Market News

Citigroup (C)

Bank of Montreal announced that it has completed the acquisition of the Diners Club North American franchise from Citigroup.
This acquisition was announced on November 24, 2009. The purchase also includes the Club Rewards program and the Professional Card portfolio.

Dec 31 · 3:07:00 PM · Source: Reuters
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by Michael Oliveto

Citigroup (C)

Citigroup received notice from the federal government that they will not be subject to rulings from the Treasury Department’s paymaster Kenneth Feinberg in 2010.
Citigroup paid back $20 billion of the total $45 billion in aid that it received from TARP, meaning that it is no longer receiving “exceptional assistance” and is no longer receiving the type of aid that would warrant the paymaster’s oversight, according to a letter issued to Citigroup by the Treasury Department on Wednesday.

Dec 29 · 5:21:00 PM · Source: American Banking News
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by Michael Oliveto

Citigroup (C)

According to a regulatory filing at the end of trading on Thursday, as of March 2011, Citibank will no longer provide financing for the credit cards of Zale with sales continuing to plunge for the specialty jewelry retailer.
Zale hasn’t been able to stop the continuing loss in market share it has been experiencing for years, and the drop in November sales of 18.6% has generated a lot of conjecture and buzz on what the future holds for the company, as the majority of its sales and profits are experienced over the final three months of the year.

Dec 29 · 5:17:00 PM · Source: American Banking News · Related: Zale Corporation
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by Michael Oliveto

J.P. Morgan (JPM)

JPMorgan Chase & Co sold $4 billion (Dh14.69 billion) of notes in the only US corporate bond offering last week.
Sales compare with $17.5 billion the previous week and bring total monthly issuance to $56.6 billion, in line with the $55 billion average since 2000, according to data compiled by Bloomberg. New York-based JPMorgan's 13-month extendible notes, which have a final maturity of five years, marked the second time the bank sold dollar-denominated debt this month. The issue from JPMorgan, the second-largest US bank, brought 2009's total volume to a record $1.24 trillion as borrowers took advantage of low interest rates to refinance debt after being locked out of the bond market during last year's financial crisis. The previous record was $1.17 trillion in 2007.

Dec 29 · 2:22:00 PM · Source: Gulf News
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by Michael Oliveto

Bank of America (BAC)

Kendall Law Group, led by a former federal judge, announced that a lawsuit has been filed against Bank of America for possible securities violations related to public statements made between September 15, 2008 and January 21, 2009. Independently, Coughlin Stoia Geller Rudman & Robbins LLP announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of certain Bank of America Corporation debt securities (the Securities) during the same Class Period.
The complaint, filed in the Southern District of New York, charges Bank of America and certain of its officers and directors with violations of the federal securities laws concerning statements made concealing Bank of America’s agreement that Merrill Lynch employees would receive up to $5.8 billion in bonuses before the merger was consummated. Also, Merrill Lynch had suffered massive losses that were inherited by Bank of America in the merger. The complaint alleges that due to these misleading statements, BAC stock traded at artificially inflated prices during the relevant time period. While the prices were artificially inflated, the Company sold certain debt and equity securities, including 455 million shares of its common stock at $22 per share on October 10, 2008, raising approximately $10 billion capital.

Dec 29 · 1:20:00 PM · Source: Business Wire
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by Michael Oliveto

American Express (AXP)

American Express Open, the small business division of American Express, launched AcceptPay, an online invoicing and payment solution that can help business owners improve cash flow at a time when customers are taking a longer time to pay.
AcceptPay is a new online solution that allows business owners to create, send and track invoices - all in one place. Through AcceptPay, the group said that customers can pay the invoice through a variety of methods, including major credit and debit cards, eChecks, cash, or checks.

Dec 29 · 12:54:00 PM · Source: Trading Markets
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by Michael Oliveto