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Stock Market & Financial Investment News

News Breaks
January 10, 2014
05:40 EDTC, BAC, WFCBanks make cuts as mortgage refinancing slows, WSJ reports
A sharp slowdown in mortgage refinancing is forcing banks to cut jobs, fight harder for a smaller pool of home-purchase loans and employ new tactics to find business, reports the Wall Street Journal. The drop-off has deprived lenders of a key source of income at a time when the growth in loans for home purchases remains weak.Reference Link
News For WFC;BAC;C From The Last 14 Days
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April 10, 2015
06:35 EDTWFCGE releases financial details of GE Capital assets sale
Approximately $16B of after-tax charges are expected to be recorded in the first quarter of 2015 in connection with the plan – of which about $12B are non-cash. The charges include taxes on repatriated earnings, asset impairments due to shortened hold periods, and charges on businesses held for sale, including goodwill allocation. GE expects that the earnings impact of the GE Capital exits will be offset by the buyback over the exit period. GE has amended its income maintenance agreement to guarantee all tradable senior and subordinated debt securities and all commercial paper issued or guaranteed by GECC. The guarantee will replace the current income maintenance covenant. GE will maintain substantial liquidity and capital through the transition and does not expect to issue incremental GE Capital long-term debt for at least five years. Commercial paper will be further reduced to approximately $5 billion by the end of 2015.
06:34 EDTWFCGeneral Electric to sell most of GE Capital assets for approximately $26.5B
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06:34 EDTWFCBlackstone Mortgage to acquire $4.6B loan portfolio from GE Capital
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06:34 EDTWFCBlackstone Mortgage to acquire $4.6B loan portfolio from GE Capital
06:31 EDTWFCGeneral Electric to sell most of GE Capital assets for approximately $26.5B
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06:21 EDTBACBofA Merrill poaches JP Morgan's Brabazon for M&A group, Reuters reports
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06:11 EDTCCiti's head of franchise risk and strategy to retire, WSJ reports
Citigroup's head of franchise risk and strategy, Brian Leach, will retire as of April 30, The Wall Street Journal reports, citing memos from Leach and Citigroup CEO Michael Corbat. Mark Carawan, the bank's audit head, John Davidson, the bank's compliance head, and Chef Risk Offiver Brad Hu, will now report directly to Corbat. Reference Link
April 9, 2015
19:39 EDTCCiti weighs return to Cuba, Reuters says
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17:08 EDTCCiti head of Franchise Risk and Strategy, Brian Leach, to retire on April 30
Brian Leach, Citi’s Head of Franchise Risk and Strategy, has submitted a notice of retirement to Citi. The effective date of the retirement is April 30.
16:17 EDTWFCOn The Fly: Closing Wrap
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13:38 EDTWFCGE close to selling real estate holdings, WSJ reports
General Electric (GE) is close to selling its real estate holdings to Blackstone (BX) and Wells Fargo (WFC), Wall Street Journal reports, citing people familiar with the matter. The portfolio has $30B in holdings, the Journal adds. Shares of GE moved up 25c to $25.26 following the report. Reference Link
07:35 EDTCFitch Ratings to hold a webcast
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06:57 EDTCCitibank sued by Argentina over deal with creditors, Reuters reports
Citibank Argentina has been sued by Argentina over what it says is an illegal deal with a group of creditors in conflict with the government over unpaid debt, Reuters reports. Citigroup says it is "disappointed" by Argentina's legal actions and has denied violating laws. Reference Link
April 8, 2015
16:01 EDTCActionable Options for Wednesday, April, 8
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10:26 EDTBACBofA Merill Lynch names De Giorgi, Assef as investment banking co-heads, FT says
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April 7, 2015
16:00 EDTCOptions Update; April 7, 2015
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11:02 EDTC, BACAmerican Express slips after analyst, columnist highlight challenges
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07:16 EDTC, BACRising competition may make AmEx targets hard to achieve, WSJ says
Though American Express recently reaffirmed its long-term targets for growing revenue 8% per year or better and earnings per share by 12%-15% per year while increasing operating expenses by less than 3% per year, there are good reasons to be skeptical about its ability to hit those targets, according to The Wall Street Journal's "Heard on the Street" column. Competition from peer Visa (V) as well as big banks such as Citi (C) and Bank of America (BAC) may put pressure on AmEx’s margins and it is not safe to assume that the company will always fare as well on the Fed's stress tests as it just did, the report stated. Reference Link
April 6, 2015
19:33 EDTCRegulators enter headquarters of Citibank Argentina, Reuters says
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12:47 EDTWFCWells Fargo April volatility increases into Q1 and outlook
Wells Fargo April call option implied volatility is at 22, May is at 17, June is at 15; compared to its 26-week average of 17 according to Track Data, suggesting large near term price movement in the expected release of Q1 results on April 14.
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