Market News

Bank of America (BAC)

Bank of America Wednesday announced It will repay U.S. taxpayers their entire $45 billion investment provided under the Troubled Asset Relief Program (TARP). The repayment will be made after the completion of a securities offering. To date, Bank of America has paid $2.54 billion in dividends to the U.S. Treasury on the TARP investment. Repaying TARP will save the company approximately $3.6 billion in annual dividend costs from the TARP investment.
The move underscores the banking industry’s swift recovery from the financial crisis.

Dec 3 · 11:54:00 AM · Source: Company News Release
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by Larry Etter

AIG (AIG)

American International Group, the insurance giant bailed out by the federal government, Tuesday said it had completed a deal to reduce its debt to the Federal Reserve by $25 billion. To do this, AIG gave the Federal Reserve Bank of New York preferred stakes in two of the company's crown jewels -- Asian-based American International Assurance, or AIA, and American Life Insurance Co., or Alico, which operates in more than 50 countries. The deal had been announced earlier this year.

Dec 1 · 2:16:00 PM · Source: Company News Release
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by Larry Etter

State Street (STT)

State Street Corp. Tuesday said it has agreed to acquire Mourant International Finance Administration. Mourant, based in the Channel Islands, has about $170 billion of assets under administration and 650 employees. It is called a leading provider of fund-administration services, particularly for alternative investments such as private equity, real estate and hedge funds. The purchase prices is not being disclosed.
The deal would increase State Street's alternative-investment presence.

Dec 1 · 12:42:00 PM
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by Larry Etter

State Street (STT)

State Street Corporation, one of the world’s leading providers of financial services to institutional investors, said it has been appointed by Morgan Stanley Investment Management to provide investment manager operations outsourcing services for approximately $300 billion in assets.

Dec 1 · 12:36:00 PM · Source: Company News Release
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by Larry Etter

Citigroup (C)

Citigroup said Tuesday it is selling its Diners Club North America card business to Bank of Montreal. The deal gives BMO exclusive rights to issue Diners cards in the U.S. and Canada. Terms of the deal were not disclosed.
The sale is anticipated to reduce Citi's assets in Citi Holdings by approximately $1 billion and is not expected to have a material impact on Citi's net income or capital ratios. The transaction is expected to close by March 31, 2010 and is subject to regulatory approvals and customary closing conditions.

Nov 24 · 12:13:00 PM · Source: Company News
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by Larry Etter

American Express (AXP)

American Express Company Wednesday announced it has agreed to acquire Revolution Money, a company launched by AOL Co-founder Steve Case's Revolution LLC in 2007 to provides secure payments through an internet based platform.
Interestingly, American Express is buying a nascent competitor that has positioned itself to merchants as a low-cost alternative as Revolution offers PIN-based credit cards that charge merchants a fraction of the typical acceptance cost and free online money transfers.

Nov 18 · 11:58:00 AM · Source: Company News Release
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by Larry Etter

Lazard Ltd. (LAZ)

Lazard Ltd. Tuesday said it had named Kenneth Jacobs, head of the investment bank’s North American businesses, as chairman and CEO, succeeding Bruce Wasserstein, who passed away last month. Jacobs, 51, takes over from interim CEO Steven Golub, 63, who will continue as vice chairman of Lazard and chairman of the financial-advisory group.

Nov 17 · 11:44:00 AM · Source: Company News Release
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by Larry Etter