Wells Fargo have reported their financial results for both the fourth quarter and full-year 2009. For the year as a whole the firm achieved record profits, reporting net income of $12.3bn and record revenue of $88.7bn. In the fourth quarter of the year Wells Fargo made $2.8bn in net profits, after pre-tax $500 million credit [...]
US Bancorp has reported net profits of $602m for the fourth quarter of 2009, equivalent to $0.30 per diluted common share. This is almost identical to the net profits enjoyed in the previous quarter, when the firm made $603m. In addition, the firm achieved record revenue of $4.4bn, driven by net interest income and fee [...]
Bank of America Corporation has today announced that for the full-year 2009 it enjoyed net profits of $6.3bn, up by more than 50% on the $4bn net income of the previous year. Income applicable to common shareholders, however, was a net loss of $2.2bn, after deductions due to preferred stock dividends and repayments to the [...]
The Financial Services Authority has fined Standard Life Assurance Limited (SLAL) £2.45m for serious failures in systems and controls, causing misleading marketing material pertaining to SLAL’s Pension Sterling Fund to be released. Some 98,000 retail consumers had invested in the fund as of 23 December 2008. There was a serious lack of proper systems and [...]
Nationwide Building Society has announced that it is increasing the rates available on a number of its Fixed Rate Bonds and e-Bonds, offering guaranteed interest rates for savers. The products benefiting from the rate increases include the three year Fixed Rate Bond and e-Bond which offer 4.7% gross p.a./AER fixed for balances exceeding £25,000. Customers [...]
Investment bank Credit Suisse has announced the appointment of Neil Harvey as MD and head of Asia Pacific, and as global head of Emerging Markets for Asset Management. Harvey will be based in Hong Kong and take up his new role from 1 February, reporting to Robert Shafir, Asset Management CEO and Kai Nargolwala, Asia [...]
U.S. Bancorp has announced that is has completed the purchase of BB&T Corporation’s Nevada banking operations, including the deposits of Las Vegas-Paradise market, Reno-Sparks market and the Northern Nevada markets of Carson City, Fallon and Gardnerville Ranchos. The deal will see U.S. Bancorp acquire certain branch locations from BB&T, as well as some $850m in [...]
HSBC and Troika Dialog are to increase their co-operation, with 11 open-end mutual funds managed by Troika Dialog now available via the Moscow and St Petersburg branches of HSBC. Many of Troika Dialog’s mutual funds are now available through the Russian branches of UK banking giant HSBC, increasing the level of co-operation between the two [...]
The UK Cards Association (UKCA) has submitted its response to the Government’s consultation on the regulation of credit and store cards. The body, which represents the UK credit card industry, has put together proposals that it says offer “important enhancements for customers”, whilst preserving the interests of the majority of credit card users. UKCA chair, [...]
Citigroup has posted a $1.6 billion loss for 2009, recovering from a $27.7 billion deficit in 2008. Notably, the group’s investment banking activities produced 2009 profit of $7.1 billion, compared with a $764 million loss a year earlier. The bank, which reported a modest net profit of £101 million in the third quarter of 2009, [...]
Saffron Building Society has announced it is launching a new six month fixed rate corporate savings bond. The firm, which is a regional building society in East Anglia, will offer the new bond to limited companies, charities, clubs and associations who have larger deposits. An initial deposit of £5,000 or more is required, and the [...]
HSBC is reported to be making a bid for a stake in Siam City Bank of Thailand. Korea Development Bank and Thanachart Bank are also understood to be in the bidding, which closes on 25th January. The 47.6% share of the business is being sold by the Government of Thailand for an estimated $850 million. [...]
Troika Dialog Group has announced that Pavel Mikhailovich Teplukhin, managing director and chairman of the Board of Directors of Troika Dialog Asset Management, is to part ways with the firm. Teplukhin helped to establish Troika Dialog and has been described as a luminary by Ruben Vardanian, Chairman of the Board of Directors of Troika Dialog [...]
Investment firms Invesco Perpetual and M&G are backing a new bank that has its sights set on the UK retail banking sector, the Daily Telegraph has reported. Walton & Co was launched earlier this month by Paul Walton, a former senior risk executive with the Financial Services Authority, and Panmure Gordon banking analyst, Sandy Chen. [...]
In preparation for its assault on the UK retail banking market, Virgin Money has appointed former Royal Bank of Scotland (RBS) executive, Finlay Williamson, as chief financial officer. The current post holder, Dave Dyer, is to become the group’s international development director. Virgin has also hired Ian Cornelius (once savings director of Bradford & Bingley) [...]
Northern Rock has confirmed that it is to become the main sponsor of Newcastle United Football Club. The nationalised lender and the Club already have a long-standing relationship and the new four-year contract will commence from the start of the 2010/11 football season. The value of the deal will range from £1.5 million to a [...]
Begbies Traynor is warning that over 140,000 UK companies experienced “Significant and Critical” financial problems in the final quarter of 2009. The level of distress showed a 6% rise on the previous three months but had declined 14% on the same period in 2008. The recovery and restructuring specialist has also identified a new trend [...]
Royal Bank of Scotland (RBS) / NatWest has launched a new fund aimed at UK manufacturers. The lenders are pledging £1 billion in “competitive fixed rate loans” for firms investing for growth, as the sector looks to recover. The money has been ring-fenced and will be lent under flexible terms, such as the option to [...]
Pan-African banking group United Bank for Africa Plc (UBA) has announced that it is to expand into Zambia. The move follows successful expansions into Kenya, Uganda and Tanzania and will see the UBA develop a full range of banking services in the country. It comes as part of the UBA’s strategic plan to establish a [...]
Commerzbank has announced that it has agreed to sell Dresdner Bank Monaco S.A.M. to Bank Audi sal – Audi Saradar Group. The value of the deal is undisclosed, and the sale itself is subject to the necessary approvals of the relevant regulatory authorities. Dresdner Bank Monaco S.A.M. is a subsidiary of Dresdner Bank Luxembourg S.A [...]
