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E*Trade Fired 40 Employees This Week Amid Cost Cuts — Sources

February 14, 2013 By Leave a Comment
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E*Trade fires 240 employees to give brokerage clients better prices on trades,etc to retain and grow core its business. The company is still dealing with a mortgage portfolio from 2007 that is still impacting the company with losses and viability to find any company to buy or merge with E*Trade. http://www.nasdaq.com/article/etrade-fired-40-employees-this-week-amid-cost-cuts----sources-20130207-01741#.URyCJii9Kc0 E*Trade Fired 40 Employees This Week Amid Cost Cuts -- Sources E*Trade Financial Corp. ( ETFC ) fired at least 40 employees this week and 200 over the past 90 days, with Chief Operating Officer Gregory Framke and two high-ranking trading executives among those departing the company, according to people familiar with the personnel moves. This week's departures come just over two weeks after new Chief Executive Paul Idzik joined the company, E*Trade's seventh CEO, counting interim heads, since late 2007. Mr. Idzik, a former Barclays PLC (BCS, BARC.LN) COO, started his … [Read more...]

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Yahoo Fantasy Finance and Federal Reserve Bank similar

March 17, 2012 By Leave a Comment
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Early Saturday morning, I am online playing Yahoo Fantasy Finance. I make the best investment decisions when using fake money, and I am in the top 4% ranking of all players for the week and top 10% since inception. My portfolio is up 10%, and I am gaining respect. The Finance Fantasy is a little intoxicating to have zero risks and still be a winner. The Federal Reserve operates under a similar structure of zero risk and still a winner. In this comparison, Federal Reserve employee ( with access) clicks twice to create play money from thin air. The employee is able to facilitate the disbursement to the appropriate party. The employee is holding an important role, and  the employee does his job well. The employee gains respect for success among his colleagues and outside the Federal Reserve.  The recognition  and importance is intoxicating. The employee has zero risk to personal fortunes in the risk taking in performing his job. Zero risk is using the play money of the Federal … [Read more...]

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JP Morgan’s announcement boost bank stocks

March 14, 2012 By Leave a Comment

JP Morgan Chase (NYSE: JPM) made the last hour of trading even hotter with the bank's dividend and buyback announcement. The Federal Reserve gave the US largest bank by assets the blessing to raise the dividend on the bank's stock by a nickel to 30 cents a share and allowing a plan buyback of $15 billion of its stock. This announcement was just before the Federal Reserve Bank's Stress Test release by the Federal Reserve Bank on 19 banking institutions, and the performance results were made public after the 4pm market close. The blessing by Federal Reserve was more good news for the markets as the Dow surged 218 points, and the NASDAQ closed above 3000. JP Morgan did lead the industry in announcing the increase on dividends paid to its shareholders.JP Morgan Chase was up 7% to 43.39 at close of business today.... However, many banks and financials were a benefactor on JP Morgan’s announcement late Tuesday. The following DC banking/financial institutions did see significant … [Read more...]

Filed Under: Examiner.com- DC Consumer and Banking Examiner Tagged With: , , , , , , , , ,

Foreclosure Resource via Federal Reserve

March 14, 2012 By 1 Comment
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Background The Federal Reserve Board issued enforcement actions against four large mortgage servicers --GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, and EMC Mortgage Corporation--in April 2011. Under those actions, the four servicers were required to retain independent consultants to review foreclosures that were initiated, pending, or completed during 2009 or 2010. The review is intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process. The servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes. If you had a mortgage loan on your primary residence and believe you were financially harmed during the mortgage foreclosure process by any of the four servicers in 2009 or 2010, you can request an independent review and potentially receive compensation. The four servicers … [Read more...]

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JP Morgan is Tuesday’s winner of Fed’s stress test

March 13, 2012 By Leave a Comment
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JP Morgan Chase (NYSE: JPM) made the last hour of trading even hotter with the bank's dividend and buyback announcement. The Federal Reserve gave the US largest bank by assets the blessing to raise the dividend on the bank's stock by a nickel to 30 cents a share and allowing a plan buyback of $15 billion of its stock. This announcement was just before the Federal Reserve Bank's Stress Test release by the Federal Reserve Bank on 19 banking institutions, and the performance results were made public after the 4pm market close. The blessing by Federal Reserve was more good news for the markets as the Dow surged 218 points, and the NASDAQ closed above 3000. JP Morgan did lead the industry in announcing the increase on dividends paid to its shareholders.JP Morgan Chase was up 7% to 43.39 at close of business today.... However, many banks and financials were a benefactor on JP Morgan’s announcement late Tuesday. The following DC banking/financial institutions did see significant gains in … [Read more...]

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Citigroup, SunTrust, and Ally Bank fail Federal Reserve’s stress test criteria

March 13, 2012 By 4 Comments
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Citigroup(C), SunTrust (STI), and Ally Bank did fail the minimum tier one capital ratios of 5% under the Federal Reserve Bank's Stress Tests.  The projection was Citigroup to be a winner in the latest round of stress, but 19 institutions were subject to the Fed's Stress Test. Citigroup tier one capital ratio was calculated at 4.9% or under the minimum 5.0%. The capital ratios of all 19 institutions are included below with a link to the Federal Reserve's press release. Citigroup (C) stock was off almost 4% in after hours trading. Dow Jones 13,177.68 1.68% S&P 500 1,395.95 1.81% Financial 2.99% C 36.45 6.30% Citigroup Inc. (NYSE:C) 36.45 Citigroup Inc. (NYSE:C) +2.16 (6.30%) After Hours: 35.01 -1.44 (-3.95%) Mar 13, 5:36PM EDT   NYSE real-time data - Disclaimer Currency in USD 1ST Number Minimum stressed ratios assuming no capital actions after Q1 … [Read more...]

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Loan growth pushes up earnings at SunTrust and BB&T

January 20, 2012 By Leave a Comment
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Two supra-regional banks in the DC market did release fourth quarter earnings. SunTrust and BB&T both did report stronger profits in the fourth quarter, and both banks did state that an improvement in credit quality including a reduction in net-charge offs and non-performing loans did accompany a better earnings performance. SunTrust did report a profit of $152 million up from $114 million a year earlier, and BB&T $391 million up from $208 million or an 88% increase over fourth quarter 2010. An improvement in credit quality is only a part of the equation to stronger profits at both institutions, loan growth especially commercial or business lending did support stronger fourth quarter results. BB&T saw loan growth at an annualized rate of 7%, and SunTrust did attribute commercial lending growth as a contributor to fourth quarter results. The return of banking institutions to lending is a positive sign for the marketplace and the overall economy. Outside the DC … [Read more...]

Filed Under: Examiner.com- DC Consumer and Banking Examiner, Uncategorized Tagged With: , , , , , , ,

Earnings: Bank of America, Wells Fargo surges, Citigroup & M&T see declines

January 18, 2012 By 3 Comments

Bank earnings are mixed among some of DC's largest players in the market. The surprise earnings are from two of the big four national bank players as 4th Quarter earnings for both Bank of America and Wells Fargo were higher than analysts expectations.  The common theme among the larger bank players except for M&T Bank bank were the poor performance of investment trading weighing on banks' earnings for 4th quarter or the October - December reporting  period for 2011.  The micro examination of Bank of America, Wells Fargo, Citigroup, and M&T provide four different banking institutions with not much commonality into the direction of the industry's performance or the overall measurement of health of the entire financial services industry. The following insights are a review of each bank's overall performance for the 4th quarter. Bank of America-  Earnings were reported for the 4th quarter at  net profit of 1.58 billion up from the net loss of one year earlier 1.57 billion … [Read more...]

Filed Under: Examiner.com- DC Consumer and Banking Examiner Tagged With: , , , , , , , , , , ,

Bank of America: The trifecta of uncertainty in 2012

January 9, 2012 By 3 Comments
Media.al.com

The calendar year is now January 2012, and the new year brings opportunities for opportunities of the new year and reflection of the previous year, and Bank of America is an organization where reflections of 2011 and projections of 2012 have been in progress where before the stroke of midnight on New Year's. Bank of America is an entity that could probably declare 2011 a fundamental disaster and nightmare in every sense of the word as described in a recent article on The Motley Fool.  Bank of America would be an organization in the matters  of logic and rationale to welcome the New Year 2012 to leave behind the old and welcome the start of a new. The operative word is new, and Bank of America is the full embodiment of "Same Script, Different Cast"  where the old script is still in play but different  characters to play the parts. Bank of America continues to deepen the agony of the organization in the pre-crisis script of 2008 in a post crisis world and economy. The new year … [Read more...]

Filed Under: Examiner.com- DC Consumer and Banking Examiner, Uncategorized Tagged With: , , , , , , , , , , , , ,

Bank of America: Trifecta threat to bank in 2012

January 9, 2012 By 4 Comments
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Bank of America begins 2012 with multiple challenges, but the insurmountable threat may not be from a frustrated consumer who can use the power of the wallet to damage the banking giant. Bank of America is facing a triple threat in 2012 with each issue racing to a swift conclusion in the next twelve months. The time is nigh for Bank of America to address this triple threat. Bank of America will see 2012 as the year of the triple threat or the “Trifecta”. Please reference Bank of America: Trifecta threat looms for bank in 2012 on the Examiner.com/Consumer and Banking by 11am on 01/09/2012 for full story content and details. Definition of TRIFECTACourtesy of Merriam-Webster.com: a variation of the perfecta in which a bettor wins by selecting the first three finishers of a race in the correct order of finish: triple 1b trifecta : a platinum record, hit TV series, and an Oscar>Examples of TRIFECTA <that summertime trifecta for meteorologically induced misery: hazy, hot, … [Read more...]

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