IBTimes.com : Companies - Finance

The Pain In Spain: Bankia Bailout, 5 Credit-Rating Downgrades

Fri, 25 May 2012 23:30:19 EDT

Spain's Bankia S.A. requested the country's government provide it with a bailout worth €19 billion ($24 billion) on Friday, the same day Standard & Poor's Ratings Services said it lowered its ratings on five financial institutions based in the Iberian nation.

Three Big Spanish Banks Cut To Junk By S&P

Fri, 25 May 2012 14:26:44 EDT

Standard & Poor's Ratings Services cut the credit ratings of three Spain-based financial institutions to junk status, the agency said Friday.

Facebook Shares Drop Again On New Probes Despite Morgan Stanley Investor Pledges

Fri, 25 May 2012 11:19:16 EDT

Shares of Facebook (Nasdaq: FB), the No. 1 social network, fell 3.4 percent again Friday, a week after their disastrous debut in their initial public offering.

Facebook Shares Fall In Early Trading

Fri, 25 May 2012 09:22:37 EDT

Shares of Facebook (Nasdaq: FB), the No. 1 social network, fell in early activity Friday, a week after their disastrous debut in their initial public offering.

Spain's Bankia Suspends Shares On Bailout Rumors

Fri, 25 May 2012 07:44:53 EDT

Bankia, Spain's fourth largest bank, reportedly asked for the suspension ahead of a board meeting on Friday afternoon aimed at redrawing its accounts for 2011 and submitting a plan to bolster its finances.

Facebook, ‘Titanic' Of IPOs, Could Poison Tech Company Pipeline

Fri, 25 May 2012 05:49:51 EDT

Faced with the disastrous fallout from the initial public offering of Facebook (Nasdaq: FB), the No. 1 social network, other technology companies that had been waiting to go next may reconsider.

SEC Reported Not Charging Lehman; Schapiro Statement Disputed

Thu, 24 May 2012 18:38:23 EDT

The staff of the U.S. Securities and Exchange Commission has concluded its investigation into Lehman Brothers Holdings and will not likely recommend charges, according to the excerpt of a memo.

Facebook Market Makers Losing At Least $100 Million

Thu, 24 May 2012 18:28:02 EDT

Claims by four of Wall Street's main market makers against Nasdaq over Facebook's botched IPO are likely to exceed $100 million, as they and other traders continue to deal with thousands of problems with customer orders.

Is Germany Next? Investors Flee Madrid's CDS For Berlin

Thu, 24 May 2012 16:37:06 EDT

Investors are increasingly making a "flight to quality" as they pull out of credit-default swaps hedges on Europe's primary index as well as the markets for periphery nations like Spain, a trend which indicates higher expectations that periphery nations are unable to repay their debts and a lack of confidence in the political will of the economic union.

President Of Vatican Bank Forced To Resign

Thu, 24 May 2012 14:02:51 EDT

A source in the bank did not provide the reasons behind the dismissal.

How Much Did Facebook’s Bankers Rake In For The Mega-IPO?

Thu, 24 May 2012 11:41:29 EDT

Facebook (Nasdaq: FB), the No. 1 social network, didn’t just set records for enriching inside investors like CEO Mark Zuckerberg, COO Sheryl Sandberg, Accel Partners and Digital Sky Technologies. Underwriters fared very well.

Judge Tosses Part Of AIG Suit Against Bank Of America

Thu, 24 May 2012 11:36:40 EDT

American International Group Inc. (NYSE: AIG) was partially rebuffed in its effort to get $10 billion out of Bank of America Corp. (NYSE: BAC) Wednesday, as a Los Angeles U.S. district judge dismissed some of the New York re-insurer's claims in its securities lawsuit against the giant Charlotte, North Carolina- bank.

EU Court Rejects MasterCard Claim That Fees Benefit Cardholders

Thu, 24 May 2012 11:00:00 EDT

MasterCard Inc. (NYSE: MA) said Thursday it will appeal a decision by Europe's second-highest court rejecting the credit card company's argument against an EU ban on cross-border card fees, Reuters reported.

Euro Drops As Leaders Meet; France, Germany Split

Wed, 23 May 2012 20:21:01 EDT

As European leaders struggled to hold the euro zone together at a nighttime summit in Brussels, a widening gap emerged between Germany and France, which are now under new management.

First Wiretap Played At Gupta's Insider Trading Trial

Wed, 23 May 2012 18:49:03 EDT

A New York jury on Wednesday heard former Goldman director Rajat Gupta on a FBI wiretap casually discussing business with Raj Rajaratnam, the now-imprisoned hedge fund founder he is accused of tipping off about boardroom secrets.

JPMorgan Losses Give Boost To US Sen. Sanders' Bank Bill

Wed, 23 May 2012 12:04:13 EDT

The recent multibillion-dollar trading loss suffered by JPMorgan Chase & Co. (NYSE: JPM), the country's largest bank by assets, has strengthened the case against letting bank executives serve as directors of Federal Reserve regional banks and thus regulating themselves, policy makers say.

Revenue Pressures Cause Aussie Banks to Lower Lending Standards for Home Loans

Tue, 22 May 2012 23:20:22 EDT

Credit Suisse, in a new report released on Wednesday, warned Australian banks not to lower their lending standards for home loans to make up for the flat growth of lending across the banking industry,.

NAB Blames Battle for Deposits for High Mortgage Interest Rates

Tue, 22 May 2012 21:18:01 EDT

National Australia Bank (NAB) Chief Executive Cameron Clyne blamed on Wednesday the battle for deposits among Australian lenders for the high mortgage interest rates in the country. In effect, he belied claims by the other banks that the European crisis, which caused wholesale funding cost to rise, is the culprit.

Accor Sells Motel 6 To Blackstone For $1.9 Billion

Tue, 22 May 2012 09:56:57 EDT

French hotel giant Accor SA (Paris: AC) said Tuesday it will sell the underperforming Motel 6 U.S. budget hotel chain to asset manager Blackstone Group LP for $1.9 billion, as part of an effort to cut debt and shift focus from the U.S. to fast-growing emerging markets.

Flurry Of Arguments Start Gupta's Insider Trading Trial

Mon, 21 May 2012 19:14:03 EDT

Former Goldman Sachs director Rajat Gupta "threw away his duties" by divulging bank secrets to hedge fund manager Raj Rajaratnam, a U.S. prosecutor said at the start of Gupta's insider-trading trial on Monday.

Nasdaq To Change IPO Procedures Following Facebook Glitches

Mon, 21 May 2012 15:25:10 EDT

Nasdaq OMX Group Inc. (Nasdaq: NDAQ) will change its initial public offering trading procedures as a result of glitches and delays which occurred during Friday's Facebook (Nasdaq: FB) IPO, mistakes for which the exchange operator hopes to pay $13 million to burned investors, sources reported Monday.

JPMorgan Cancels Share Buybacks Amid Regulator Heat

Mon, 21 May 2012 12:00:48 EDT

JPMorgan Chase & Co. (NYSE: JPM) suspended its share-buyback program on Monday, a move CEO Jamie Dimon said was intended to preserve capital.

JPMorgan Suspends Buybacks, Maintains Dividend

Mon, 21 May 2012 11:40:38 EDT

JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Monday that the bank had suspended repurchases of its stock, but is maintaining its dividend, while working down losing trades in credit derivatives.

Barclays To Sell Entire Stake In BlackRock For $6.1 Billion

Mon, 21 May 2012 10:55:15 EDT

Barclays PLC, the UK's second-largest bank by asset, said Monday it plans to sell its entire $6.1 billion stake in U.S. asset manager BlackRock Inc., as the tougher global regulatory environment has made such holding less attractive.

JPMorgan Chase's $2B Bug: How Lyme Disease Sickened The Banking Industry Titan

Sun, 20 May 2012 20:34:05 EDT

Two extensive media reports trace the deterioration of JPMorgan Chase & Co.'s once-disciplined corporate culture and its aftermath. They lay bare a top-down hierarchy characterized by misplaced trust and growing hubris that fueled a power struggle during a leadership vacuum.

Nasdaq Admits Design Flaws Led To Glitches In Facebook Trading

Sun, 20 May 2012 19:46:53 EDT

Nasdaq is "humbly embarrassed" by the technical issues that plagued trading in shares of Facebook Inc. (Nasdaq: FB) on Friday, Robert Greifeld, CEO of Nasdaq OMX Group Inc. (Nasdaq: NDAQ), told reporters on a conference call on Sunday.

Technology Focus: Facebook’s IPO Boosts Its Cash – Now What?

Sun, 20 May 2012 09:54:32 EDT

One value of going public for any company is to raise cash as well as mint new shares for acquisitions. Facebook (Nasdaq: FB)’s $16 billion initial public offering was no exception.

Facebook’s Beneficiaries: Bono, Li, Zynga And LinkedIn CEOs

Fri, 18 May 2012 12:23:54 EDT

It’s not just Mark Zuckerberg whose shares of Facebook (Nasdaq: FB), the No. 1 social network, became more valuable on Friday. U2's Bono is also smiling.

Spanish Banks Downgraded By Moody's In Latest Euro Crisis Tremor

Thu, 17 May 2012 18:46:32 EDT

Rating agency Moody's Investors Services sent yet another shockwave down the spine of the European financial industry on Thursday afternoon, downgrading 16 Spanish banks after equity markets had closed in New York.

JPMorgan's Dimon Says He'll Testify Before Congress

Thu, 17 May 2012 17:49:03 EDT

JPMorgan Chase & Co Chief Executive Jamie Dimon has agreed to testify before Congress over the bank's recent trading losses, which have ignited a political debate over whether large U.S. banks need to be reined in by regulators or new laws.

Moody's Downgrades 16 Spanish Banks

Thu, 17 May 2012 16:42:58 EDT

Moody's has downgraded 16 Spanish banks, Bloomberg News reported Thursday.

Facebook Prices IPO Shares At $38; Values Company At Record $104 Billion

Thu, 17 May 2012 16:20:51 EDT

Facebook (Nasdaq: FB), the No. 1 social network, raised $16 billion in its initial public offering, the biggest in Internet history, valuing its shares at $38.

US Senate Banking Committee To Ask Dimon To Testify

Thu, 17 May 2012 15:51:20 EDT

JPMorgan Chase & Co Chief Executive Jamie Dimon will be invited to testify before Congress over the recent trading losses announced by the bank, U.S. Senate Banking Committee Chairman Tim Johnson said in a statement on Thursday.

ECB To Greek Banks: You're On Your Own, For Now

Thu, 17 May 2012 11:44:13 EDT

The European Central Bank in Frankfurt said Wednesday it is temporarily cutting off liquidity to Greek banks that are inadequately capitalized, pushing the onus of emergency assistance on the Greek central bank.

JPMorgan's 'London Whale' To Be Gone By Year-End: Report

Wed, 16 May 2012 17:29:18 EDT

Bruno Iksil, the trader behind the $2-billion-and-counting loss at New York-based banking giant JPMorgan Chase and Co. (NYSE: JPM) that has been the talk of New York and Washington for the past few days, will be leaving the bank within the year, the New York Times' Dealbook blog reported Wednesday.

JPMorgan Slapped With Shareholder Suits Over $2B Trading Loss

Wed, 16 May 2012 17:25:59 EDT

JPMorgan's $2 billion trading loss makes the financial giant an easy target for shareholder lawsuits.

Global Losses From Greek Euro Zone Exit Could Reach €1 Trillion

Wed, 16 May 2012 15:56:57 EDT

The financial markets appear to have already priced in Greece’s departure from the euro bloc.

Facebook IPO: Why Did Underwriters Boost Its Value?

Wed, 16 May 2012 15:24:39 EDT

A day before Facebook (Nasdaq: FB), the No. 1 social network holds its initial public offering, its 33 underwriters boosted the number of shares for sale by 25 percent, potentially valuing the deal as high as $19 billion.

JPMorgan Faces FBI Investigation over 'London Whale's' Trading Loss

Wed, 16 May 2012 04:32:22 EDT

FBI and the US Justice Department are launching a criminal inquiry into trading practices of JPMorgan following its revelation of $2bn (£1.2bn) loss.

IMF Conducts Stress Test on Big 4

Wed, 16 May 2012 00:33:54 EDT

Officials of the International Monetary Fund (IMF) are in Sydney to conduct stress test on ANZ, Commonwealth Bank, National Australia Bank and Westpac.

China is ANZ's New Target with $300M to Invest

Tue, 15 May 2012 23:09:26 EDT

Australia's fourth largest bank, ANZ, said on Wednesday that it would invest million more on its China expansion venture. In 2010, ANZ initially invested $395 million which resulted in the opening of six branches in Beijing, Shanghai, Chongquing and Guangzhou.

FBI Investigating JPMorgan Chase: Report

Tue, 15 May 2012 15:47:08 EDT

The U.S. Justice Department has launched an investigation of a huge trading loss incurred by JPMorgan Chase & Co. (NYSE: JPM), the Wall Street Journal said on Tuesday.

FBI Launches Investigation Of JPMorgan Trading Losses

Tue, 15 May 2012 14:54:57 EDT

The FBI has opened a probe into trading losses at JPMorgan Chase & Co, stepping up the pressure on the bank after the U.S. Securities and Exchange Commission and the Federal Reserve said they were also looking into the wrong-way bets that led to the losses.

JPMorgan Shareholders' Meeting Ends With A Whimper As Reform Proposals Are Rejected

Tue, 15 May 2012 13:28:58 EDT

The annual shareholder's meeting Tuesday of JPMorgan Chase & Co. (NYSE: JPM), widely expected to feature fiery denunciations of leaders at the nation's biggest bank, could hardly have been quieter or more management-friendly.

JPMorgan Loss 'The Reason We Passed Wall Street Reform': Obama

Tue, 15 May 2012 12:49:15 EDT

During a Tuesday morning appearance on the talk show "The View," President Obama attributed JPMorgan's $2 billion trading loss to a lack of financial regulation.

Another Rate Cut from RBA?

Mon, 14 May 2012 21:41:08 EDT

Many analysts and economists believe that the Reserve Bank of Australia (RBA) would likely not cut the overnight cash rate in the near future because of the release last week of the unemployment data which surprisingly went down to 4.9 per cent in April instead of the expected 5.3 per cent.

Court Refuses To Delay BofA-Merrill Lynch Settlement

Mon, 14 May 2012 21:21:02 EDT

A federal judge in New York on Monday refused to delay the approval process for a controversial $20 million settlement between Bank of America Corp directors and shareholders who accused the bank of overpaying for Merrill Lynch & Co.

JPMorgan Board Stands By Dimon; Fed Joins Probe Of Loss

Mon, 14 May 2012 20:00:03 EDT

As the leader of JPMorgan Chase & Co's hedging unit quit after trading losses that could end up exceeding $3 billion, the board seemed to be rallying behind CEO Jamie Dimon before the huge bank's annual shareholder meeting Tuesday.

Europe Uneasiness Endures, China Frees Up Cash: Daily Markets Wrap

Mon, 14 May 2012 16:15:35 EDT

Political discord in Greece, voters punishing German Chancellor Angela Merkel's Christian Democrats, lower euro zone manufacturing output and China freeing up cash for lending all contributed to a global stocks slide as investors pursued the safe havens of government debt and the dollar.

Bank Stocks Hit By Panic Selling On Greece Crisis, JPMorgan Losses

Mon, 14 May 2012 15:44:47 EDT

Global bank stocks fell Monday as investors panicked that a weekend electoral impasse in Greece might be a prelude to that country to leave the 17-member euro zone.