Editorial Results (free)
1. Changing Times
- Saturday, March 02, 2013
After a four-decade existence, the Morgan Keegan name has been retired.
The announcement Raymond James Financial Inc. is dropping the Morgan Keegan name was made during Raymond James’ first quarter earnings conference call last month. Raymond James CEO Paul Reilly was giving analysts listening to the call an update on the firm’s acquisition of the Memphis investment firm last year and its integration since then.
2. Lender Processing Paying $121 Million to Resolve Claims
- Friday, February 01, 2013
One of the biggest U.S. mortgage processing companies has agreed to pay $121 million to resolve states' claims that it wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
3. Delta Looks Ahead to December Refleeting
- Friday, October 26, 2012
Delta Air Lines executives are about to refleet. Leaders of the Atlanta-based airline with a hub in Memphis will roll out details at a December investors day conference in Atlanta.
But during Delta’s third-quarter earnings conference call this week, they talked in broad terms of a domestic fleet restructuring. It involves removing 50-seat aircraft and replacing them with “mainline” aircraft that are 76 seats and larger with the first arrivals in the refleeting next summer.
4. After Pandit, a Smaller Citigroup Could Get Smaller Yet
- Thursday, October 18, 2012
NEW YORK (AP) – The incredible shrinking bank may have to shrink more.
In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank.
5. Mortgage Comeback? Citigroup Isn't So Sure
- Tuesday, October 16, 2012
NEW YORK (AP) – Citigroup isn't as enthusiastic as its peers about a comeback in the housing market.
On Friday, executives at Wells Fargo and JPMorgan Chase declared that the long-struggling market had turned a corner. On Monday, Citigroup's top number-cruncher said he wasn't so sure.
6. Foreclosure Help Notices Being Mailed in Tennessee
- Tuesday, October 09, 2012
Notices are going out in the mail to an estimated 37,000 Tennessee borrowers who may be eligible for payment under a $25 billion national mortgage foreclosure settlement.
Eligible borrowers will be receiving claim forms in the mail this month and Attorney General Bob Cooper of Tennessee urged residents to complete the forms and return them by the Jan. 18 deadline.
7. Tennessee Starting to Benefit From Foreclosure Settlement
- Friday, August 31, 2012
Tennessee homeowners have received more than $36 million in relief from March 1 through June 30 as part of a nationwide settlement reached with the country’s five big mortgage servicers.
That’s according to the office of Tennessee Attorney General Bob Cooper. The relief is in the form of loan modifications, refinances and facilitated short sales.
8. Collins is Wharton's Pick for Finance Director
- Monday, August 20, 2012
Memphis Mayor A C Wharton Jr. has picked Brian Collins, the interim president and CEO of the Postal Employees Credit Union, to be the city’s new director of finance and administration.
9. Morgan Stanley Closes a Bleak Bank Earnings Season
- Friday, July 20, 2012
NEW YORK (AP) — It's tough being a big bank these days.
Morgan Stanley, the storied investment house, reported Thursday that its revenue was down sharply for April through June and its profit missed Wall Street expectations. Its stock was clobbered — down more than 5 percent.
10. Big US Banks Submit "Living Wills" to Regulators
- Wednesday, July 04, 2012
Nine of the largest U.S. banks have submitted plans to the federal regulators that show how they would break up and sell off their assets if they are in danger of failing.
The Federal Deposit Insurance Corp. released summaries of the "living wills" on Tuesday for Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS.
11. Facebook Raises IPO Price as Offering Nears
- Wednesday, May 16, 2012
NEW YORK (AP) – Facebook on Tuesday increased the price range at which it plans to sell stock to the public, as investor enthusiasm in the offering continued to mount and boost the potential value of the world's most popular social network.
12. Dimon Survives Votes on Pay, Chairmanship
- Wednesday, May 16, 2012
TAMPA, Fla. (AP) – The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.
13. JPMorgan Loss Sets Off Call for Heavier Regulation
- Monday, May 14, 2012
WASHINGTON (AP) – A surprise $2 billion trading loss by a division of JPMorgan Chase triggered calls Friday for tougher regulation of banks three years after their near-death experience in the financial crisis.
14. MAA Announces Closing of Unsecured Term Loan
- Tuesday, March 06, 2012
Memphis-based apartment-only real estate investment trust MAA announced Monday, March 5, the closing of a $150 million unsecured term loan agreement with a five-year term. Proceeds from the term loan will be used to repay outstanding balances on a secured line of credit.
15. Turbo-Traders Take Bank of America for a Ride
- Monday, February 13, 2012
NEW YORK (AP) – On a normal day, 4 billion shares of stock change hands on the New York Stock Exchange. One in 10 belongs to a single company. It's not McDonald's or IBM, both of which have been on a tear.
16. JP Morgan to Pay $110M to Settle Overdraft Lawsuit
- Tuesday, February 07, 2012
MIAMI (AP) – JP Morgan Chase & Co. has agreed to pay $110 million to settle a class-action lawsuit claiming the bank charged excessive checking overdraft fees.
17. Banks Face Bumpy Earnings Season
- Thursday, January 12, 2012
NEW YORK (AP) – You can usually tell a lot about the health of the U.S. economy by looking at the financial results of banks. They’re the people who finance new factories, plant expansions and fatter payrolls.
18. Wells Fargo Agrees to Pay $37M in Bid-Rigging Case
- Wednesday, November 09, 2011
DES MOINES, Iowa (AP) – Wells Fargo & Co. said Tuesday it has agreed to pay at least $37 million in a lawsuit which alleges several banks rigged bidding competitions to win business from state and local governments.
19. Banks Scramble to Make Up for Lost Debit Card Fees
- Monday, November 07, 2011
NEW YORK (AP) – After an intense public backlash, Bank of America and other banks have backed off charging monthly debit card fees.
It's a victory for angry customers and consumer advocates. But the move will be costly for banks. They are scrambling for ideas on how to make up for lost revenue at a time when interest rates are at rock bottom and there's little demand for loans, the traditional source of making profits for banks.
20. Morgan Stanley Outdoes Rivals; Earns $2.2B
- Thursday, October 20, 2011
NEW YORK (AP) – Morgan Stanley emerged from the tumultuous third quarter in better shape than most of its Wall Street rivals.
21. JPMorgan's Income Drop Casts a Pall Over Banks
- Friday, October 14, 2011
NEW YORK (AP) – If JPMorgan Chase can't do well, investors worry that other banks may do even worse.
The New York bank, widely considered the strongest in the industry, reported a 4 percent drop in income last quarter Thursday on weakness in investment banking and more costs related to litigation over mortgage investments.
22. Bank Earnings to Reflect Slowdown From Q3 Turmoil
- Tuesday, October 11, 2011
NEW YORK (AP) – Investors are bracing for a rough earnings season from banks.
Turbulence in stock and bond markets, combined with waning confidence among business and consumers, hurt banks' business in the third quarter. IPOs were shelved, companies postponed plans to sell bonds, and acquisitions were put on ice. Consumers also held back on spending.
23. Mortgage Fraud Reports Spike as Lawsuits Pile Up
- Thursday, September 29, 2011
VIENNA, Va. (AP) – The wave of lawsuits and other demands from investors in mortgage-backed securities contributed to a big spike in reports of likely mortgage fraud during the second quarter, according to a Treasury Department report.
24. First Horizon, Fitch Say Risk Manageable
- Monday, September 19, 2011
Bryan Jordan, the president and CEO of First Tennessee Bank’s parent company, told his audience at an industry conference a few days ago in New York City that his company has been out of the mortgage business for three years now.
25. Feds Sue 17 Major U.S. Banks, Including First Tenn. Parent
- Wednesday, September 07, 2011
The federal agency that oversees the government-sponsored mortgage entities Fannie Mae and Freddie Mac has filed lawsuits seeking billions of dollars in compensation from several major U.S. banks, including the parent company of First Tennessee Bank.
26. Feds Sue 17 Major U.S. Banks, including First Tenn. Parent
- Tuesday, September 06, 2011
The federal agency that oversees the government-sponsored mortgage entities Fannie Mae and Freddie Mac has filed suit seeking billions of dollars in compensation from several major U.S. banks, including the parent company of First Tennessee Bank.
27. Morgan Keegan Deal Expected Soon
- Tuesday, August 16, 2011
The end of a bidding process that began in June for the Memphis-based investment banking franchise of Regions Financial Corp. may be near.
28. Morgan Keegan Bid Deadline Arrives
- Tuesday, July 26, 2011
Monday, July 25, was reportedly a deadline for Regions Financial Corp. to get initial bids for the Memphis-based investment bank Regions put on the auction block in June.
29. Bids for Morgan Keegan Coming Monday
- Monday, July 25, 2011
Regions Financial Corp. will reportedly get initial bids on Monday, July 25, from several major firms for the Memphis-based investment banking and capital markets business that Regions put on the auction block in June.
30. JPMorgan Pays $211M to Settle Bid-Rigging Charges
- Friday, July 08, 2011
WASHINGTON (AP) – JPMorgan Chase & Co. has agreed to pay $211 million after admitting one of its divisions rigged dozens of bidding competitions to win business from state and local governments.
31. Morgan Keegan Speculation Begins
- Monday, June 27, 2011
More than one analyst is predicting Morgan Keegan & Co. Inc. could fetch a minimum of $700 million if its parent company, Regions Financial Corp., follows through on an anticipated sale of the Memphis-based investment firm.
32. Fed Names Banks That Drew Loans During Crisis
- Friday, April 01, 2011
WASHINGTON (AP) – For the first time in its 98-year history, the Federal Reserve on Thursday identified banks that borrowed from its oldest lending program, naming those that drew emergency loans during the financial crisis.
33. Investors' Return to US Stocks Could be too Late
- Wednesday, January 19, 2011
BOSTON (AP) — Investors are finally inching back into the stock market. But are they too late?
While millions sought refuge in traditionally stable bonds over the past two years, they missed a more than 90 percent rally in stocks. Suddenly bonds don't look so safe, and some of the $11 trillion that Americans have parked in mutual funds is shifting back to stocks.
34. Regions Praised for Service, Client Experience
- Monday, January 10, 2011
Bank customers are apparently more likely to get service with a smile when they step into a Regions Bank branch as opposed to any other large U.S. financial institution.
35. Banks Shift Focus to Growing Assets
- Monday, December 20, 2010
A little more than half of the two dozen banks the Federal Reserve Bank of St. Louis lists as based in the Memphis market have grown their asset base over the past year.
36. Bankers Await Post-Overhaul Futures
- Friday, July 23, 2010
That’s what bank heads and financial analysts are asking themselves in the wake of President Barack Obama’s signing Wednesday of a historic reshaping of the government’s financial industry rulebook.
37. Market Slump Expected to Dent Profits at Big Banks
- Wednesday, July 14, 2010
NEW YORK (AP) — The bank industry's earnings winning streak may be over.
A terrible spring in the financial markets is expected to leave the nation's big banks with second-quarter earnings that fall short of their stellar results from the first three months of the year. That's bad news for companies that relied on trading profits to mask a still-miserable banking climate with high losses from failed loans and low demand for credit.
38. Treasury Announces Plans for First Citigroup Sale
- Tuesday, April 27, 2010
WASHINGTON (AP) — The Treasury Department said Monday that it plans to sell up to 1.5 billion shares of Citigroup stock, its latest move to unwind the support it provided big banks during the financial crisis.
39. Morgan Stanley's Profit of $1.41B Tops Forecasts
- Thursday, April 22, 2010
NEW YORK (AP) - Morgan Stanley reported Wednesday its first-quarter profit surged to $1.41 billion on strong results from its trading operations. The investment bank easily topped analysts' expectations.
40. Bank of Bartlett Expects Small Q1 Profit
- Monday, April 19, 2010
Bank of Bartlett chief financial officer Dale Stover said it looks like the family-run community bank that took some bruising blows in 2009 will have eked out a small profit in the first quarter of this year.
41. Memphis Loans Part of Bear Stearns Rescue
- Monday, April 05, 2010
The Federal Reserve bought a piece of commercial loans that financed a handful of properties in Memphis when the central bank swallowed billions of dollars’ worth of new assets during its 2008 rescue of Bear Stearns.
42. Elvis Parent in Sale Talks
- Tuesday, March 30, 2010
The ownership of CKX Inc., the company that owns 85 percent of Elvis Presley Enterprises and is pursuing a $250 million revamp of Graceland and the surrounding area, may be getting all shook up.
43. Treasury Says It Will Begin Selling Citi Shares
- Tuesday, March 30, 2010
NEW YORK (AP) - The U.S. Treasury Department reported Monday it will begin selling the stake it owns in Citigroup Inc., which could result in a profit to the government of about $7.5 billion.
44. Company Pursuing $250M Graceland Revamp in Sale Talks
- Monday, March 29, 2010
The ownership of CKx Inc., the company that owns 85 percent of Elvis Presley Enterprises and which is pursuing a $250 million revamp of Graceland and the surrounding area, may be getting all shook up.
45. Bank CEOs: Sorry for Risky Behavior, Bad Decisions
- Thursday, January 14, 2010
WASHINGTON (AP) - Wall Street executives said Wednesday they underestimated the severity of the 2008 financial crisis and apologized for risky behavior and poor decisions. They also defended their bonus and compensation practices to a skeptical commission investigating what caused the collapse.
46. Citigroup to Repay $20 Billion in Bailout Money
- Tuesday, December 15, 2009
NEW YORK (AP) - Citigroup reported Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government will also sell its stake in the company.
47. Morgan Stanley Names New CFO, Other Top Managers
- Wednesday, December 09, 2009
NEW YORK (AP) - Morgan Stanley elevated its chief financial officer to a new role as co-chief of investment banking and global securities trading Tuesday as part of a management shake-up ahead of James Gorman's assumption of the CEO role on Jan. 1.
48. Morgan Stanley Posts First Profit of Year
- Thursday, October 22, 2009
NEW YORK (AP) - Morgan Stanley returned to profitability for the first time in a year as income from its investment banking operations offset losses in commercial real estate.
49. Risk-taking is Back for Banks One Year after Crisis
- Tuesday, September 15, 2009
NEW YORK (AP) - A year after the financial system nearly collapsed, the nation's biggest banks are bigger and regaining their appetite for risk.
Goldman Sachs, JPMorgan Chase and others – which have received tens of billions of dollars in federal aid – are once more betting big on bonds, commodities and exotic financial products, trading that nearly stopped during the financial crisis.
50. Report: Bank of America Offering to Repay Some Aid
- Wednesday, September 02, 2009
CHARLOTTE, N.C. (AP) - Bank of America Corp. is looking to pay back some of the billions in federal bailout aid it has received in an effort to get out from underneath the government's thumb, according to a published report.
51. AP Analysis: Banks Added 10,000 Branches in Boom
- Tuesday, August 18, 2009
DALLAS (AP) - Banks expanded at a breathtaking pace over the past five years, adding more than 10,000 full-service branches, but barely 1 in 10 were in inner-city, minority neighborhoods, another sign the financial spending spree skipped over substantial parts of the country.
52. Morgan Stanley Posts Q2 Loss of More Than $1.2B
- Thursday, July 23, 2009
NEW YORK (AP) - Morgan Stanley said Wednesday it lost more than $1.2 billion during the second quarter as it took a charge to repay government bailout money. The investment bank was also hurt for a second straight quarter by the improving value of its own debt.
53. Some Bailout Firms Up Lobbying Spending in Q2
- Wednesday, July 22, 2009
WASHINGTON (AP) - As Congress spent much of the last three months looking at ways to tighten regulations on financial institutions, some of the biggest recipients of the government's $700 billion bailout increased their spending on influencing legislators.
54. Citigroup Profit Soars on Smith Barney Sale
- Monday, July 20, 2009
NEW YORK (AP) - Citigroup Inc. surprised Wall Street Friday, reporting a $3 billion second-quarter profit instead of the big loss analysts expected.
55. CIT Shares Jump as Lender Seeks Rescue Financing
- Monday, July 20, 2009
NEW YORK (AP) - CIT Group Inc.'s shares doubled Friday as the commercial lender held talks with several large banks about securing emergency financing in hopes of avoiding a bankruptcy filing.
56. Hot Flavor: Plain Vanilla
- Friday, July 17, 2009
The Federal Reserve Bank of San Francisco in April reached an agreement with a bank holding company there limiting its activities in several areas, including the payment of dividends.
57. Banking Community Awaits More Scrutiny From Washington
- Monday, July 06, 2009
Lawmakers in Washington are talking about new rules for a broad swath of financial companies and their transactions with customers.
Memphis bankers such as Hunt Campbell, president and CEO of First Alliance Bank, and Will Chase, CEO of Triumph Bank, are leery about what they’ll come up with. Both men regard the Washington establishment’s general response to new wrinkles in the credit crisis as regulatory overreach.
58. Treasury Sets Purchase Process for Bank Warrants
- Monday, June 29, 2009
WASHINGTON (AP) - The administration has established the process for determining the price for millions of stock warrants the government holds that represent the final ties many large banks have to the $700 billion bailout program.
59. Local Banks Hanker To Repay TARP Money
- Monday, June 15, 2009
Wall Street megabanks poised to repay the government’s bailout money aren’t the only ones eager to disentangle themselves from the grip of Uncle Sam.
Smaller banks on the local level also are intent to pay back loans they got last fall through the Troubled Asset Relief Program. And some of them want to dispose of those government IOUs soon – by the end of the year, if possible.
60. 10 Big Banks Get OK to Repay $68B in Bailout Money
- Wednesday, June 10, 2009
WASHINGTON (AP) – The U.S. Treasury Department has approved 10 of the nation’s largest banks to repay $68 billion in government bailout money.
The department on Tuesday said the banks, which were not named, will be allowed to repay the money they received from the $700 billion Troubled Asset Relief Program created by Congress last October at the height of the financial crisis.
61. Can't Refinance? Try Your Congressman
- Monday, June 08, 2009
WASHINGTON (AP) - Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might.
Several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents.
62. Morgan Stanley to Raise $2.2 Billion in Capital
- Wednesday, June 03, 2009
NEW YORK (AP) - Morgan Stanley said Tuesday it will raise $2.2 billion through a stock offering as part of a plan to satisfy preconditions for repaying a government loan it received last fall amid the deepening credit crisis.
63. Three Banks Take Steps Toward Repaying Government
- Wednesday, June 03, 2009
NEW YORK (AP) - Morgan Stanley, JPMorgan Chase & Co. and American Express Co. moved closer to repaying government bailout money, announcing a series of new stock sales.
64. Banks Earned $7.6B in Q1
- Thursday, May 28, 2009
WASHINGTON (AP) – The nation’s banks turned a profit in the first quarter, but the number of problem banks jumped to more than 300, the government reported Wednesday.
The Federal Deposit Insurance Corp. said higher trading revenues at big banks helped the industry earn a $7.6 billion profit in the January-March period, compared to a record loss of $36.9 billion in the fourth quarter. The profit was 61 percent below the $19.3 billion earned in the year-ago period and followed the first quarterly loss in 18 years.
65. Chrysler Exec Says Sales OK Despite Bankruptcy
- Friday, May 22, 2009
DETROIT (AP) - Chrysler LLC's Chapter 11 filing so far doesn't appear to be affecting May sales, a top executive said Wednesday.
66. Dollar 3-Month Interbank Lending Rate in Big Fall
- Thursday, May 21, 2009
LONDON (AP) - The cost of three-month dollar loans slid to a new record low Wednesday after Bank of America Corp. said it had raised around $13.5 billion to shore up its capital position.
67. Goldman Sachs, Morgan Stanley Apply to Repay TARP
- Wednesday, May 20, 2009
NEW YORK (AP) – Goldman Sachs and Morgan Stanley have asked the Federal Reserve for permission to repay a combined $20 billion in federal bailout money.
68. SunTrust to Sell $1.25B in Stock, Cut its Dividend
- Monday, May 18, 2009
NEW YORK (AP) - SunTrust Banks Inc. said Friday it will sell $1.25 billion of common stock and slash its dividend by 90 percent as it works to raise money in light of the government's increased capital requirements.
69. Documents: Paulson Forced Nine Bank CEOs to Take TARP
- Friday, May 15, 2009
The chief executives of the country’s nine largest banks had no choice but to accept capital infusions from the U.S. Treasury Department in October, government documents released Wednesday have confirmed.
70. Bank Stock Offerings Weigh on Financial Shares
- Tuesday, May 12, 2009
NEW YORK (AP) – KeyCorp, which is among 10 major U.S. banks ordered by the government to raise more capital as a buffer against future losses, joined several other banks Monday in announcing public stock offerings.
71. Stress Test Results Lift Cloud of Uncertainty
- Monday, May 11, 2009
WASHINGTON (AP) – Government exams of the biggest U.S. banks have helped lift a cloud of uncertainty that has hung over the economy.
The so-called stress tests – a key Obama administration effort to boost confidence in the financial system – showed nine of the 19 biggest banks have enough capital to withstand a deeper recession. Ten must raise a total of $75 billion in new capital to withstand possible future losses.
72. Bank Stress Tests Show Some Banks Need More Funds
- Friday, May 08, 2009
WASHINGTON (AP) - Some of the largest U.S. banks will be scrambling to demonstrate that they can raise capital after results of government stress tests leaked out, showing many need more funds. The Treasury Department will officially release results later Thursday.
73. WSJ: Citi Asks Treasury if It Can Pay Bonuses
- Thursday, April 30, 2009
NEW YORK (AP) - Citigroup Inc., which has received $45 billion in federal bailout funds and potentially could have to raise more capital based on "stress test" results, is requesting permission from the Treasury Department to pay out special bonuses to certain workers, The Wall Street Journal said late Tuesday.
74. Morgan Stanley Loses $578M in 1st Quarter
- Thursday, April 23, 2009
CHARLOTTE, North Carolina (AP) - Morgan Stanley posted a bigger-than-expected quarterly loss to common shareholders of $578 million, hurt partly by the deteriorating commercial real estate market.
75. Wells Fargo Q1 Results in Line with Forecast
- Thursday, April 23, 2009
NEW YORK (AP) - Wells Fargo & Co.'s first-quarter report on Wednesday had few big surprises, as results fell in line with the bank's forecast and easily beat Wall Street's estimates. But like most of its peers, the bank continues to post higher credit costs.
76. Credit Union Group Rejects Hill Mortgage Plan
- Thursday, April 23, 2009
WASHINGTON (AP) - Negotiations between the banking industry and Senate Democrats on a mortgage relief plan hit a snag Wednesday after a trade association representing credit unions said it could not endorse the proposal.
77. Citigroup Tops Forecasts, But Caution Lingers
- Monday, April 20, 2009
NEW YORK (AP) - For big banks like Citigroup, the first quarter of 2009 may turn out to be the best of the year.
Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co. all impressed investors over the past week with earnings reports that were better than Wall Street analysts anticipated.
78. Official Warns Congress Not to Force Lending
- Thursday, March 12, 2009
WASHINGTON (AP) - The official in charge of the Treasury's $700 billion bailout program for the financial sector warned Congress Wednesday that the government should not force banks to make loans that bankers may deem risky.
79. Bank Stocks Up Amid Report of Gov't Plan for Citi
- Tuesday, February 24, 2009
NEW YORK (AP) - Bank stocks rose in early morning trading Monday after hitting new lows last week as investors welcomed the possibility that the government would increase its ownership stake in struggling Citigroup Inc. – an alternative to nationalizing the bank.
80. Pfizer to Buy Wyeth for $68B; Cut 8,000 Jobs
- Tuesday, January 27, 2009
TRENTON, N.J. (AP) - No. 1 drugmaker Pfizer Inc. said Monday it is buying No. 12 Wyeth for $68 billion in a deal that ultimately will wipe out nearly 20,000 jobs but quickly boost Pfizer's revenue and profit and transform it overnight into a medicine cabinet for all.
81. JPMorgan Posts Profit, But 'Disappointing' One
- Friday, January 16, 2009
NEW YORK (AP) - JPMorgan Chase eked out a fourth-quarter profit, but its results were anything but calming to investors worried about the mountain of upcoming losses in the troubled banking sector.
82. Death Knell for Citigroup's 'Supermarket' Model
- Thursday, January 15, 2009
NEW YORK (AP) - The original financial supermarket is dead.
Citigroup signaled the end of a decade-long experiment to create one-stop shopping for financial services – everything from consumer loans to investment banking – with Tuesday's announcement that it was putting its Smith Barney brokerage into a joint venture with Morgan Stanley.
83. Citi Shares Fall Despite Talks with Morgan Stanley
- Tuesday, January 13, 2009
NEW YORK (AP) - Citigroup Inc.'s stock sank Monday to its lowest levels since November as investors wondered how much more cash the troubled bank will need.
84. Local Institutions Wait for Piece of Bailout Pie
- Monday, January 12, 2009
As part of its $700 billion effort to shore up the country’s financial system and stabilize a shaky economy, the U.S. Treasury Department had as of last week pumped more than $177 billion in new capital into 215 banks and financial institutions.
85. Lehman’s Chaotic Bankruptcy Destroyed Billions
- Tuesday, December 30, 2008
As much as $75 billion of Lehman Brothers Holdings Inc. value was destroyed by the unplanned and chaotic form of the firm’s bankruptcy filing in September, according to an internal analysis by the company’s restructuring advisers.
86. Where’d the Bailout Money Go? Shhhh, It’s a Secret
- Tuesday, December 23, 2008
WASHINGTON (AP) – Think you could borrow money from a bank without saying what you were going to do with it? Well, apparently when banks borrow from you, they don’t feel the same need to say how the money will be spent.
87. Banks Say They're Using Bailout Money for Loans
- Friday, November 14, 2008
WASHINGTON (AP) – Some of the nation's largest banks sharing in the $700 billion government bailout of the financial industry tried to assure lawmakers Thursday they are using the money to make more loans and help financially strapped homeowners avoid foreclosure.
88. Head Selected as Director Of SWTCC Library
- Wednesday, November 05, 2008
Carolyn Head has been selected to serve as executive director of Library Services for Southwest Tennessee Community College.
89. GDP Report Shows Economy Shrank in Q3
- Friday, October 31, 2008
WASHINGTON (AP) – The government reported Thursday the economy shrank in the summer, the strongest signal yet that a recession may have already begun, a day after the Federal Reserve slashed a key interest rate to battle an economic downturn.
90. Corporate Bond Rates Keep Rising, Portend Defaults
- Wednesday, October 29, 2008
NEW YORK (AP) - The recent decline in bank-to-bank lending rates is having no effect on corporate bonds, which continue to plunge in value – a sign that the market believes more loan defaults and a wave of bankruptcies are ahead for U.S. companies.
91. Banks to Use Gov't Funds for Lending, Dealmaking
- Tuesday, October 28, 2008
NEW YORK (AP) - A number of financial institutions, including Capital One inancial Corp. and SunTrust Banks Inc., have announced they will receive funds under the Treasury Department's capital purchase program.
92. UAW President Worried About GM, Chrysler Merger
- Monday, October 20, 2008
LIVONIA, Mich. (AP) - As negotiations for General Motors Corp. to acquire Chrysler LLC appear to be gaining momentum, United Auto Workers President Ron Gettelfinger said Friday he is very concerned that the deal may happen, with many workers losing their jobs.
93. Bush, Paulson Say Economy’s Rebound Will Take Time
- Thursday, October 16, 2008
WASHINGTON (AP) – The economy shot warning flares Wednesday that it was still in profound trouble despite the government’s latest financial rescue plan.
Wall Street noticed and shares sank on worries the U.S. was in a recession or soon would be in one. The market for lending between banks – a key gauge of the plan’s effectiveness – remained tight, although there were some signs of improvement.
94. Government Moves Again To Unclog Credit Lines
- Wednesday, October 15, 2008
WASHINGTON (AP) – The government put itself four-square into the country’s banking business Tuesday, resorting to what President Bush conceded was the unwelcome choice of a partial nationalization to loosen paralyzed channels of credit.
95. Wells Fargo Plans Wachovia Buy; Regulators OK Deal
- Monday, October 13, 2008
NEW YORK (AP) – Wells Fargo emerged as the apparent victor in the battle for control of Wachovia bank Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in court.
96. Citigroup to Acquire Wachovia Banking Operations
- Tuesday, September 30, 2008
In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.
Citigroup will absorb up to $42 billion of losses from Wachovia’s $312 billion loan portfolio, with the FDIC covering any remaining losses, the government agency reported Monday. Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC.
97. Goldman Raises $5 Billion in Public Stock Offer
- Thursday, September 25, 2008
NEW YORK (AP) - Goldman Sachs Group Inc., seeking to improve not only its balance sheet but its standing with investors, has undertaken a huge capital-raising program that includes an investment of at least $5 billion from Warren Buffett and a common stock offering for another $5 billion.
98. Fed Could Suffer with New Role
- Tuesday, September 23, 2008
The Federal Reserve, responding to the nation's worst financial crisis since the Great Depression, is stepping into its most political role ever - using government funds and its credibility to end the turmoil.
99. Last Major Investment Banks Change Status
- Tuesday, September 23, 2008
WASHINGTON (AP) - The Federal Reserve said Sunday it had granted a request by the country's last two major investment banks - Goldman Sachs and Morgan Stanley - to change their status to bank holding companies.
100. Stocks Tumble After Government Bailout of AIG
- Thursday, September 18, 2008
NEW YORK (AP) - Wall Street plunged again in a crisis of confidence Wednesday as anxieties about the financial system still ran high after the government's bailout of insurer American International Group Inc. The Dow Jones industrial average dropped about 340 points, and investors seeking the safety of hard assets and government debt sent gold, oil and short-term Treasurys soaring.