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Stock Market & Financial Investment News

News Breaks
January 7, 2013
12:44 EDTUSBU.S. Bancorp sees Q4 EPS reduced 3c on pretax $80M paid in IFR settlement
U.S. Bancorp issued the following statement in response to this morningís announcement from the OCC and the Federal Reserve regarding the Independent Foreclosure Review settlement agreement: "U.S. Bancorp has long been committed to sound modification and foreclosure practices. We have always regarded foreclosure as a last resort, and have helped thousands of borrowers over the past several years to stay in their homes through a variety of modification programs." U.S. Bancorpís share of the settlement will include a cash payment of $80M pretax, which is expected to reduce Q4 earnings per share by approximately 3c. In addition, the settlement includes a commitment to provide approximately $128M of other mortgage assistance, such as loan modifications, which is covered by existing loan loss reserves.
News For USB From The Last 14 Days
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February 9, 2016
18:37 EDTUSBU.S. Bancorp, Santander reach settlements with Comptroller of the Currency
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15:45 EDTUSBFed telling banks to stress test for negative rates, CNBC reports
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06:31 EDTUSBU.S. Bancorp volatility elevated
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February 8, 2016
06:31 EDTUSBNorway's oil fund tells U.S. banks to split CEO-chairman positions, FT says
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February 4, 2016
06:58 EDTUSBFed official supports tougher bank stress tests, Reuters reports
Boston Fed president Eric Rosengren said that he supports tougher stress tests for "too big to fail" banks, including larger capital investments that would make them "even more binding," Reuters reports. Rosengren said that stress test changes have reduced the likelihood that systemically important financial firms would fail, the report says. 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
06:51 EDTUSBBofA doesn't deserve to be in 'stock market doghouse,' WSJ says
Bank of America (BAC) is currently in the "stock market doghouse," but doesn't deserve to be, David Reilly of the Wall Street Journal's Ahead of the Tape says. The overall beating of U.S. bank stocks has come amid the greater market selloff, reflecting the fact that slowing growth has brought doubt on the Fed's ability to raise rates in March, Reilly says. Since a rate increase is a far-off prospect, investors have little reason to own bank stocks, though Bank of America's valuation assumes "too dire an outcome," the report says. Banks with international outreach, such as Citi (C), are still arguably further behind in post-crisis cleanup, but Bank of America is more focused on the domestic U.S. economy and prices a U.S. recession as a given, not a possibility, the report says. Other large U.S. banks include Wells Fargo (WFC), JPMorgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB), BB&T (BBT), PNC Financial (PNC), and SunTrust (STI). Reference Link
January 31, 2016
12:33 EDTUSBU.S. banks could return 20% or more, Barron's says
The banking sector looks like "one of the best bargains in the market," Barron's contends in a cover story. Names such as Citi (C), JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), BB&T (BBT), PNC Financial (PNC), SunTrust (STI) and U.S. Bancorp (USB) are showing healthy balance sheets and could offer "at least" 20% upside, the publication argues, adding that the industry's exposure to the energy sector "looks manageable" given information offered in recent earnings reports and conference calls. Reference Link

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