRBSBanks' settlement over forex rigging to be announced tomorrow, CNBC says
Several banks are said to plan to plead guilty and pay "billions" in fines in a settlement over their roles in foreign exchange manipulation that is expected to be announced Wednesday, according to CNBC's Kate Kelly. Prior media reports have listed Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS), JPMorgan (JPM) and Citigroup (C) as having been in talks with U.K. and U.S. authorities for their roles in foreign currency rigging.
07:13 EDTUSBBarclays to hold a conference
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06:24 EDTUSBU.S. Bancorp and Bank of America win dismissal of mortgage claims, Reuters says
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May 18, 2015
07:12 EDTRBSBarclays expected to face over GBP250M in fines for rigging, Telegraph says
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May 17, 2015
17:06 EDTRBSNomura, RBS ordered to pay $806M to Fannie, Freddie, Reuters says
U.S. District Judge Denise Cote has ordered Nomura (NMR) and RBS (RBS) to pay a total of $806M for allegedly misleading Fannie Mae (FNMA) and Freddie Mac (FMCC), Reuters reported Friday, citing court proceedings and a person familiar with the matter. Reuters notes that Fannie is set to receive $26.6M from the ruling, while Freddie will receive $779.4M. Reference Link
May 15, 2015
16:32 EDTUSBBerkshire Hathaway gives quarterly update on stakes
NEW STAKES: None. INCREASED STAKES: IBM (IBM), Precision Castparts (PCP), Wells Fargo (WFC), Phillips 66 (PSX), and US Bancorp (USB). DECREASED STAKES: National Oilwell Varco (NOV), Viacom (VIAB), Bank of New York Mellon (BK), MasterCard (MA), and Visa (V). LIQUIDATED STAKES: None.
09:03 EDTUSBU.S. Bank, REI renew mutli-year contract
U.S. Bank (USB) announces the long-term renewal of its co-brand partnership with REI and the launch of the new REI World MasterCard. Under the agreement, the new REI co-branded credit cards will offer members more opportunities to earn through everyday purchases. The card portfolio will be converted to MasterCard (MA) with EMV chip-card technology, better protecting members from card-present counterfeit fraud.
07:50 EDTRBSDOJ tearing up prior UBS rigging settlement after new violations, WSJ reports
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May 14, 2015
06:49 EDTRBSBanks to pay several billion over alleged currency violations, NY Times says
Barclays (BCS), JPMorgan Chase (JPM), Citigroup (C) and the Royal Bank of Scotland (RBS) are expected to agree to pay a combined "several billion dollars" as part of a settlement with the U.S. over alleged foreign exchange rigging, according to The New York Times, which cited unnamed sources. The banks are also expected to plead guilty to criminal antitrust violations, but it is not anticipated that their operations will be significantly affected as a result of those pleas, the newspaper stated. Meanwhile, UBS (UBS) will pay a fine of up to $500M related to alleged "foreign currency misconduct," the newspaper stated. Reference Link
May 12, 2015
19:52 EDTRBSNomura, RBS could pay $805M in mortgage ruling, Reuters says
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May 11, 2015
15:53 EDTRBSJudge says Nomura misled Freddie, Fannie, HousingWire says
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09:58 EDTRBSBarclays expected to pay GBP2B to settle forex rigging charges, FT says
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08:18 EDTUSBBanks executives seek to push back on 'false, damaging' statements, WSJ reports
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May 10, 2015
14:56 EDTRBSBritain to wind down RBS stake later this year, Reuters says
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