Gerard Cassidy News
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Bank of New York Mellon Corp., the world’s largest custody bank, reported a first-quarter loss after the U.S. Tax Court disallowed certain tax credits.
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Rising stock prices, rebounding profits, restored dividends and a growing economy are signaling to U.S. banks it’s time for more job cuts.
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M&T Bank Corp.’s $3.7 billion takeover of Hudson City Bancorp, the largest bank deal announced this year, solidifies the Buffalo, New York-based lender’s status as a hunter instead of the hunted.
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Deposits at U.S. banks exceed loans by an unprecedented $2 trillion as the threat of a slowing economy tempers borrower demand and lenders preserve tightened standards.
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The dearth of dealmaking among U.S. banks that followed the 2008 financial crisis is about to end, according to Gerard Cassidy, an analyst at RBC Capital Markets.
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Cerberus Capital Management LP is seeking buyers for auto lender Chrysler Financial, which the private-equity firm acquired as part of its takeover of Chrysler LLC in 2007, said people with knowledge of the matter.
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Vikram Pandit hired thousands of employees and invested billions of dollars as he sought to boost Citigroup Inc.’s revenue after fighting to survive the financial crisis. His successor Michael Corbat has another idea: cut.
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Citigroup Inc.’s newly appointed Chief Executive Officer Michael Corbat has one big advantage over his predecessor Vikram Pandit -- a housing rebound that’s accelerating enough to help the lender deal with its most troubled investments.
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JPMorgan Chase & Co., the biggest U.S. bank by assets, reclaimed the No. 1 title by market value as the impact of last year’s wrong-way bet on derivatives fades and investors wager on an investment-banking rebound.
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SunTrust Banks Inc., the lender that invested in Coca-Cola Co. in 1919, sold most of that stake for a $1.2 billion gain to help cover the costs of bad loans and put other lingering effects of the financial crisis behind the firm.
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