| //08-05-2009 |
First-quarter results from two more European banks showed bad debts soaring in the face of tough economies, as U.S. rivals prepared to raise $75 billion to provide a cushion for the deepest recession in decades.
U.S. regulators told their top 10 banks late on Thursday to raise a total of $74.6 billion, which was less than investors once feared and helped lift European and U.S. bank shares early on Friday.
Yet top European banks continue to show the impact of the looming recession as companies and consumers are increasingly running into trouble.
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| //08-05-2009 |
Wells Fargo & Co. said Friday it is raising $7.5 billion through an offering of 341 million shares at $22 apiece, boosting the amount it previously said it would raise by $1.5 billion.
The announcement comes a day after the U.S. government said the San Francisco bank needs to raise $13.7 billion to cushion it from another potential fall in the economy.
The Federal Reserve's "stress tests" found Wells Fargo among the most in need of extra cash to make sure another leg down wouldn't topple the bank.
The new offering is larger than expected. Wells Fargo said Thursday it would raise only $6 billion by selling new shares.
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| //08-05-2009 |
In recent years, many large-scale banks in Europe, the US and Japan have greatly expanded their assets and deposits by the means of takeover and merger. For example, JP Morgan Chase Bank came to hold the largest volume of deposits in the US by acquiring the largest saving bank Washington Mutual bank, creating the record of 1.0093 trillion US dollars. Compared with it, the growth of ICBC's deposits is mainly endogenous. Hence the fact that ICBC makes No. 1 in deposits becomes even more impressive. Moreover, in the context of the financial crisis, the deposit business has again caught the attention of banks around the world; and a trend to return to traditional banking businesses has reemerged. Against such a background, the performance of ICBC in enlarging deposits must have won prevalent attention both at home and abroad.
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| //30-04-2009 |
Deutsche Bank AG (DB) has hired a managing director in global credit trading for its global markets division from Barclays Capital to take advantage of the opportunities in the sector as the battle for talent in debt trading heats up.
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| //30-04-2009 |
Forget the boardroom drama at Bank of America -- the 'quants' are brewing real trouble at Morgan Stanley.
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| //28-04-2009 |
NEW YORK (MarketWatch) -- Federal regulators in the U.S. have told Bank of America Corp. and Citigroup Inc. that, based on early results of the government's so-called stress tests of lenders, the banks may need to raise more capital, according to a U.S. media report Tuesday.
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| //28-04-2009 |
SHANGHAI (Dow Jones)--Bank of China Ltd. (3988.HK), the country's third-largest lender by assets, Tuesday reported a larger-than-expected 14% drop in first-quarter net profit, on lower interest income and fee income from declining trade financing business.
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| //28-04-2009 |
Bank of Communications Ltd., the Chinese lender part-owned by HSBC Holdings Plc, reported first- quarter profit unexpectedly rose as a jump in fee income countered the effects of the slowing economy.
Net income advanced to 7.94 billion yuan ($1.16 billion) or 0.16 yuan a share, from 7.89 billion yuan, or 0.16 yuan a share, a year earlier, the Shanghai-based company, also known as BoCom, said in a statement. The profit was higher than the 6.5 billion yuan average estimate of five analysts polled by Bloomberg.
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| //24-04-2009 |
Negotiations between the banking industry and Senate Democrats on a mortgage relief plan hit a snag Wednesday after a trade association representing credit unions said it could not endorse the proposal.
Officials said the rebuff by the National Association of Federal Credit Unions was disappointing but not a deal breaker.
Other financial institutions still at the table include the larger Credit Union National Association, as well as bank giants JP Morgan Chase, Bank of America and Wells Fargo. Citigroup Inc. had already endorsed the measure.
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| //24-04-2009 |
WASHINGTON, D.C. -- Last year was a bad one for most banks. The IMF estimates that since the credit crisis began, financial institutions have taken about $1 trillion in write-downs. But lending of last resort is still a winning proposition.
The Federal Reserve released its annual financial statements Thursday, revealing that in 2008 it earned $32 billion, even as it absorbed assets from the collapse of Bear Stearns and AIG ( AIG - news - people ) and launched unprecedented programs to revive the economy, purchasing mortgage-backed securities and creating new lending facilities. Profits from the programs are forked over to the Treasury.
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| //24-04-2009 |
Federal banking regulators plan to announce a new, tougher standard for the capital reserves held by 19 large banks that could force some of those firms to sell ownership stakes to the federal government, according to people familiar with the matter.
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| //24-04-2009 |
The Bank of Canada will not need to take unconventional policy measures unless there is a big shock to the economy, Governor Mark Carney said on Thursday.
"All things being equal, in the absence of any negative shock, major negative shock to the economy, we would not need to put into effect any aspect of this framework that we announced today," Carney said on the Canadian Broadcasting Corp.
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| //23-04-2009 |
Bank of America Corporation today reported first-quarter 2009 net income of $4.2 billion. After preferred dividends, including $402 million paid to the U.S. government, diluted earnings per share were $0.44.
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| //23-04-2009 |
Wells Fargo & Co. (WFC), filling in some gaps left when it pre-announced some quarterly results last week, illustrated just how much its aggressive write downs from the Wachovia Corp. acquisition benefited even its reported level of delinquent loans.
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| //23-04-2009 |
Wells Fargo and Morgan Stanley on Wednesday confirmed the trend seen in the last week: Profits mask growing concerns about whether banks have adequate reserves and capital to weather the downturn.
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| //23-04-2009 |
Morgan Stanley (MS) reported its second-straight quarterly loss and slashed its dividend as the investment bank was sideswiped by real-estate and debt-related write downs.
The investment bank posted $1 billion of net losses on real estate and a $1.5 billion accounting loss on the rising value of its own debt. Those losses wiped out gains from its trading business which benefited from a surge in fixed-income products during the quarter.
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| //17-04-2009 |
The U.S. banking industry is strong enough to weather a deteriorating economy — that's the headline expected from the government when it reveals the results of its bank stress tests in the first week of May.
"We expect the stress test to demonstrate that the 19 banks are all well capitalized even under the stress test's worst-case scenario," says Scott Talbott, senior vice president at the Financial Services Roundtable, which represents the largest financial institutions.
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| //17-04-2009 |
Citigroup, the battered banking giant, announced a first-quarter net profit on Friday after more than a year of staggering losses and three rescues from Washington.
The New York-based bank reported first-quarter net income of $1.6 billion, after posting a loss of $5.11 billion in the period a year earlier. Revenue was $24.8 billion, up 99 percent.
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| //17-04-2009 |
Commercial banks and investment firms borrowed less over the past week from the Federal Reserve's emergency lending program, a hopeful sign some credit stresses are easing a bit.
The Federal Reserve says commercial banks averaged $48.5 billion in daily borrowing over the week that ended Wednesday. That was down from $49.2 billion in average daily borrowing logged over the week ended April 8.
Investment firms drew $12.9 billion over the past week from the Fed program. That was down from an average of $17.6 billion the previous week.
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| //16-04-2009 |
Although profits fell 10% from a year ago, earnings still beat expectations. CEO Jamie Dimon said bank is strong but added that bank may boost credit reserves.
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