Thursday, August 18, 2011, 10:29 AM
Update on European bank shares. U.K.: BCS -11%, RBS -11%, LYG -9%, HBC -6%. France: SocGen SCGLY.PK -13%. Italy: Unicredit -7% (suspended). Germany: DB -6%. Switzerland: UBS -8%. Euro financial ETF: EUFN -7%.
1 Comment[Global & FX, Financials, On the Move]
Thursday, August 18, 2011, 10:23 AM
Following Europe, financial stocks (XLF -5.1%) are in dismal shape, as shares of everything from big banks - BAC -7.6%, C -9.3%, JPM -4.9%, WFC -4.7% - to regionals (KRE -4.8%) slump; the regional index hits a 21-month low. European banks plunge: BCS -10.7%, RBS -11.4%, HBC -6.5%.
Comment![Financials, On the Move]
Tuesday, August 9, 2011, 5:01 AM
HSBC (HBC) confirms it's in talks to sell its U.S. credit card and retail services business following a report yesterday that Capital One (COF) is in negotiations to buy the U.K. bank's $30B U.S. credit-card portfolio. However, HSBC didn't comment on whether COF is involved. HSBC -6.4% in London.
Comment![M&A, Top Stories, On the Move, Financials]
Monday, August 1, 2011, 11:11 AM
Shares of First Niagara Bank (FNFG -4.5%) remain lower even after S&P affirms its BBB rating and stable outlook following the firm's announcement it will acquire 195 branches from HSBC (HBC). Fitch Ratings also weighed in with a BBB rating, citing the company's proven track record of integrating banks.
Comment![Financials, On the Move]
Monday, August 1, 2011, 4:51 AM
As part of its plan to save $2.5B-3.5B, HSBC (HBC +3.3%) is cutting 5,000 jobs and has "initiated more efficient business operating models for commercial banking, retail banking and wealth management." (PR) (see also)
Comment![Financials, On the Move]
Monday, August 1, 2011, 4:30 AMHSBC (HBC): H1 pretax profit +3% Y/Y to $11.5B; net profit +35% to $8.93B; EPS of $0.51. Impairments -30% to $5.3B. Targeting $2.5B-3.5B of cost savings. Core Tier 1 capital ratio of 10.8%, up from 10.5%. Shares +3.4% in London. (PR)
Comment![Earnings, Financials, Breaking News, Top Stories, On the Move]
Tuesday, June 28, 2011, 12:24 PM
Bond insurer MBIA (MBI -3.8%) is taking the hit today as New York's top court revives a suit by big banks (BAC, HBC, WFC) that alleged MBIA's 2009 restructuring was unfair to policyholders. A split to protect MBIA's muni bond business from the structured finance unit would leave claims unpaid, the banks charge.
3 Comments[Financials, On the Move]
Tuesday, June 28, 2011, 11:48 AM
Here's Muddy Waters' letter to Spreadtrum Communications (SPRD -33%) for those who can't access the website (which seems to have crashed). Top shareholders include Fidelity Management & Research, HSBC (HBC), Schwab (SCHW), Morgan Stanley (MS), Shaw and TCW. (earlier)
1 Comment[On the Move]
Wednesday, June 22, 2011, 7:27 AM
Barclays (BCS -3.4%), Lloyds (LYG -0.7%) and RBS (RBS -2.5%) are all showing weakness following a downgrade from HSBC. Sympathy moves and the continued Greek debt crisis are hitting other European banks as well: HBC -1.5%, DB -0.4%, CS -1.8%, STD -0.7%, BBVA -1.6%.
Comment![Global & FX, Financials, On the Move]
Tuesday, May 24, 2011, 6:19 AM
Following Moody's decision to re-examine its ratings in the U.K. banking sector, several bank stocks are trading down. In London, Barclays -0.5%. In U.S. premarket, Lloyds -0.9%, HSBC -0.3%.
Comment![Financials, On the Move]
Thursday, April 21, 2011, 7:30 AM
HSBC (HBC) CEO Stuart Gulliver is reportedly planning a massive shake-up to boost the bank's profitability, including slashing billions of pounds in costs, reallocating capital, refocusing the U.S. business on corporate lending instead of consumer credit, and overhauling corporate culture. Shares +2.7%.
Comment![Financials, Top Stories, On the Move]