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Capital One (COF)

Capital One Financial reported in a regulatory filing that its annualized net charge-off rate has risen to 9.77% in September up from 9.32% in August.
This is another sign that U.S. consumers remain under stress. Accounts at least 30 days delinquent, an indicator of future loan losses, increased to 5.38% percent from 5.09% percent.

Oct 15 · 10:37:00 AM · Source: CNBC
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by Michael Oliveto

Citigroup (C)

Citigroup reported a $0.27 loss beating the consensus $0.38 loss on revenues of $20.4 billion.
Allowances for loan losses has risen to $36.4 billion which is now 5.9% of total loans. CEO Vikram Pandit commented that consumer credit trends are improving in international markets, but noted that the domestic consumer credit environment remains challenging.

Oct 15 · 10:10:00 AM · Source: 24/7 Wall Street
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Citigroup (C)

Citigroup announced Tuesday that it has become the first U.S. financial institution to open a retail banking branch in Vietnam.
The branch is located in Ho Chi Minh City and will provide deposit and remittance services.

Oct 14 · 1:46:00 PM · Source: Ub News
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by Michael Oliveto

Travelers (TRV)

Travelers will review its third quarter 2009 results via webcast at 9 a.m. EDT on Thursday, Oct. 22, following the release of earnings earlier that morning.
A slide presentation, statistical supplement and live audio broadcast will be available on the investor section of the Travelers Web site at http://investor.travelers.com. Following the webcast, the presentation and an audio playback of the teleconference will be available at the same Web site.

Oct 14 · 11:50:00 AM
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by Rich Pike

Bank of America (BAC)

The Service Employees International Union is asking the Obama Administration to put a halt Bank of America CEO Ken Lewis’ multi-million-dollar retirement package.
Lewis is scheduled to retire at the end of the year and is to receive a package valued at as much as $68.8 million. BofA so far has not responded to the union’s letter.

Oct 14 · 11:15:00 AM · Source: San Francisco Business Times
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by Michael Oliveto

Progressive (PGR)

Auto insurer Progressive Corp.(PGR) today said it posted a nice turnaround, returning to a profitable stance in the third quarter after being hurt last year by $1.37 billion of investment losses. Progressive's Q3 earnings were $269.9 million, or 40 cents a share, compared with a year-earlier loss of $684.2 million, or $1.03 a share. The mean estimates of analysts surveyed by Thomson Reuters were earnings of 33 cents a share and net premiums written of $3.56 billion.
The results come as insurers battle for market share in a market environment where the price of one policy over another is probably more important than ever.

Oct 14 · 10:57:00 AM · Source: Dow Jones Newswire · Related: Allstate
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by Larry Etter

Blackstone (BX)

Blackstone CEO Stephen Schwarzman sees industry improvement going forward.
Schwarzman sees dealflow and IPO investments opening up. During a speech at the Super Return Middle East private equity conference in Dubai he was quoted as saying, “We've all been through a trying period. We’re seeing more than green shoots of recovery, though the scale of economic growth through next year is still unclear. We do not expect the U.S. economy to slip back into recession, but we do believe that weak consumer spending and continued constraints on bank lending will dampen the U.S. economic recovery in 2010 and 2011."

Oct 14 · 10:46:00 AM · Source: CNBC
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by Michael Oliveto

J.P. Morgan (JPM)

JPMorgan Chase & Co. (NYSE: JPM) joined Intel today in boosting market morale when it reported third-quarter 2009 net income of $3.6 billion, compared with net income of $527 million in the third quarter of 2008. Earnings per share were $0.82, compared with $0.09 in the prior year. The results easily beat market expectations and helped move the stock market higher during Wednesday morning.
JPMorganChase CEO Jamie Dimon continues to show he's is one of -- or is the top -- banking CEOs in world.

Oct 14 · 10:40:00 AM · Source: BusinessWire · Related: BANK OF AMERICA
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by Larry Etter

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