Treasury Secretary Geithner Expects More TARP Repayments Coming
As far as the federal government is concerned, propping up the country's big banks deemed "too big to fail" during the height of the financial crisis was a step in the right direction, one that has averted a more severe economic disaster
JP Morgan Chase Offers Trans-Atlantic Banking with SEPA Direct Debit
The European banking world was brought a little closer today with Chase's announcement of its expected launch of SEPA Direct Deposit (SDD) on November 2nd of this year.
Banks Brace of Billions in Credit Card Losses
Predicting how many Americans will have problems in paying their credit card bills used to be easy. The banks simply look at the unemployment rate to gauge the level of risk they need to face in the near future. This isn’t accurate anymore. Previously, job loss meant inability to pay. Nowadays, losses are outpacing the unemployment rate.
Better-than-Expected Q1 Results: Chase Profits $2.14B, Citigroup Posts Lowest Loss Since 2007
In what is turning out to be a surprising yet extremely welcome trend in the banking industry, two of the country's biggest banks which have recently released their first quarter results, have also performed better than financial experts' expectations.
Balance Transfer Fees: Should You Expect to Pay More?
Traditionally, the defaults on credit card debts rise or fall with the unemployment rate. With the unemployment now at 8.5 percent, the highest in more than two decades, credit card companies are suffering from a surge in defaults. Bank of America, for example, has $182 billion in credit card loans as of December 31, 2008. From this figure, the bank had to write off $11.4 worth of balances.
Goldman Sachs Posts $1.81 Billion First Quarter Gains, Looks to Repay Government Debt
New York-based banking giant Goldman Sachs announced Monday that it earned $1.81 billion in net profit for the first quarter of this year. This translates to earnings per share of $3.39, far exceeding analysts' forecast of $1.33 per share. Aside from its impressive first quarter gains, the bank also said that it plans to raise $5 billion by putting common stock on the market to pay off the $10 billion government bailout fund it received.
Wells Fargo Reveals $3 Billion 1st Quarter Profit, Stocks Surge
In a welcome yet entirely surprising turn of events, banking giant Wells Fargo, announced Thursday that it posted a record $3 billion profit for the first quarter of the year, further fueling hopes that perhaps, the end of the recession may indeed be in sight. Official bank reports for the first quarter are not expected until the next week or two, but the sneak peak into Wells Fargo’s profitability which blew way past analysts’ expectations has taken both the financial community and the market completely by storm.
Image-scanning, Envelope-free ATMs Provide Unparalleled Banking Convenience
It was in 2002 when Wells Fargo Banks rolled out the first models of image-scanning, envelope-free ATMs. For Bank of America, 2006 was when it started to offer this service. JP Morgan Chase is also currently in the process of installing these cutting-edge technology ATMs, as are some smaller banks such as the Westbound Bank, an 18-month old Houston-based bank.
JP Morgan Chase Expands on Its Loans
During the first week of October 2008, JP Morgan Chase, one of the oldest and biggest New York financial institutions, became the latest major banking institutions to expand on its loan modification program in the hope of helping their borrowers avoid foreclosure. To understand how JP Morgan Chase became riddled with troubled mortgage loans despite its reputation as an investment company, it is important to look back on its recent history and acquisitions.
Goldman Sachs and Morgan Stanley: Shifting Gears
The high-paying, king-making Wall Street that everyone was once in awe of practically vanished after JP Morgan's purchase of Bear Stearns in March, Lehman Brothers' closure in September, and Bank of America’s acquisition of Merrill Lynch that same time. When the dust had settled, only two were left standing: Goldman Sachs and Morgan Stanley.
Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
U.S. Bank Acquires FBOP Corporation’s 9 Failed Banking Subsidiaries
First Premier Bank Offer Credit Card with 79.9% APR…Wait, What?
Assessing the Impact of the FDIC’s Temporary Liquidity Guarantee Program
FDIC Chairman Shelia Bair on The State of American Banking – Summary and Analysis
ING Direct Black Friday Special: Save ‘Til You Drop
Savers Left With Fewer Options as Hudson City Savings Lowers Top CD Rates
Wells Fargo Settles $1.4 Billion Lawsuit Regarding Auction-Rate Securities
‘Too Big To Fail’ Firms May Be Broken Down To Smaller Size
TD Bank In the Holiday Spirit With Million Dollar Givaway
