Market News

Wells Fargo (WFC)

Wells Fargo & Company said it will redeem the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 under the government’s Troubled Asset Relief Program (TARP), upon successful completion of a $10.4 billion common stock offering.
The company's CEO said Wells Fargo is "now we’re ready to fully repay TARP in a way that serves the interests of the U.S. taxpayer, as well as our customers, team members and investors."

Dec 15 · 10:20:00 AM · Source: Company News Release
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by Larry Etter

Citigroup (C)

CNBC is reporting that Citigroup laid out a plan to repay the money it owes the U.S. government, including issuing $17 billion of stock immediately, as the bank looks to end the pay restrictions that came with the funds.

Dec 14 · 1:35:00 PM · Source: CNBC
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by Rich Pike

Goldman Sachs (GS)

Market Watch is reporting that Goldman Sachs' management committee will be receiving bonuses in the form of "shares at risk" in 2009 instead of cash. The shares cannot be sold for five years. Shareholders will also have an advisory vote on the compensation package at the firm's annual meeting in 2010.

Dec 10 · 1:05:00 PM · Source: Market Watch
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by Rich Pike

Bank of America (BAC)

Yahoo Finance reports that Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program. Repayment of the funds frees the Charlotte, N.C.-based bank from the government restrictions that have hampered its search for a new CEO.
Treasury now estimates that total bank repayments could reach up to $175 billion by the end of 2010, the agency said in a release Wednesday.

Dec 9 · 6:04:00 PM · Source: Yahoo Finance
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by Rich Pike

Citigroup (C)

CNBC is reporting that Citigroup plans to pay back some of the $45 billion in TARP money it received last year by raising as much as $20 billion through a stock offering.
Exiting TARP would allow Citigroup to get out from under the thumb of the US government's pay czar, who has the authority to rule on how the bank pays its employees. But Citigroup's plan to extract itself from TARP could be more complicated than Bank of America's, because it has received more government support. The US owns about a third of the bank's shares, after Citigroup gave a big chunk of common stock to investors in exchange for preferred shares.

Dec 9 · 5:53:00 PM · Source: CNBC
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by Rich Pike

Citigroup (C)

Kuwait Investment Authority or KIA, the country's sovereign wealth fund, said it sold a $4.1 billion stake in Citigroup.
The KIA said it made a $1.1 billion profit, or a 36.7% return on its investment, according to the emailed statement. The KIA invested $3 billion in Citibank at the beginning of 2008, the authority added.

Dec 7 · 4:30:00 PM · Source: Reuters
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by Michael Oliveto

Travelers (TRV)

Travelers declared a regular quarterly dividend in the amount of $.33 per share payable December 31, 2009 to shareholders of record on December 10, 2009, ex-dividend date December 8, 2009.
At today's $50.85 stock price the dividend yield is 2.60%.

Dec 7 · 4:16:00 PM
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by Rich Pike

Chubb (CB)

Chubb today declared a regular quarterly dividend in the amount of $0.35 per share payable January 12, 2010 to shareholders of record on December 18, 2009, ex-dividend date December 16, 2009.
At today's $48.84 stock price the dividend yield is 2.87%.

Dec 3 · 9:39:00 PM · Source: Company Press Release
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by Rich Pike

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