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Stock Market & Financial Investment News

News Breaks
April 13, 2012
13:07 EDTWFC, UBSWells Fargo hires wealth adviser Halsch from UBS, Reuters reports
Wells Fargo (WFC) has hired veteran UBS Wealth Management Americas (UBS) adviser David Halsch, who will join the firm's Wells Fargo Advisors brokerage unit, Reuters reports. Reference Link
News For WFC;UBS From The Last 14 Days
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March 2, 2015
06:41 EDTWFCWells Fargo to place limit on subprime auto loans, NY Times reports
Wells Fargo has decided to limit the dollar volume of its subprime auto loans to 10% of its overall auto loan originations, bank executives said, according to The New York Times. Reference Link
06:32 EDTUBSLarge EU banks may come under scrutiny for reciprocity, WSJ says
The banking practice of reciprocity -- giving work to competitor banks in order to foster relationships or reward past deals -- may come under investigation by the U.K. Financial Conduct Authority, reports the Wall Street Journal, citing a person familiar with the regulator. The FCA believes the practice may be anticompetitive, but it hasn't yet determined the scope of its investigation into EU banks. Publicly traded companies in the space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
March 1, 2015
13:05 EDTWFCBerkshire's Buffett says 2015 will be 'tough year' for 'Big Four' investments
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February 27, 2015
08:01 EDTWFCWells Fargo fires Ocwen as bond overseer, hires Credit Suisse, Bloomberg says
Wells Fargo (WFC) has issued notices to Ocwen (OCN) terminating it as overseer of debt backing for two bond deals, reports Bloomberg, citing letters sent from Wells Fargo to bondholders. Wells Fargo stated in notices sent to bondholders that a majority of investors felt the move was correct. Wells Fargo plans to transfer responsibility to Credit Suisse (CS). Reference Link
February 26, 2015
15:02 EDTWFCFed extends capital surcharge for SiFi banks comment period to April 3
The Federal Reserve extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies. The Fed extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 2. The proposed rule would establish a methodology to identify whether a firm is a global systemically important banking organization and would also establish the size of a firm's risk-based capital surcharge. The proposal is designed to further strengthen the capital positions of these institutions. Large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
14:01 EDTUBSBarclays to double provision for forex rigging fines, Sky News says
Barclays (BCS), which previously excluded itself from a broader settlement between several banking peers and regulators over alleged manipulation of foreign exchange rates as it worked to secure a binding agreement with all relevant authorities, will more than double its existing provision for forex fines next week, which may indicate that a settlement deal could be announced soon, said Sky News. Barclay took a GBP500M charge during the course of last year in advance of expected forex issue costs, the report noted. Other banks that previously agreed to a settlement included Bank of America (BAC), Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS (RBS) and UBS (UBS). The report indicates that U.S. regulators have stepped up talks with banks including Barclays and the others involved. Reference Link
10:50 EDTWFCNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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10:00 EDTUBSOn The Fly: Analyst Initiation Summary
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07:13 EDTUBSUBS to hold investor trip
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05:32 EDTUBSUBS initiated with an Underperform at Exane BNP Paribas
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February 24, 2015
13:07 EDTUBSEU official: Euro banks shouldn't also go through Fed's stress test, WSJ says
Jonathan Hill, the European Unionís new financial markets chief, told The Wall Street Journal that he does not see a need for the U.S. to give stress tests to European banks that have already received health checks in Europe. Hill says banks across Europe are "properly and sensibly capitalized." The WSJ reported last week that the U.S. units of two European banks, Deutsche Bank (DB) and Banco Santander (SAN), are set to fail the Federal Reserve's stress tests, though they passed ECB stress tests last year. Reference Link
07:21 EDTUBSSecurities Industry & Financial Markets Association to hold a conference
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07:12 EDTWFCWells Fargo to hold a conference
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06:15 EDTUBSBanks probed for possible rigging of precious metals markets, WSJ reports
Officials in the U.S. are investigating at least 10 major banks for potential rigging of precious-metals markets, sources tell The Wall Street Journal. The DOJ's antitrust unit are investigating the price-setting process for gold, silver, palladium and platinum in London, while the CFTC has begun a civil investigation, with both agencies making requests for information, including a subpoena to HSBC (HSBC) from the CFTC. According to a source, Credit Suisse (CS), JP Morgan (JPM), UBS (UBS), Societe Generale (SCGLY), Bank of Nova Scotia (BNS), Barclays (BCS), Goldman Sachs (GS) and Deutsche Bank (DB) are also under investigation. Reference Link
February 19, 2015
14:21 EDTUBSS&P reportedly says Greece contagion not a major risk, Reuters reports
The risk of contagion spreading from Greece to other European countries is not that large, a German newspaper quoted S&P's chief sovereign ratings officer as saying, according to Reuters. The euro zone would be able to handle an exit of the bloc by Greece, the ratings officer was quoted as saying, Reuters reported. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
06:47 EDTWFCReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. 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
06:04 EDTUBSFCA to investigate investment and corporate banking
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February 18, 2015
07:21 EDTWFCJPMorgan, Citi top government report of riskiest banks, Reuters reports
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February 17, 2015
07:30 EDTUBSFrance requests testimony of UBS U.S. whistleblower, WSJ says
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06:39 EDTUBSBanks settle claims related to mortgage securities, Reuters says
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