MetLife’s on again, off again negotiations with American International Group’s Alico unit has been going on longer than a monkeys’ mating dance in a rain forest. The New York Times said today that they were at it again. Price is supposed to be the sticking point. The theory is that MetLife is waiting until AIG, which recently saw its share price plummet to $1.33 after former...
Financial Services Industry Archive
July 2009
Wondering how U.S. taxpayers are making out on our massive investment in financial institutions via the federal Troubled Asset Relief Program? Thus far, not so hot. The Congressional Oversight Panel, which lawmakers created last fall to monitor the progress of financial reform, said in a report released Friday that 11 small banks participating in TARP have repurchased their warrants from the...
The Service Employees International Union has painted a bullseye on America’s banks, drawing a particular bead on Bank of America. The labor group wants to help tellers and office workers at B of A and other big banks to unionize, rallying support this week for the Employee Free Choice Act, federal legislation that would make it easier for all corporate employees to join a union. And...
Citigroup is going one step further in solidifying what looks to be the firm’s most significant strategy shift in more than ten years, announcing two sets of financial results for the banking behemoth’s second quarter this year. Second quarter earnings will be divided between Citicorp, comprising 56 percent of the firm’s assets, and Citi Holdings, which is focused on areas...
Citigroup’s spate of recent management changes may indicate that chief executive Vikram Pandit is gearing up to spin-off the firm’s commercial and mortgage-related banking divisions, and focus instead on traditional investment banking activities. Monday, Citi announced that it was shifting around senior bankers in its emerging market operations, with the appointments of Stephen...
Another round of bank deleveraging is looking more likely by the day. But this time, it will be harder to convince U.S. taxpayers of the merits of a second fiscal stimulus to bail out the big banks. The beginning of the July 4 Holiday weekend marked an ominous note for the beginning of the third quarter in 2009, with the shuttering of six Illinois banks and one in Texas. Those bankruptcies...
Around two years ago, the word “decoupling” was on just about everyone’s lips — until China’s stock market cratered, and the subprime crisis helped dispel any hope of economic growth anywhere in the world. Now, however, signs are appearing that the decoupling theory — which posits the rise and de-correlation of mostly eastern emerging markets over more...
Rolling Stone writes about as accurately about the banking industry as the pop stars the magazine more regularly profiles tell the heavily mythologized stories of their biographies. In a recent sensational article titled The Great American Bubble Machine, Matt Taibbi “exposes” the bank for what he sees as a giant, greedy, political money machine which purposely calculates how it...
- Ailing AIG Gets Good News: Benmosche to Stay
- Banks Failing at Fastest Rate Since S&L Crisis
- Sun Life Doing Robust Business in Variable Annuities
- Zions Bancorporation: Shareholder Confidence Runs High, But The Worst Is Not Over Yet
- Will Sun Life President Boscia Pay a Call on His Former Company?
- Midsize Banks Have Worst Credit
- Is Manulife Stock 'Depressed?' Ask the Lady in the Bikini
- AIG: Help Wanted, But Will Anyone Apply?
- State Farm Is Warming Up to Florida
- Underrated: S&P, Moody's, Fitch ... and PIMCO
- Geithner's Not Going
- Barney Frank Aide Blasts Media Report Alleging Lack of Progress on Financial Reform
- Goldman Sachs, Shareholders Just Can't Get Along
- Geithner: Guilty Until Proven Innocent in AIG Debacle
- ECB President Cautions Interest Rate Hike, But Banks Are Ill-Prepared
- As Income Mobility Falls, American Dream Fades
- Lawmakers Push Bill to Monitor Fed Lending Programs
- Eugene Fama Drinks His Own Brand of Kool-Aid
- Roubini Warns of New Financial Crisis
- Ex-Wells Fargo Loan Officer Details Shady Practices
- Bank of America, JPMorgan Chase are too Late in Moving to Curb Overdraft Fees
- Civil Rights Group Teams With Wells Fargo Despite Charges of Predatory Lending
- State Farm CEO Rust: Effective But Not Greedy
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- As Income Mobility Falls, American Dream Fades
- Creative Destruction and the new Money Trust
- Geithner Deal With Wall Street Over AIG Swaps Cost Taxpayers $13 Billion
- Civil Rights Group Teams With Wells Fargo Despite Charges of Predatory Lending
- Senator Dodd Is Saving Lenders From Themselves
- Citigroup Hit With Huge Credit Loss
- FDIC Chief Sheila Bair to Treasury Brat Geithner: Nyah!
- Private Equity Firms About To Gear Up The Small Banking Sector
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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.