Gary Townsend, a founder of Hill-Townsend LLC, talks with Bloomberg's Margaret Brennan about Citigroup's first-quarter earnings report. Townsend discusses how he sees Citigroup earnings as a beat and a good quarter for the bank. He speaks on Bloomberg Television's "InBusiness with Margaret Brennan." (Source: Bloomberg)
Results of the stress tests of 91 European Union banks show the region’s problems are “manageable,” said Gary Townsend, chief executive officer of Hill-Townsend Capital LLC in Chevy Chase, Maryland, a hedge fund that specializes in financial firms.
Morgan Stanley rose by the most in more than a year in New York trading after reporting earnings that beat analysts’ estimates and revenue from trading stocks that surpassed all five of the company’s bigger competitors.
JPMorgan Chase & Co. said interest- rate swaps and credit are among the biggest sources of revenue in its trading businesses, as it broke with most U.S. rivals by releasing a breakdown typically kept secret.
AT&T Inc. and Verizon Wireless , the biggest U.S. mobile carriers, are planning a venture to displace credit and debit cards with smartphones, posing a new threat to Visa Inc. and MasterCard Inc. , three people with direct knowledge of the plan said.
Eton Park Capital Management LP and Viking Global Investors LP were among at least five hedge funds that exited their Citigroup Inc. stakes in the first quarter as investors shied away from U.S. banks facing revenue declines.
Citigroup Inc. boosted Chief Executive Officer Vikram Pandit ’s base salary to $1.75 million from $1 after the bank’s first profit for a year under his watch as Wall Street firms announced pay packages for top managers.