There are lots of stories in banking I could talk about this morning. There's the Citigroup story of selling their brokerage division to Morgan Stanley. This is the brokerage Smith Barney that is today's remnants of the firm Salomon Brothers, famed for Liar's Poker stories. It also represents more of the break-up of Citi as…
Back in September, I said that someone would get a $500 million fine from the US authorities for a cover-up using cover payments. Well, someone has. That 'someone' is Lloyds TSB who settled with the US authorities for $350 million on Friday. This seems like a lot at today's exchange rates of $1.50 to the…
On Tuesday, I posted about Wells Fargo's blog that will chart the course of their merger with Wachovia. On Friday, Matt Wadley posted on the blog the following comment: "It seems there's still some confusion out there about exactly what has changed to your accounts with either Wells Fargo Bank or Wachovia Bank. "And for…
On Tuesday, I posted about Wells Fargo's blog that will chart the course of their merger with Wachovia. On Friday, Matt Wadley posted on the blog the following comment: "It seems there's still some confusion out there about exactly what has changed to your accounts with either Wells Fargo Bank or Wachovia Bank. "And for…
On Tuesday, I posted about Wells Fargo's blog that will chart the course of their merger with Wachovia. On Friday, Matt Wadley posted on the blog the following comment: "It seems there's still some confusion out there about exactly what has changed to your accounts with either Wells Fargo Bank or Wachovia Bank. "And for…
This was the shock headline in London's largest newspaper, the Evening Standard, yesterday. In their free sister paper, London Lite, the short version of the article read: "AMEX at 46%? No, that won't do nicely! "AMERICAN Express has increased the cost of borrowing on one of its credit cards to 46 per cent – more…
Interesting conjecture over at the Financial Times that Dame Clara Furse, CEO of the London Stock Exchange, will be succeeded by an outsider. Two top names in the frame are Alasdair Haynes, Chief Executive of broker ITG; and Bob Wigley, the departing European Chairman of Merrill Lynch. This is based upon the trend to pick…
Interesting conjecture over at the Financial Times that Dame Clara Furse, CEO of the London Stock Exchange, will be succeeded by an outsider. Two top names in the frame are Alasdair Haynes, Chief Executive of broker ITG; and Bob Wigley, the departing European Chairman of Merrill Lynch. This is based upon the trend to pick…
Of the 287 institutions receiving funds from America's Troubled Asset Relief Program (TARP), Citigroup heads the list at #1 with $45 billlion, ahead of AIG and General Motors (General Motors?), according to ProPublica: 1) Citigroup – $45 billion 2) AIG – $40 billion 3) JPMorgan Chase – $25 billion 4) Bank of America (incl. Merrill…
Of the 287 institutions receiving funds from America's Troubled Asset Relief Program (TARP), Citigroup heads the list at #1 with $45 billlion, ahead of AIG and General Motors (General Motors?), according to ProPublica: 1) Citigroup – $45 billion 2) AIG – $40 billion 3) JPMorgan Chase – $25 billion 4) Bank of America (incl. Merrill…
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