Todd Hagerman News
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The era of increasingly cheap money that fueled the housing recovery and record home-lending profits is showing signs of ending in the mortgage bond market.
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Barclays Plc investors, blindsided by the bank’s $451.4 million regulatory fine for trying to rig benchmark rates, saw the stock drop 16 percent a day later. Other bank shareholders may be just as surprised.
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Citigroup Inc., the biggest U.S. bank to have regulators reject its capital plan this year, dismantled a board committee created during the credit crisis to police the disposal of toxic and unwanted assets.
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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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Citigroup Inc. advanced the most among the largest U.S. banks, reaching a six-month high after reporting a surprise third-quarter profit and a surge in bond- trading revenue that beat analysts’ estimates.
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Regions Financial Corp. and Zions Bancorporation are among the biggest U.S. regional lenders that may struggle to repay taxpayer bailouts this year after bank stocks slumped, analysts said.
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Bank analyst William Tanona has left Collins Stewart Inc., said Kevin Hornish, a spokesman for the firm. Todd Hagerman will assume coverage from Tanona, who was based in New York, Hornish said. He declined to comment further.
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Bank of America Corp.’s $33 billion of asset sales last year, designed to help meet international capital standards, may slice at least $2.8 billion from 2012 profit that the firm also needs to reach its target.
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Bank of America Corp.’s global banking and markets division is recovering after credit-rating downgrades ignited concern among clients and trading partners, said co-Chief Operating Officer Thomas K. Montag.
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Bank of America Corp., the second- biggest U.S. lender, surged the most in two months of trading amid speculation that the U.S. may introduce a new mortgage refinancing program.
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