Banks News Updates
Bank of America Names Joe Price to Stem Consumer-Loan Losses (Bloomberg)
12 January 2010
Jan. 13 (Bloomberg) -- Bank of America Corp. Chief Executive Officer Brian Moynihan named finance chief Joe Price to head consumer banking, the biggest unit at the largest U.S. lender, seeking to curb losses in a $70 billion credit-card portfolio.
Bank of America Sued by SEC Over Disclosure of Merrill Losses (Bloomberg)
12 January 2010
Jan. 13 (Bloomberg) -- Bank of America Corp. failed to disclose billions of dollars in losses at Merrill Lynch & Co. before a shareholder vote to take over the firm in 2008, the U.S. Securities and Exchange Commission claimed in a lawsuit.
Obama to Propose Bank Tax to Recoup Bailout Losses (New York Times)
12 January 2010
The president is expected to announce the bank fee on Thursday. It is intended to be temporary, but would probably last for several years.
BofA moves CFO to retail bank post in reshuffling (Reuters via Yahoo! News)
12 January 2010
Bank of America Corp said on Tuesday it would shift its chief financial officer to a job running its retail operations and seek a replacement CFO, one of several moves by new Chief Executive Brian Moynihan to put his imprint on the bank.
A Deal With Bank of America Is in Their Prayers (New York Times)
12 January 2010
Bank of America is facing the power of prayer over foreclosures. Bank officials will be squaring off on Tuesday night with leaders of several faith-based community organizations that are angry about the bank’s role in the growing number of foreclosures across the country.
SEC bring new charges against Bank of America, seeks penalties (USA Today)
12 January 2010
Federal regulators sued Bank of America on Tuesday, accusing the company of failing to disclose "staggering financial losses" at Merrill Lynch before shareholders approved a combination of the companies.
Bank of America Shuffles Its Top Management (New York Times)
12 January 2010
Bank of America shuffled its top management on Wednesday afternoon, replacing its chief risk officer and starting a search for a new chief financial officer, as Brian T. Moynihan, the new chief executive, moved to put his team in place at the bank.
Sensex down nearly 100 pts @ 13:16 hrs - Sify
12 January 2010
Sensex down nearly 100 pts @ 13:16 hrsSifyRealty, bank and automobile stocks are among the major losers. Metal stocks, after staging a smart recovery earlier in the day, are trading weak now due to ...
FACTBOX-JAL heads for bankruptcy with $16 bln in debt - Reuters
12 January 2010
FACTBOX-JAL heads for bankruptcy with $16 bln in debtReutersJAL received emergency loans from the state-owned Development Bank of Japan in 2001 in the wake of the Sept. 11 terrorist attacks in the United States, ...
Haiti capital hit by big earthquake destroying presidential palace and killing ... - FXstreet.com The Forex Market
12 January 2010
Haiti capital hit by big earthquake destroying presidential palace and killing ...FXstreet.com The Forex MarketPeople's Bank of China continues to rock the boat. Retreating from pivotal resistance at 4.00%, undoing the nonsense done in thin markets over Christmas.
Portuguese economy should grow 0.7 percent this year and 1.4 percent in 2011 - Macauhub
12 January 2010
Portuguese economy should grow 0.7 percent this year and 1.4 percent in 2011MacauhubThe central bank also maintained its forecast in the last bulletin on the economy in 2009, which estimated a 2.7 percent contraction. ...
Fundamental Outlook at 1500 GMT (EDT + 0500) - Fxtraders.eu
12 January 2010
Fundamental Outlook at 1500 GMT (EDT + 0500)Fxtraders.euEuropean Central Bank President Trichet yesterday called on global governments to reduce excessive budget deficits to satisfy investors. ...
Bankers Petroleum achieves record production of 7230 bopd in the fourth ... - Your Oil and Gas News (press release)
12 January 2010
Bankers Petroleum achieves record production of 7230 bopd in the fourth ...Your Oil and Gas News (press release)No funds were drawn from the US$110 million credit facility from the European Bank for Reconstruction and Development and the International Finance ...
Global mkts rattled as China taps brakes on growth - Moneycontrol.com
12 January 2010
Global mkts rattled as China taps brakes on growthMoneycontrol.comThe 50-basis-point rise in the reserve requirement ratio (RRR) announced late on Tuesday is, first and foremost, a tool for the central bank to manage cash ...