Dan-E

¶4 November, 2009

Bank of Scotland could be forced to sell Citizens

The Royal Bank of Scotland, which nearly collapsed during last year’s financial panic, is trying to avoid a possible sale of U.S. banking arm Citizens Financial Group, according to Reuters news service.

http://bit.ly/2BIay1

RBS fights to keep US retail bank Citizens (telegraph.co.uk)
2 British banks in major shake-up (money.cnn.com)

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†10 July, 2009

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Awesome Infographics: The world’s 50 biggest banks and the institutions that don’t exist anymore from the Guardian.

fun with bubble charts! relative to the rest of the world, China looks pretty good. if only we could trust their accounting (although, as someone who’s had to wade through the differences between IFRS and FASB, maybe we can trust it as much as our own). anyway, part of ongoing thinking on the changing role of the FIRE industry within the larger economy and what the landscape will look like post-shakeout.

Awesome Infographics: The world’s 50 biggest banks and the institutions that don’t exist anymore from the Guardian.

fun with bubble charts! relative to the rest of the world, China looks pretty good. if only we could trust their accounting (although, as someone who’s had to wade through the differences between IFRS and FASB, maybe we can trust it as much as our own). anyway, part of ongoing thinking on the changing role of the FIRE industry within the larger economy and what the landscape will look like post-shakeout.

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※23 June, 2009

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China finds lending irregularities in major banks

thebanks:

SHANGHAI: Three major Chinese banks said Tuesday the nation’s top auditor had uncovered lending irregularities in their business, adding the findings would not impact their financial results.

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¶19 June, 2009

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Bank Failure Friday

crazynutjob:

It has turned out to be a Friday true to form, and three banks have been added to the FDIC Failed Bank List:

First National Bank of Anthony, Anthony, KS — Total deposits of $142.5 million and an estimated hit to the FDIC fund of $32.2 million.

Cooperative Bank, Wilmington, NC — Total deposits of approximately $774 million and an estimated cost to the Deposit Insurance Fund of $217 million.

Southern Community Bank Fayetteville, GA — Total deposits of approximately $307 million and an estimated cost to the FDIC fund of $114 million.

All three banks had deposits acquired by other banks (this is the happiest option for depositors). Looks like a hat trick tonight.

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¶28 May, 2009

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Some Quirky Ways Banks Attract New Customers

Hanmi Bank Will Give You a Bag of Rice

To celebrate their 20th anniversary, Hanmi is giving away a free checkbook (valued at $75), a premium coffee mug and a bag of rice (while supplies last) if you open a regular checking account (personal or business) by 6/30. To learn more please click here.

PlainsCapital Bank Will Connect You With a 1GB Flash Drive

To promote their eGreen Checking, PCBank is offering a 1GB flash drive if you open an account online. Requirements include a $50 minimum deposit, the use of eStatements, and a write-up of 5 checks a month. To learn more click here.

Riverside Bank Will Stick a Bumper Sticker

Love your bank? Well, Riverside wants you to prove it by placing a “Riverside Loves Me” or “Riverside Loves My Business” bumper sticker on your car. By participating in this contest, your license plate number may be one of the five selected to win $100. Winners are chosen weekly. To learn more click here.

Redneck Bank

Last but not least, we have to give the award for most creative bank branding to Redneck Bank. “Redneck Bank is here for you with experience and good old-fashioned service.” We at My Bank Tracker, give credit to their ability as forward-thinking bankers in the field of lifestyle bank branding. To visit the site for “Redneck Rewards” click here.

Some Quirky Ways Banks Attract New Customers | Bank News, Bank Deals, My Bank Tracker

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†18 April, 2009

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Stock offering for new “Green” bank. e3bank

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†12 April, 2009

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Bank of America

BAC ^!

via content.screencast.com

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¶9 April, 2009

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RBS to Cut up to 9,000 jobs

Image via Wikipedia

Royal Bank of Scotland Group, Plc, the biggest bank controlled by the U.K. Treasury, may eliminate an additional 9,000 jobs worldwide as it seeks to repay a government bailout.

The cuts total about 5 percent of RBS’s global workforce. The actual number of jobs lost may be “significantly lower” because of efforts to shift employees into new positions, Edinburgh-based RBS said in a statement.

RBS may be forced to eliminate more positions as it seeks to pay off government aid and return the bank to shareholder control. The government today increased its stake in RBS to 70 percent after investors shunned a rights offering. The bank plans to reduce costs by 2.5 billion pounds ($3.7 billion), or 14 percent, over the next three years.

The potential job losses include about 4,500 in the U.K., adding to 2,700 announced previously, an RBS spokesman said. Most of the positions will be eliminated in the bank’s group manufacturing division, which includes technology, purchasing and property services, RBS said.

“We have set a new strategy for RBS to restore the Bank to standalone strength as soon as practicable,” Chief Executive Officer Stephen Hester said in the statement. “Unfortunately, that means taking difficult decisions about jobs.”

RBS posted a net loss of 24.1 billion pounds last year, the biggest in U.K. corporate history.

RBS to Cut up to 9,000 Jobs

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¶26 March, 2009

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Swiss banks ban top executive travel

Switzerland’s private banks are banning top executives from travelling abroad on fears they will be detained

http://www.ft.com/cms/s/0/df9ce572-1a36-11de-9f91-0000779fd2ac.html

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†23 March, 2009

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What a beauty!

However, Investors should sell bank stocks after they rallied 12 percent today because the Treasury Department’s plan to buy toxic assets won’t stop profits from dropping, Bank of America Corp.’s Richard Bernstein said.

Removing devalued loans and securities from banks’ balance sheets is a short-term solution that will delay the problem’s ultimate solution, which is bank takeovers, Bernstein said. The government won’t be able to inflate the prices banks receive for selling bad assets indefinitely, he added.

“The history of bubbles shows quite well that financial sector consolidation is inevitable,” Bernstein, Bank of America’s chief investment strategist, wrote in a research note. “Financial stocks will be attractive when the government tries to speed up that inevitable process. However, to the contrary, the government continues to attempt to stymie that inevitable consolidation.”

-Bloomberg.com

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¶19 March, 2009

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Federal Officials Investigate WaMu Failure

U.S. authorities say they are talking to former Washington Mutual (NYSE:WM) officials to help determine whether the bank failed because of fraud.

The Seattle Times reported Wednesday that federal officials are also combing through volumes of bank documents as part of their investigation into the largest bank failure in U.S. history.

Federal Officials Investigate WaMu Failure - Breaking News: The Post Chronicle

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¶10 March, 2009

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I’m meeting Bank of America CEO Ken Lewis tomorrow!

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¶28 February, 2009

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Bank Of America Seeks To Sell First Republic Bank: WSJ

Bank of America Corp. hopes to sell First Republic Bank, a private bank it inherited from Merrill Lynch, The Wall Street Journal reported late Wednesday. Merrill acquired First Republic $1.8 billion in 2007. Bank of America is also looking to preserve capital and possibly shed noncore assets, according to the Journal.

Bank Of America Seeks To Sell First Republic Bank: WSJ - FOXBusiness.com

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¶17 February, 2009

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Bank of America makes $402 mln TARP dividend payment

Image via Wikipedia

Bank of America Corp.(BAC 4.90, -0.67, -12.0%) on Tuesday made its first dividend payment of $402 million to the U.S. government under the Troubled Asset Relief Program, the financial firm said. The payment represents the dividend on the Fixed-Rate Cumulative Perpetual Preferred Stock issued in connection with the $45 billion in government investments that Bank of America received in late 2008 and early 2009. Bank of America is expected to pay about $2.8 billion in cash dividends to the government in 2009.

Bank of America makes $402 mln TARP dividend payment - MarketWatch

Wells Fargo paying $371.5 million to government (money.cnn.com)

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¶3 December, 2008

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FDIC: Bank overdraft fees hit young, low-income customers

Overdraft fees are boosting banks’ profits at the expense of consumers, especially young and low-income people, finds a new Federal Deposit Insurance Corp. study.

The 18-month survey found that most banks automatically enroll consumers in overdraft programs — some don’t allow them to opt out — and then cover overdrawn transactions for a per-item fee of up to $38.

The survey excludes many of the largest banks in the nation, because it covers only FDIC-regulated banks. Still, it’s the largest study of overdraft programs by a bank regulator and helps “fill an important universe of information that has not been available to policymakers,” says Andrew Gray, agency spokesman

FDIC: Bank overdraft fees hit young, low-income customers - USATODAY.com