Dark clouds clearing at Bank of America January 20, 2010 BANK of America said fourth quarter losses narrowed to $194m (£120m) yesterday as haemorrhages from its consumer credit portfolios slowed. A one-off hit for exiting the US government’s Tarp scheme brought the net fourth quarter loss to $5.2bn, however, or 60 cents per share. The impact of the $4bn charge produced a net full-year deficit [...]
State Street sees profit jump after slashing portfolio risk January 20, 2010 STATE Street looked like one of the winners of the US bank reporting season yesterday after its profits almost doubled over the fourth quarter of the year. State Street, one of the world’s biggest institutional investors, saw net income rise to $498m (£305.6m), or $1 per share, over the quarter, from $256m a year ago. [...]
Northern Trust: Shares up despite profits diving January 20, 2010 NORTHERN Trust yesterday reported a 41 per cent decline in fourth-quarter profit as low interest rates pummeled the bank’s net interest income, but the results were better than analysts had expected. Shares of the Chicago-based bank, which offers private banking, investment management and custody services, closed 5.7 per cent up at $55.44. Net income fell [...]
US Bancorp: Results go skywards in last quarter January 20, 2010 US Bancorp, one of a handful of US regional banks that has expanded during the financial crisis, said yesterday that fourth quarter profit nearly doubled, helped by a rise in fee income. The bank reported profit of $602m (£370m), or 30 cents per share, up from $330m, or 15 cents per share, a year earlier. [...]
Morgan Stanley hit by Tarp repayments January 20, 2010 MORGAN Stanley yesterday posted net losses for the year of $907m (£557m). Income from ongoing operations at the bank reached $1.15bn – up from a $246m loss in 2008 – but Tarp repayments and preferred share dividends to Mitsubishi pushed them back into the red. Total losses applicable to Morgan Stanley shareholders were $907m, with [...]
Wells Fargo: Unexpected earnings leap takes Wall Street by surprise January 20, 2010 WELLS Fargo surprised Wall Street yesterday when it reported a profit for the fourth quarter. The San Francisco-based bank said it earned $394m (£242m) after paying preferred dividends, or eight cents per share, compared with analysts’ expectations for a loss of one cent per share. Earnings were reduced by 47 cents per share due to [...]
Bank of New York Mellon: Q4 rise due to asset management January 20, 2010 BANK of New York Mellon reported a sharp rise in fourth quarter earnings yesterday on the back of rising assets under management. BNY Mellon, one of the world’s largest custody banks, said earnings soared from $50m (£31m) to $712m year-on-year. Assets under custody and administration were up 10 per cent to $22.3 trillion at the [...]
Cadbury deal is first in an M&A boom for 2010 January 20, 2010 KRAFT’S takeover of Cadbury will not change our love of Dairy Milks and Creme Eggs, but it will take time before we start thinking of Cadbury as an American, rather than a British, institution. Before the year is out, though, we might have to get used to other much-loved businesses going the same way. Market-watchers [...]
THE TIPSTER January 20, 2010 EQUITIES are coming under pressure. The threat of a collapse in gold prices is worrying the mining sector while the slew of fourth quarter losses by US banks is also sure to weigh on general sentiment towards equities. Some are suggesting that a correction is overdue and a sell-off could well be imminent. Current IG [...]
A DERIVATIVE THAT covers all the bases January 20, 2010 ALEXANDRE HOUPERT HEAD OF LISTED PRODUCTS, NORTHERN EUROPE, SOCIETE GENERALE THERE was a time when people were frightened to enter into investments. The financial crisis meant that many investors took a painful hit, and elected to steer clear of the markets. But 18 months on, and investors are starting to come back. As before, many [...]
