IBTimes.com : Companies - Finance

Top Goldman Sachs Dealmaker to Retire

Mon, 13 Feb 2012 22:00:12 EST

Goldman Sachs Group said on Monday that George Mattson, a co-head of the firm's global industrials group, will retire after an 18-year career at the investment bank.

RBA: Banks Lift Mortgage Rates Due to Higher Funding Costs

Mon, 13 Feb 2012 21:41:36 EST

Rising funding costs prompted major Australian banks to lift their mortgage rates despite the freeze on cash rate imposed last week by the Reserve Bank of Australia (RBA).

NAB, Commonwealth Also Raise Interest Rates

Mon, 13 Feb 2012 20:55:47 EST

National Australia Bank (NAB) and Commonwealth Bank on Monday joined ANZ Bank and Westpac in raising their interest rates. That means the big four had decided to be independent of the Reserve Bank of Australia's (RBA) overnight cash rate decisions.

Moody's Downgrades Italy and Spain, Warns UK and France

Mon, 13 Feb 2012 20:39:25 EST

Rating agency Moody's warned on Monday it may cut the triple-A ratings of France, the United Kingdom and Austria, while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta.

Biggest Winner of MF Global Accounts Expands More

Mon, 13 Feb 2012 18:42:04 EST

Independent Chicago broker R.J. O'Brien, which got more former accounts from bankrupt rival MF Global than any other merchant, built on that success in December, while other brokers lost some of that extra business, data showed on Monday.

Australian Stock Market Leads - 02/14/2012

Mon, 13 Feb 2012 18:20:00 EST

The Australian stock market is seen heading for a slow but steady start on Tuesday with the positive global markets performance extending limited gains on commodities and other risk-related assets.

Global Markets Overview 02/14/2012

Mon, 13 Feb 2012 17:41:05 EST

Stocks added to gains and hit session highs in afternoon trading, buoyed by the adoption of austerity measures by Greece's Parliament. The Dow Jones Industrial Average was recently ahead 82 points, or 0.6%, at 12884. The Standard & Poor's 500-stock index advanced 10 points, or 0.8%, to 1353, and the Nasdaq Composite gained 29 points, or 1%, to 2933.

Fitch and S&P Downgrade Spanish Banks

Mon, 13 Feb 2012 16:35:07 EST

Ratings agencies Fitch lowered its ratings on four big Spanish banks while Standard & Poor's cut its rating for the industry as a whole on Monday following recent sovereign downgrades and on concerns of funding difficulties and a weak economy.

Credit Card Rewards Grow as Debit Rewards Dwindle

Mon, 13 Feb 2012 12:15:44 EST

Nearly half of cash-back cards, or 48 percent, paid 1 percent cash back from the first dollar of spending, up 44 percent last year, according to a credit card study conducted by Bankrate.com. Fourteen percent of cash-back cards paid more than 1 percent.

UK Will Dodge Recession and Economy will Start to Grow: CBI

Mon, 13 Feb 2012 00:08:25 EST

Confederation of British Industry predicts Britain will avoid recession and see growth in second half of 2012.

ANZ Bank Cuts 1,000 Permanent Jobs in Australia

Sun, 12 Feb 2012 22:56:10 EST

More Australians are expected to be disappointed if not angry at ANZ Bank. The bank announced on Monday a cut - not in interest rates, but in jobs

Prudential Hires Merrill Lynch to Advise on ING Asia Bid: Report

Sun, 12 Feb 2012 20:28:09 EST

U.S. Prudential , the No.2 U.S. life insurer, has hired Bank of America Merrill Lynch , to advise on its possible bid for ING's Asian insurance operations, a South Korean media report said on Monday.

China Tells Banks to Roll Over Local Government Loans: FT

Sun, 12 Feb 2012 20:14:07 EST

China has instructed its banks to embark on a huge roll-over of loans to local governments, the Financial Times reported, aiming to give itself more time to deal with a debt hangover from the global financial crisis.

Commonwealth, NAB to Launch Review of Interest Rates

Sun, 12 Feb 2012 19:59:36 EST

The big four are apparently determined to veer away from the Reserve Bank of Australia's (RBA) overnight cash rate policy. The Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) are expected to launch a review of their interest rate after Westpac and ANZ Bank hiked their rates on Friday.

Global Markets Overview - 02/13/2012

Sun, 12 Feb 2012 17:49:15 EST

Stocks were dragged down for their worst one-day loss in about six weeks by tumult over the Greek bailout, disappointing readings on the U.S. economy and a downgrade of nearly three dozen Italian banks.

Tom Storrs Dies at 93; CEO Helped Build Bank of America

Sun, 12 Feb 2012 16:21:05 EST

Tom Storrs, who set a small North Carolina bank on the path to becoming one of the largest U.S. financial institutions, died Friday at age 93.

Mortgage Settlement: Details May Not Yet Be Finalized, Says American Banker

Sat, 11 Feb 2012 15:02:07 EST

A source has told American Banker that the terms of this week's massive national mortgage servicing settlement have not been finalized, and that politics drove Thursday's announcement

iPad 3 Rumours Lift Apple Shares to Over $500

Sat, 11 Feb 2012 00:50:02 EST

Rumours surrounding iPad 3's release in early March have boosted Apple (AAPL) shares to over $500, with a net surplus of 5 per cent rise in stock value in the last two days alone. Apparently, Apple's stock surge is also spurred by the company's first quarter earnings announced on January 24.

S&P Bank Downgrade: List of Italian Financial Institutions Affected

Fri, 10 Feb 2012 17:29:43 EST

Standard & Poor's downgraded the credit ratings of 34 Italian banks after lowering the country's credit just a month earlier.

S&P Downgrades 34 Italian Banks Due to Increased Financing Risks

Fri, 10 Feb 2012 15:36:27 EST

The nation's two largest banks, UniCredit and Intesa Sanpaolo, had their credit ratings downgraded to BBB+ from A by S&P. The country's third largest bank, Banca Monte dei Paschi di Siena, was downgraded to BBB from BBB+.

Bernanke Urges Creditors to Rent Properties, Not Try to Sell Them

Fri, 10 Feb 2012 13:43:22 EST

The head of the U.S. central bank, in his second public statement on housing policy in as many weeks, told an audience of residential builders Friday that creditors who own vacant homes should consider renting the properties as a way to stanch urban blight.

Barclays Slashes Bonus Pool by Third but Bob Diamond Keeps Options Open

Fri, 10 Feb 2012 04:19:07 EST

Barclays Bank avoids public relations disaster by slashing bonuses for investment bankers in Barclays Capital.

ANZ Bank Hikes Variable Home Loan, Small Business Interest Rates by 0.06%

Fri, 10 Feb 2012 00:45:24 EST

ANZ Bank announced on Friday that it will increase its variable home loan and small business interest rates by 0.06 per cent. The announcement establishes ANZ's independence for the Reserve Bank of Australia's (RBA) overnight cash rate policy which the central bank at kept on Tuesday at 4.25 per cent.

Analysis: Criminal Trail Going Cold at MF Global

Thu, 09 Feb 2012 18:00:13 EST

When commodities brokerage MF Global imploded, the FBI and federal prosecutors were quick to launch an investigation to pursue what seemed obvious to outspoken regulators and lawmakers: laws were broken and crimes were committed.

401k Savings Up Slightly in 2011: Fidelity

Thu, 09 Feb 2012 17:15:40 EST

U.S. workers contributed more to their 401(k) plans in 2011, while average balances at year’s end also rose slightly, according to a quarterly survey by Fidelity Investments.

Foreclosure Settlement: Is it Too Little? Top Negotiator Defends Deal

Thu, 09 Feb 2012 14:41:15 EST

Officials Thursday detailed a nationwide settlement with five large banks over foreclosure practices. Negotiators defended the deal as a way to give immediate relief to homeowners and victims of foreclosure abuses.

States, Lenders Reach $26 Billion Mortgage Settlement

Thu, 09 Feb 2012 11:19:03 EST

Forty-nine states and five major banks reached a $26 billion mortgage settlement that will aid about two million homeowners, government officials announced Thursday.

Mortgage Deal Nears with California, N.Y. Reported Joining

Wed, 08 Feb 2012 20:42:10 EST

California and New York, two big holdout states in a $25 billion mortgage settlement, are expected to join the deal, smoothing the way for an announcement on Thursday, according to a person familiar with the matter.

Bankers Air Fears over Scope of Swaps Rules

Wed, 08 Feb 2012 20:00:10 EST

Foreign and U.S. banks warned lawmakers on Wednesday that broad application of U.S. swaps rules could undermine U.S. competitiveness abroad, increase the cost of hedging and even provoke brinkmanship among international regulators.

Increasing Rates Risks Social Contract Between Banks and Australian Public: Greens MP

Wed, 08 Feb 2012 19:24:50 EST

Increasing rates will break the social contract between Australian banks and the public, warned Greens MP and banking spokesperson Adam Bandt.

Watchdog Fines Ernst & Young $2M over Audits

Wed, 08 Feb 2012 19:14:06 EST

The watchdog board for corporate auditors on Wednesday said it has imposed a $2 million penalty, its largest fine ever, on accounting and consulting firm Ernst & Young LLP in a settlement involving past audits of Medicis Pharmaceutical Corp.

Australian Stock Market Leads - 02/09/2012

Wed, 08 Feb 2012 18:05:42 EST

The Australian stock market is perceived to maintain its current bouyant status thugging within its comfort zone range between 4,200 to 4,300 with the absence of catalysts to bring forth a major boost, analysts said.

Global Markets Overview - 02/09/2012

Wed, 08 Feb 2012 17:42:15 EST

U.S. stocks pared losses to inch higher as investors digested headlines over a Greek debt-restructuring deal that would allow the euro-zone country to avoid a default.

Greek Debt not Sustainable with 70% Haircut: S&P

Wed, 08 Feb 2012 14:37:56 EST

Greece will likely fail to achieve sustainable debt levels if it only resorts to a 70 percent reduction in the value of bonds held by private creditors, Standard & Poor's warned on Wednesday, putting pressure on the ECB to also take losses.

Stephen Hester: I Sympathise With Anger Over Bank Bonuses

Wed, 08 Feb 2012 04:45:59 EST

RBS boss Stephen Hester breaks silence to say: I had to defuse bonus row 'timebomb'.

NAB Reviews UK Operations Hit by High Levels of Bad Debts

Tue, 07 Feb 2012 21:36:30 EST

National Australia Bank (NAB) announced on Wednesday a strategic review of its U.S. business after the latter suffered from high levels of bad debts.

Analysts Forecast ANZ Bank Interest Rate Hike Despite RBA Decision

Tue, 07 Feb 2012 19:50:47 EST

When the Reserve Bank of Australia (RBA) was considering another round of overnight cash rate cut, Aussie banks were hinting of not passing in full to borrowers any rate reduction the central bank would likely make. Now that the RBA has stayed the current rate of 4.25 per cent, banks are even mulling a rate increase.

Australian Stock Market Leads - 02/08/2012

Tue, 07 Feb 2012 18:12:05 EST

The positive leads from U.S. markets may not impact much on local stocks especially the currency-sensitive ones with the rate pause initiated by the Reserve Bank of Australia (RBA), analysts say.

AIG Reviewing Succession as Chairman Takes New Job

Tue, 07 Feb 2012 16:56:05 EST

Bailed-out insurer American International Group will review its succession plans after its chairman accepted a job as the chief executive of an airplane maker, the company said on Tuesday.

Symantec Extorted, VeriSign Hacked: Are the Security Experts Defensible?

Tue, 07 Feb 2012 14:54:36 EST

Symantec, the owner of Norton Anti-Virus and other security software brands, said someone claiming to be part of Anonymous attempted to extort $50,000 in return for not posting code.

SEC Weighs 2 Money Market Fund Proposals

Tue, 07 Feb 2012 14:49:07 EST

The chairman of the Securities and Exchange Commission is eyeing two potential plans to bolster the stability of money market funds, but their fate remains uncertain due to internal disagreement at the SEC over the need for more regulations.

Analysis: Banks Prepared for Cost of U.S. Mortgage Pact

Tue, 07 Feb 2012 14:42:06 EST

As the nation's five largest mortgage lenders edge close to a $25 billion settlement over foreclosure abuses, it's becoming clear that the deal will have little or no impact on their future bottom lines.

Money Market Accounts Could Disappear If New SEC Rules Go Forward: Industry

Tue, 07 Feb 2012 14:23:47 EST

Money market accounts could soon be joining "free checking" in the dustbin of retail banking history. That's what various portfolio managers who make up a large chunk of the industry are saying could happen if certain regulatory provisions being discussed in Washington are enacted.

RBI’s Prohibitory Notice Prompts Manappuram to Hold Board Meeting

Tue, 07 Feb 2012 04:52:21 EST

Manappuram Finance Ltd (MNFL.NS), which provides loans using gold as collateral, said on Tuesday its board will meet on February 10 to discuss a Reserve Bank of India (RBI) notice that prohibited it from accepting or renewing deposits from the public.

Swan Denies ‘Bank-Bashing’ Move, Insists on Healthy Industry Competition

Mon, 06 Feb 2012 23:58:11 EST

Political intervention will not benefit Australia's banking customers, according to leading figures of the nation's banking industry.

Moody’s Includes Aussie Banks in List of Asian Lenders Most Vulnerable to EU Debt Crisis

Mon, 06 Feb 2012 21:25:08 EST

Rating agency Moody's named on Tuesday banks in Australia and three other Asia Pacific nations as the most vulnerable in the region to Europe's debt crisis. The three others are lenders in New Zealand, Korea and Vietnam.

UBS Loses Case to Recoup Bonus from Ex-Broker

Mon, 06 Feb 2012 20:00:14 EST

A former broker of a UBS AG unit can keep $1 million of a signing bonus he received when joining the firm, despite leaving earlier than terms of the bonus required, according to a ruling by an arbitration panel.

BofA Investor Lawsuit Wins Class-Action Status

Mon, 06 Feb 2012 19:49:05 EST

Shareholders suing Bank of America Corp on Monday won class-action status for their lawsuit accusing the bank and various executives and directors of fraudulently misleading them about the 2008 takeover of Merrill Lynch & Co and size of Merrill's losses and bonus payouts.

IMF Economist Blanchard Predicts 'Very Large' Greek Haircut

Mon, 06 Feb 2012 18:07:05 EST

The IMF's chief economist, Olivier Blanchard, said on Monday it looks like the 'haircut' on Greek private debt will be "very large" as negotiations between bondholders and the government drag on to cut Greece's debt burden.

Stock Gains Turn Hedge Fund Losers into Winners

Mon, 06 Feb 2012 18:01:21 EST

Several of the largest hedge funds that ended last year deep in the red jumped to good starts in January, giving their wealthy investors reason to believe savvy traders are getting back their magic touch.