Financial Services Industry

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Financial Services Articles

• Even WaMu, Citi/Wachovia Are Firing Up Ads to Reassure Customers

  The sagging print news media industry is getting a bump from another badly troubled sector -- financial services. This morning the WSJ's front section had five full- or quarter-page advertisements trying to reassure investors that all is well. Prudential touted its 133 years of managing risk. Fidelity...

  Tue Oct 7, 2008 @ 1:28 PM PDT

  Tags: Firing, Advertisement, Washington Mutual Inc., Wachovia Corp., Citigroup Inc., NYT, Peter Galuszka

• Wells to Take Up to 80 Percent of Wachovia Deposits: Source

  By Dan WilchinsNEW YORK (Reuters) - Wells Fargo & Co WFC is likely to get about 75 percent to 80 percent of Wachovia Corp's WB deposits, while Citigroup C is likely to get closer to 20 percent to 25 percent of the deposits, a person briefed on the matter said...

  Tue Oct 7, 2008 @ 1:00 PM PDT

  Tags: Asset, Wells Fargo & Co., Wachovia Corp., Citigroup Inc., Asset Management, Financial Services, Operational Planning, Business Operations

• Morgan Stanley Says Mitsubishi UFJ Deal on Track

  By Phil Wahba and Dan WilchinsNEW YORK (Reuters) - Morgan Stanley MS said on Tuesday its deal to sell up to 24.9 percent of its voting shares to Japanese bank Mitsubishi UFJ Financial Group was on track to close "imminently," sending its shares rebounding from earlier lows.Earlier, the stock...

  Tue Oct 7, 2008 @ 12:45 PM PDT

  Tags: Mitsubishi Corp., Morgan Stanley, Investment, Financial Services, Financial Accounting, Finance, Bank of America Corp., Merrill Lynch & Co. Inc.

• Ex-UBS Senior Lawyer Settles Insider Trading Case

  By Martha GraybowNEW YORK (Reuters) - A former top lawyer at UBS AG has agreed to pay $6.5 million to settle accusations he sold his personal holdings of auction-rate securities after getting insider information about the collapsing market for the debt.The settlement was announced on Tuesday by New York Attorney...

  Tue Oct 7, 2008 @ 12:32 PM PDT

  Tags: Bank, General Counsel, UBS AG, Litigation, Financial Services, Security, Andrew Cuomo, New York

• Safeway F3Q08 (Qtr End 9/6/08) Earnings Call Transcript

  Question-and-Answer Session Operator Operator Instructions Our first question today is from John Heinbockel and please state your company name. John Heinbockel - Goldman Sachs Steve, a couple of things; if you look at the up-tick in ID momentum here in the last five weeks, could you talk about...

  Tue Oct 7, 2008 @ 12:13 PM PDT

  Tags: Goldman Sachs & Co., Call Transcript, Safeway Plc., Earnings, Sales Strategy, Sales Force Management, Sales, Seeking Alpha, Safeway Inc.

• Oberon Media raises USD20m from the Infinity I-China Fund

  US-based casual games firm, Oberon Media, has raised USD20m from the Infinity I-China Fund. Oberon will use the funds to establish new partnerships and publish more games in the region. "We have identified the gaming field as a strategic cluster...

  Tue Oct 7, 2008 @ 11:49 AM PDT

  Tags: Media, Games, Personal Technology, Olof Lindh, I-play, Oak Investment Partners, PixelPlay, Oberon Media, Capricorn Investment, Friends Games, Goldman Sachs & Co.

• Darling to Announce Bank Plan Wednesday

  LONDON (Reuters UK) - Chancellor Alistair Darling said on Tuesday he would make a statement on a plan to support the country's ailing banking system before financial markets open on Wednesday.After late-evening talks with Prime Minister Gordon Brown, the Bank of England Governor Mervyn King and the chairman of the...

  Tue Oct 7, 2008 @ 11:46 AM PDT

  Tags: Bank, Financial, Bank Of England, Financial Accounting, Financial Services, Finance, Oukbs

• Morgan Stanley Shares Fall 35 Percent

  NEW YORK (Reuters) - Shares of Morgan Stanley MS fell 35 percent to $15.20 in afternoon trading on the New York Stock Exchange.

  Tue Oct 7, 2008 @ 11:15 AM PDT

  Tags: Morgan Stanley, Shares, Us

• U.S. Lawmaker Says AIG Had Warnings on Risk

  By Kim Dixon and Rachelle YounglaiWASHINGTON (Reuters UK) - U.S. regulators sent a letter to American International Group Inc AIG in March warning of its lack of transparency and ability to oversee its financial products, a top Democratic lawmaker said on Tuesday.Rep. Henry Waxman, who chairs the House Oversight and...

  Tue Oct 7, 2008 @ 11:06 AM PDT

  Tags: Financial, American International Group Inc., Financial Accounting, Financial Services, Finance, Fannie Mae, Freddie Mac, Operational Accounting

• BofA Share Sale Two-thirds Subscribed: Sources

  NEW YORK (Reuters) - Bank of America Corp BAC has received orders for about two-thirds of the $10 billion of shares it is looking to sell, and plans to price the transaction after the market's close on Tuesday, according to two investors that spoke to the bank.Bank of America said...

  Tue Oct 7, 2008 @ 10:45 AM PDT

  Tags: Bank Of America Corp., Financial Accounting, Finance, Bank of America Corp., Financial Services, Us

• Bank of America Corporation Q3 2008 Earnings Call Transcript

  Question-and-Answer SessionOperator Operator Instructions Our first question comes from Matthew D. O’Connor - UBS US. Matthew D. O’Connor - UBS US You provide a lot of good detail on the reserves and asset quality by subcategory and specifically I’m looking on page 24 in the commercial breakdown, and...

  Tue Oct 7, 2008 @ 10:29 AM PDT

  Tags: Bank Of America Corp., Commercial Real Estate, Call Transcript, Earnings, Reserve, UBS AG, Real Estate, Financial Services, Business Operations, Seeking Alpha, Bank of America Corp.

• AIG Had Warnings on Risk: Lawmaker

  By Kim Dixon and Rachelle YounglaiWASHINGTON (Reuters) - U.S. regulators sent a letter to American International Group Inc in March warning of its lack of transparency and ability to oversee its financial products, a top Democratic lawmaker said on Tuesday.Rep. Henry Waxman, who chairs the House Oversight and Government Committee,...

  Tue Oct 7, 2008 @ 10:01 AM PDT

  Tags: Financial, American International Group Inc., Financial Accounting, Financial Services, Finance, Operational Accounting, Us

• Report Questions Impartiality of SEC: NY Times

  WASHINGTON (Reuters) - A federal inquiry has concluded that the Securities and Exchange Commission should consider disciplining its director of enforcement and two supervisors for their role in handling an insider trading investigation, The New York Times said, citing an obtained report.The insider trading investigation led to the firing of...

  Tue Oct 7, 2008 @ 9:47 AM PDT

  Tags: SEC, New York Times Co., Workforce Management, Human Resources, Aguirre, Morgan Stanley, Us

• Looking for a Way Out

  After stormy Monday, will Tuesday be just as bad?Stocks in Europe have turned higher, and U.S. stock index futures are pointing to a modest recovery after a tumultuous day of trading on Monday, when stock markets around the world plunged. The Dow Jones industrial average fell as much as...

  Tue Oct 7, 2008 @ 9:45 AM PDT

  Tags: Bank, Federal Reserve Board, Financial Services, Financial Planning, Finance, The Financial Services Industry

• Roubini was Right

  I asked Nouriel Roubini this morning whether there was any way of getting institutions to start lending to each other, rather than the Fed being the only game in town. I got this in response: savor it, it's probably the shortest thing by Nouriel you'll ever read. ...

  Tue Oct 7, 2008 @ 9:43 AM PDT

  Tags: Bank, Federal Reserve Board, Financial Services, Financial Accounting, Finance, Felix Salmon, The Financial Services Industry

• The Pathetic Case of Lehman Brothers' Richard Fuld

  Richard Fuld has a terrible tale to tell. His testimony before a congressional committee looking into the collapse of investment bank Lehman Brothers is a chilling warning to any CEO of what can happen when one's corporate position is turned upside down. Anyone who...

  Tue Oct 7, 2008 @ 8:50 AM PDT

  Tags: Lehman Brothers Inc., Richard Fuld, Professional Development, Litigation, Financial Accounting, Benefits, Career, Business Operations, Finance, Human Resources, Peter Galuszka

• Greenberg Blames AIG Woes on Shorts, Accounting

  WASHINGTON (Reuters) - A former chief executive of American International Group Inc defended the insurer's risk management but said looser accounting and curbs to market short-selling could have saved it.Changes to so-called fair value accounting and rules governing investors who make bets that a stock will fall could have mitigated...

  Tue Oct 7, 2008 @ 8:01 AM PDT

  Tags: Accounting, American International Group Inc., Operational Accounting, Financial Services, Finance, Greenberg, Us

• Banks 'tapped Future Fund For Cash'

  Three of Australia's largest banks have obtained long-term loans from the Future Fund as cash dried up from other sources, The Australian reports.The ANZ, Westpac and National Australia Bank NAB tapped funding for up to 10 years, with the deals concluding shortly after the collapse of investment giant Bear...

  Tue Oct 7, 2008 @ 7:46 AM PDT

  Tags: Bank, Financial, Australia, National Australia Bank, Financial Services, AAP

• BofA Shares Drop Close to 10 Percent on Capital Raise

  NEW YORK (Reuters) - Shares of Bank of America Corp BAC fell almost 10 percent on Tuesday, a day after the bank said it would cut its dividend and raise $10 billion to offset rising loan losses.The bank, which swallowed mortgage giant Countrywide Financial Corp earlier this year and may...

  Tue Oct 7, 2008 @ 6:15 AM PDT

  Tags: Bank, Bank Of America Corp., Financial Services, Banking, Bank of America Corp., Citigroup Inc., Merrill Lynch & Co. Inc., Us

• Financial Roundup: Crisis Threatens Europe, Banks Fight, and More

  The sharks are circling Europe -- How does that goofy Disney song go? "It's a small world, after all..." Well, today's stock market plunge of nearly 800 points proves that point. It is a small world and we're in the midst of a full-blown global economic crisis....

  Mon Oct 6, 2008 @ 2:59 PM PDT

  Tags: Bank, Financial, Wells Fargo & Co., Europe, Wachovia Corp., Citigroup Inc., Shark, Financial Services, Robert Reed

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