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Stock Market & Financial Investment News

News Breaks
January 7, 2014
09:02 EDTRBS, USBU.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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March 30, 2015
12:47 EDTRBSRory Cullinan to leave RBS
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07:44 EDTUSBBasel Committee says new regulations unlikely, FT reports
In an interview with the Financial Times, Basel Committee secretary-general William Coen stated most of the post-financial crisis bank regulation is in place, and the committee will now spend 2015 providing clarity on existing regulation. Coen stated that he is strongly inclined to review bank trading book rules by year's end, though the committee's review of market risk regulations may or may not be completed this year. 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) and Wells Fargo (WFC). Reference Link
March 29, 2015
18:02 EDTUSBECB stimulus may boost trading opportunities for investment banks, Reuters says
The European economic stimulus plan may boost trading opportunities for major investment banks whose profits have been curtailed by an increase in financial regulations since the financial crisis, says Reuters. 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) and Wells Fargo (WFC). Reference Link
March 27, 2015
05:57 EDTRBSRBS to sell internationally managed private banking and wealth management unit
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March 26, 2015
11:50 EDTRBSRBS may sell Coutts to UBP for $600M-$800M, FT reports
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08:17 EDTUSBSEC Chairwoman proposes new 'dark pool' regulation, NY Post says
Securities and Exchange Commission Chairwoman Mary Jo White proposed new regulation Wednesday that would require high-frequency traders to register with the Financial Industry Regulatory Authority and provide the agency with a daily paper trail, reports the New York Post. The Post notes that there is a 60-day comment period before any SEC rule is finalized. 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) and Wells Fargo (WFC). Reference Link
05:54 EDTRBSRBS raises value of Citizens sale to $3.7B, Financial Times reports
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March 24, 2015
07:45 EDTUSBMetLife CEO letter may be early sign of bank earnings headwinds, WSJ says
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06:08 EDTRBSU.S. regulators say BNP, HSBC, RBS must rewrite living wills
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March 23, 2015
06:58 EDTRBSCitizens Financial announces 115M share secondary offering by RBS
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06:23 EDTRBSRBS set to sell more shares in Citizens, The Telegraph reports
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06:21 EDTRBSUBS in discussions to lease space from RBS in Connecticut, WSJ reports
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March 22, 2015
17:03 EDTRBSCitizens Financial could return 30%, Barron's says
Citizens Financial (CFG), a spinoff from RBS (RBS), could return 30% in the next two years, Barron's contends in a feature article. Shares trade at about a 20% discount to peers, the paper adds. Reference Link
March 19, 2015
11:53 EDTUSBU.S. banks face headwinds in unloading oil loans, WSJ says
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March 18, 2015
07:20 EDTRBSU.S. considers 'tearing up' non-prosecution deals with banks, Bloomberg says
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March 17, 2015
08:26 EDTRBSFreddie Mac, Fannie Mae begin legal battle against Nomura, RBS, NY Post says
Freddie Mac (FMCC) and Fannie Mae (FNMA) alleged in court proceedings Monday that they bought "bad" mortgages because they were mislead by banks, reports the New York Post, citing court arguments. Monday was the first day of the lawsuit against Nomura (NMR) and co-defendant Royal Bank of Scotland (RBS) which seeks $1B in damages as well as the ability to return the securities to the banks. Lawyers presented internal bank emails that identified some mortgages as "crap" or from "extremely dysfunctional" lenders, while the banks alleged that they fully disclosed the poor quality of the products. Reference Link

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