Market News

Discover Financial Services (DFS)

Discover Financial Services said Thursday that earnings from continuing operations for the fiscal fourth quarter ended Nov. 30 were $371 million, or 63 cents, compared with $444 million, or 92 cents, a year earlier. The company said its net yield on credit cards fell to 9.37 percent from 9.9 percent in the previous quarter as Discover implemented changes mandated by the Credit Card Accountability Responsibility and Disclosure Act.

Dec 17 · 10:59:00 AM · Source: Company News Release
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by Larry Etter

Citigroup (C)

Citi Wednesday announced the pricing of 5.4 billion common shares and 35 million tangible equity units as part of its agreement with the U.S. government and its regulators to repay U.S. taxpayers for the $20 billion the government holds in TARP trust preferred securities and to terminate the loss-sharing agreement with the government. The common stock priced at $3.15 per share, generating net proceeds of approximately $17 billion. The tangible equity units priced at $100 each, generating net proceeds of approximately $3.5 billion (about $2.8 billion counted as equity.) The combined offering of common stock and tangible equity units is the largest public equity offering in U.S. capital markets history.

Dec 17 · 10:44:00 AM · Source: Company News
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by Larry Etter

Bank of America (BAC)

The Bank of America Board of Directors late Wednesday elected Brian T. Moynihan as CEO and president of the company. He will assume the office and join the Board of Directors following the retirement of Kenneth D. Lewis on December 31, 2009. Moynihan, 50, has held senior leadership positions at Bank of America representing experience across virtually all business lines. He currently is president of Consumer and Small Business Banking.
The naming of Moynihan takes the shroud of uncertainty off BofA.

Dec 17 · 10:21:00 AM · Source: Company News
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by Larry Etter

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

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