The Failure Of The Bank Of American Board To Have A “CEO-In-Waiting”
There has been a great deal of risk that Bank of America’s (NYSE:BAC) Ken Lewis would leave as the firm’s CEO. He was replaced as the company’s chairman. He has been part of a…
Banking, finance, and taxes
All Banking, finance, and taxes Articles
Newest first · Page 222Bankruptcies Skyrocket In September
Personal bankruptcies posted a big increase in September, not a surprise as unemployment races toward 10%. The American Bankruptcy Institute reports that the September 2009 consumer filings total reached 124,790, a 41% increase from…
Why Ken Lewis Didn’t Matter At The End
It was a surprise when Ken Lewis, the CEO of Bank of America (BAC), finally resigned. Neither shame nor pressure could move him out of his corner office. He was replaced as the bank’s…
Ken Lewis To Step Down At Bank Of America (BAC)
CNBC is reporting that Bank of America (BAC) CEO Ken Lewis will step down by the end of the year. There have been a number of reports in the past that he would leave…
24/7 Wall St. TV: The FDIC Is Short $100 Billion
The FDIC has discussed the idea of banks prepaying their risk-based assessments for the last quarter of this year and all of 2010, 2011, and 2012. The move appears desperate because it is. The…
Financial Junk Acting Independently (CIT, FNM, FRE, ABK, AIG, ETFC)
CIT Group, Inc. (NYSE: CIT) is back to looking like its shares the paper they are printed on could be less valuable and less useful than toilet paper. What is surprising is that this…
IMF: Banks Face Another $1.5 Trillion In Writedowns
The IMF issued its Global Financial System report and one of the most critical points of its analysis is that banks face another $1.5 trillion in writedowns. That is on top of the $1.3…
CIT (CIT) For Suckers
Shares of CIT (CIT) rallied 32% to $2.20 after The New York Post reported that hedge-fund operator John Paulson of Paulson & Co. was orchestrating a move to merge CIT Group with the remains…
Europe Banks Face $587 Billion In Credit Losses
Stress tests of the balance sheets of Europe’s twenty-two largest banks shows that they have credit losses that will reach a total of $587 billion between this year and next. The analysis was done…
52-Week High Club (SAN, CEL, TWLL)
Banco Santander Chile (NYSE: SAN) hit a yearly high of $56.51, continuing to rally following the release of positive research on Latin American banks from Barclays. The company has also benefited from positive reception to…
As The World Turns: HSBC CEO To Move To Asia
HSBC (HBC) is the largest bank in Europe, by most measures. Its CEO will be relocating to Hong Kong from London early next year, an indication of the rise of Asia and the fall…
US Large Loan Losses To Hit $53 Billion In 2009
The federal government’s Shared National Credit (SNC) Review for this year found $53 billion in losses on large loans held by U.S. bank organizations, foreign bank organizations, and nonbanks such as securitization pools, hedge…
GHL Acquisition Seals its Deal, Two More SPACs Await Votes this Week
SPACupdate.com monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves. GHL Acquisition Co. (AMEX: GHQ) completed its merger, bringing public satellite operator Iridium Holdings. The company’s…
Citigroup (C) Retreats From Retail Branches
It may be a decade or more from now, but the time will come when there are no bank branches at all. Broadband will be in 90% of American homes. Banking will be done…
52-Week High Club
BlackRock Inc. (NYSE: BLK) hits a yearly high of $220.17 on analyst upgrade from Deutsche Securities. Most other asset managers saw declines today. Greenhill & Co. (NYSE: GHL) hit a yearly high of $87.02…