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Financial Services Top Stories Of The Day – January 22, 2007 January 22, 2007

Posted by notapundit in Economic News.
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KRAWCHECK TO LEAD CITI’S WEALTH MANAGEMENT

Citigroup CFO Krawcheck to become global wealth management division’s chairman and CEO, replacing Todd Thomson, who has left the company. The pair switched jobs in late 2004, with Krawcheck becoming financial chief.

ABN AMRO SELLS US MORTGAGE GROUP

ABN Amro says it will sell its US Mortgage Group business to Citigroup as the Dutch bank looks to market more of its products through its bank branches in the Midwest and not through a network of independent brokers. ABN falls 1%.

AMERICAN EXPRESS 4Q NET UP 24%

Financial-services firm’s net income rises to $922 million, or 75c a share, a penny below analysts’ expectations. Net revenue climbs 13% to $7.21 billion. American Express helped by record holiday cardmember spending. Shares flat.

LEGG MASON, BLACKROCK BOOSTED BY STOCKS

Earnings for the latest quarter at BlackRock and Legg Mason are expected to have benefited from a rising stock market that helped lift their assets under management.

INSURERS’ 4Q AIDED BY WEATHER, STOCKS

The lack of hurricanes in 2006 likely will drive property/casualty insurers to surprisingly strong 4Q earnings, but there could be storms of another nature on the horizon.

PFF BANCORP 3Q EARNINGS UP 3.6%

Savings and loan holding company’s 3Q earnings climb to $13.6 million, or 55c a share, boosted by higher loan balances, higher total deposits and a gain on sale of home development. Analysts forecast earnings of 56c a share.

STATE STREET TO BUY CURRENEX FOR $564M

State Street is buying independently-owned, online foreign exchange trading platform for $564 million. Transaction is expected to be neutral to 2007 results and add slightly to earnings in 2008.

BANKUNITED 1Q NET RISES 69%

Bank holding company’s net income climbs to $27.4 million, or 71c a share, on increased earning assets and a higher net interest margin. Net interest income increases 54% to $78.8 million, while noninterest income rises 51% to $11.6 million.

CITIGROUP NET FALLS 26% ON YEAR-AGO GAIN

Financial-services firm earns $5.13 billion, or $1.03 a share, while revenue climbs 15% to $23.83 billion. CEO Charles Prince says Citigroup’s investment bank needs to perform better against rivals. Shares edge lower.

US BANCORP NAMES CECERE CFO

U.S. Bancorp names Andrew Cecere, vice chairman of wealth management, as vice chairman and chief financial officer, effective Feb. 27. Cecere will succeed David Moffett, who will remain with the company as an adviser for up to a year.

SEC ASKED TO DELAY MARKET-DATA FEE APPROVAL

Wall Street firms ask regulator to delay approval of U.S. exchange proposals to charge new fees for stock prices and other market data until the SEC addresses the broader questions raised by the exchanges’ control of the data.

CITIGROUP AMENDS BYLAWS TO ADOPT MAJORITY VOTE

Citigroup says that its board amended the company’s bylaws to adopt a majority voting standard for uncontested elections of directors.

STATE FARM SETTLES KATRINA LAWSUIT

A week after State Farm Fire and Casualty Co. was ordered to pay $2.5 million in punitive damages to policyholder whose home was destroyed by Hurricane Katrina, insurer settled a second, similar suit just as it was scheduled to go to trial.

EX-SPECIALISTS GET 6 MONTHS IN PRISON

Michael Hayward and Michael Stern, former specialists at Van der Moolen Specialists USA, are sentenced to six months in prison after being convicted last year of making improper trades at the New York Stock Exchange.

CME EYES ASIAN MARKETS FOR LONG-TERM GROWTH

Largest U.S.-based derivatives exchange is laying the groundwork to take advantage of opportunities in Asia as part of a strategy to reach a wider pool of market participants and launch new types of products.

MORGAN STANLEY TAPS LEHMAN BROKERS

Team of financial advisors from Lehman Brothers in Miami is lured away by Morgan Stanley, where they will serve Latin American clients with at least $20 million to invest. Team had $1.2 billion in client assets at Lehman.

SINGLE BROKER REGULATOR VOTES BEING COUNTED

Votes are being counted in an election that could allow the NASD and NYSE Regulation to combine their brokerage-firm oversight duties. Results of the vote are expected next week.

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