Market News

Travelers (TRV)

The Travelers Companies, Inc. has announced that Bill Cunningham has been promoted to Executive Vice President, Business Insurance, leading the company's Business Insurance segment, effective March 1, 2010. Cunningham succeeds John Albano following Albano’s decision to take on a part time role at Travelers so he can pursue outside interests.

Feb 10 · 11:01:00 AM · Source: Company Press Release
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by Larry Etter

Bank of America (BAC)

Bank of America Merrill Lynch today announced that Alastair Borthwick and Lisa Carnoy have been named co-heads of the company's Global Capital Markets business. This move follows the recent announcement that Bruce Thompson, former head of Global Capital Markets, has been appointed chief risk officer for Bank of America.

Feb 10 · 10:58:00 AM · Source: Company Press Release
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by Larry Etter

Hartford Financial Services (HIG)

Hartford Financial Services Group Inc rose in New York trading Tuesday after saying operating earnings probably beat a forecast it gave two months ago. Earnings will be reported on February 4.

Jan 12 · 10:51:00 AM · Source: Business Week
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by Larry Etter

Regions Financing (RF)

Regions Bank announced that it has exceeded its goal of opening one million new checking accounts for consumers and small businesses in 2009.
Growth in the bank’s signature bundled product, Regions LifeGreen Checking and Savings, helped fuel the growth, which has also been instrumental in helping the bank increase deposits by $10 billion since September 2008. Regions exceeded its previous record of account openings in a year by more than 25 percent.

Jan 1 · 4:05:00 PM · Source: Business Wire
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by Michael Oliveto

Regions Financing (RF)

Regions Bank recently won a $43.1 million foreclosure lawsuit targeting the unfinished Azura estate home project in Boca Raton.
Polo Field Estates planned to build 92 homes with prices ranging from $1.6 million to $3 million. Only a handful were built.

Jan 1 · 4:03:00 PM · Source: MSN Money
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by Michael Oliveto

Regions Financing (RF)

Regions Financial Corp.’s brokerage arm Morgan Keegan & Co. said a lawsuit filed by former client Consulting Services Group LLC is “full of omissions, misstatements and half truths” and is nothing more than a tactic to turn attention away from its own shortcomings.
CSG, a Tennessee-based investment advisory firm for institutions, foundations, pension funds and high-net worth individuals, filed a civil lawsuit last week in Shelby County, TN Circuit Court against Morgan Keegan over losses in Morgan Keegan’s former RMK Funds. Losses in the funds ranged from 51% to 86% last year just before Morgan Keegan sold the funds to a third party. The total value had dropped from a high of $4.4 billion to around $350 million when they were jettisoned.

Jan 1 · 4:01:00 PM · Source: MSN Money
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by Michael Oliveto

Regions Financing (RF)

Regions Bank said that it is closing five of its Central Florida branches as part of a companywide cost-cutting effort designed to save millions of dollars and help reverse recent losses.
Regions, the fifth-largest bank in Central Florida, plans to shut the branches in Orlando, Longwood, Oviedo, Holly Hill and Ormond Beach early next year, a spokesman for the Birmingham-based bank said. The cutback affects about 6 percent of Regions' offices in Central Florida.

Jan 1 · 3:59:00 PM · Source: Orlando Sentinel
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by Michael Oliveto

Morgan Stanley (MS)

Morgan Stanley was accused in a lawsuit, filed by the public employees' retirement system of the Virgin Islands, of defrauding investors in a collateralized debt obligation, called the Libertas CDO, by collaborating with ratings companies to place triple-A ratings on the notes.
Morgan Stanley, the sixth-biggest U.S. lender by assets, arranged the offering as it was short-selling almost the entire $1.2 billion worth of assets in the CDO, according to a complaint filed today in federal court in New York. Morgan Stanley was betting the entire investment it was promoting would fail, the public employees' retirement system of the Virgin Islands said in the complaint. The firm achieved its objective.

Jan 1 · 3:26:00 PM · Source: Business Week
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by Michael Oliveto

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