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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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September 30, 2014
08:06 EDTUBSUBS settles French tax investigation with $1.4B deposit, Bloomberg says
UBS is positioned to settle a French tax-evasion lawsuit by paying a security deposit worth approximately $1.4B as the company combats the claims and bond demand, according to Bloomberg, citing a person with knowledge of the probe. Reference Link
September 29, 2014
10:46 EDTUBSUBS CFO says new group structure to prompt higher returns, Reuters says
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07:58 EDTWFCWarren calls for hearing on 'disturbing' Fed tapes, Reuters reports
Two members of the the Senate Banking Committee, Democrats Elizabeth Warren and Sherrod Brown, called for an investigation into the issues raised by secretly taped conversations between officials at Goldman Sachs (GS) and supervisors at the New York Federal Reserve, reported Reuters. Other large U.S. banks include Bank of America (BAC), Citigroup (C), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:15 EDTWFCNational Association of Business Economics to hold annual meeting
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06:23 EDTUBSCitigroup, JPMorgan meet with FCA to settle forex rigging probe, WSJ reports
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06:08 EDTUBSUBS launches share-for-share exchange offer to establish group holding company
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September 25, 2014
15:10 EDTWFCHolder resignation as AG positive for banks, says Rafferty Capital
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September 24, 2014
15:04 EDTWFCGoldman, other banks near deal to buy Bloomberg messaging alternative, WSJ says
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05:45 EDTUBSMorgan Stanley downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded its rating on Morgan Stanley (MS) to Neutral saying shares look expensive and that it does not see the bank meeting its 10% return on equity target. JPMorgan sees better value in other investment banks, specifically UBS (UBS), and keeps a $34 price target for Morgan Stanley shares. The stock closed yesterday down 16c to $35.02.
September 23, 2014
08:14 EDTUBSCFA Society of Chicago to hold a meeting
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06:13 EDTWFCWells Fargo Advisers fined $5M by SEC for failing to maintain controls
The Securities and Exchange Commission yesterday charged Wells Fargo Advisors LLC with failing to maintain adequate controls to prevent one of its employees from insider trading based on a customerís nonpublic information. The SEC also charged Wells Fargo for unreasonably delaying its production of documents during the SECís investigation and providing an altered internal document related to a compliance review of the brokerís trading. Wells Fargo, which admits wrongdoing, has agreed to pay a $5M penalty to settle the SECís charges, which are the first-ever against a broker-dealer for failing to protect a customerís material nonpublic information. Reference Link
September 22, 2014
18:20 EDTWFCSEC fines Wells Fargo Advisors $5M for not stopping inside trade, FT reports
The brokerage arm of Wells Fargo (WFC), Wells Fargo Advisors, was fined $5M by the SEC for not stopping an employee from trading on customer information ahead of the 2010 acquisition of Burger King (BKW), sometimes called ďthe sandwich deal," FT reports. Reference Link
09:24 EDTUBSAppeals court upholds UBS must deposit EUR1.1B over tax charges, Reuters says
A French appeals court upheld a prior ruling and ordered UBS to deposit EUR1.1B as a guarantee for the fine the court believes the bank may need to pay if it is found guilty of assisting its wealthy French customers to avoid paying taxes, reported Reuters. Reference Link
09:04 EDTUBSFrench court rules UBS must deposit $1.4B, Bloomberg reports
September 18, 2014
14:08 EDTWFCBanks look to high-interest personal loans to boost revenue, WSJ says
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07:52 EDTUBSUBS Chair says litigation bigger worry than stress test, Bloomberg reports
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06:39 EDTUBSEuropean banks take out EUR83B of loans from central bank, NY Times says
European banks agreed to take out EUR83B in low interest loans from the European Central Bank, as part of a program in which all of the funds must be loaned to businesses or individuals, or repaid to the central bank within two years, according to The New York Times. Several analysts had said that they would be disappointed if banks took out less than EUR100B in loans, but a number of analysts said that a second round of the program, due to occur in December after stress tests have been completed, may be more popular, the newspaper stated. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link
September 17, 2014
13:28 EDTWFCWells Fargo eases lending requirements for buying apartments, Financial Times says
Wells Fargo (WFC) is easing lending requirements for apartment purchases, reports the Financial Times. In an interview, the head of Wells Fargo mortgage production Franklin Codel said, ďWeíre tweaking our condo approvals to make them more consistent with what Fannie Mae (FNMA) and Freddie Mac (FMCC) allow." Reference Link
13:16 EDTWFCHolder says DOJ looking to charge bank executives, Washington Post says
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08:19 EDTWFCNational Press Club holds a luncheon meeting
Wells Fargo & Co. CEO John Stumpf discusses the role of financial services in the real economy at a National Press Club luncheon meeting being held in Washington, D.C. on September 17 at 1 pm. Webcast Link
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