GMAC’s new retail-banking operation, Ally Bank, isn’t exactly getting a warm welcome from the rest of the banking industry. The American Banking Association has already complained about the high rates Ally is paying on CD and savings deposits, moaning that Ally is getting a pass from federal regulators. BNET Auto blogger Jim Henry has the full story.
Financial Services Industry Archive
June 2009
Morgan Stanley’s longtime hero John Mack is betting that he can create a different species of investment bank to dominate today’s morphed financial landscape. As Citigroup looks to divest valuable assets in order to beef up its beleaguered balance sheet, rival Morgan Stanley appears as if it’s back to old tricks: trying to become a one-stop shop in the financial services...
Two big-name appointments at the nation’s largest banks are lighting up the formerly fading financial recruitment landscape. Wednesday, Goldman Sachs announced it appointed former Securities and Exchange Commission Chairman Arthur Levitt as an adviser on public policy, while Citigroup nabbed Morgan Stanley dealmaker James von Moltke to head its corporate mergers group in New York,...
Hedge funds are smaller, healthier, and more flexible when it comes to negotiating their fees than they were a year ago. That’s likely to attract investors like flies this year, according to two recent industry reports. Hedge funds may see around $50 billion of capital added to their bases in 2009, mainly from ultra high net worth investors such as rich families, according to a recent...
Capital-raising season is getting well underway, but that may pose a new problem for banks: higher share prices and a more diversified investor base. Amid a flight among investors back to risk, big banks are shrugging off the stringent last-minute capital-raising constraints placed on them by Federal Reserve officials late last month. Ownership divestments, private placements and equity share...
Times are tough at Citigroup. While the bank’s stock still has some way to climb relative to its peers (whose shares are soaring in a market rally), Citi is now being excluded from the country’s most prominent index. Earlier today, Dow Jones said that Citi would soon lose its place among the 30 companies in the Dow Jones Industrial Index. In an ironic twist, one of the...
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The financial industry meltdown has been the worst since the great depression. BNET Financial provides daily industry trends and news coverage with insights for managers and executives about the major financial services companies in the banking and finance sector. In addition to detailed company profiles, we bring you industry analysis on new mergers, partnerships, financial products, rates, investments, capital, and a host of other critical factors of success in the finance business.