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Financial Services Top Stories Of The Day – January 31, 2007 January 31, 2007

Posted by notapundit in Economic News.
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CITIGROUP CFO JOB DRAWS MUCH INTEREST

Chief Executive Charles Prince says company is getting lots of interest from internal and external job candidates as it searches for a new chief financial officer. Prince expects to fill position in the next 45 days.

CIBC BROKERS ALLEGEDLY MARKET-TIMED

SEC starts proceedings against Michael Sassano and Dogan Baruh, who allegedly collaborated with hedge-fund investors to engage in mutual-fund market-timing and allow customers to get that day’s price, not the next day’s.

NYSE, TOKYO EXCHANGE FORM ALLIANCE

New York Stock Exchange agrees to alliance with the Tokyo Stock Exchange that could lead to cross shareholdings, the latest international push by Big Board CEO John Thain, who already has made aggressive moves into Europe and India.

BOA SAYS COUNTRYWIDE DEAL UNLIKELY

Bank of America CEO Lewis casts doubt on the odds of the company buying or forming a partnership with Countrywide, saying the bank’s mortgage strategy revolves around organic growth. Countrywide shares drop 1%.

CME LOWERS CLASS-A SHARE FLOOR FOR CLEARING MEMBERS

CME, parent of the largest derivatives exchange in the U.S., says it is reducing its class-A share requirement for clearing members in a bid to cut costs for existing members and attract new ones.

TSX 4Q REVENUE, NET IMPROVE

Toronto-based stock-market operator says overall revenue rises to C$91 million in 4Q, up from C$76.3 million a year earlier. Net is C$35.1 million or 51 Canadian cents a share, compared with C$27.8 million or 40 Canadian cents a year earlier.

NYMEX HOLDINGS 4Q NET MORE THAN DOUBLES

Holding company posts net income of $42.3 million, or 48c a share. Revenue increases 40% to $124.8 million. Excluding a gain, it earns 46c. Analysts expected 38c EPS on revenue of $126.39 million. Shares rise 1%.

NYMEX DISCLOSES IPO PROCEEDS PLAN

Owner of New York Mercantile Exchange says the immediate strategy for its IPO cash is to look at taking stakes in smaller exchanges, rather than making acquisitions.

CITIGROUP MAY IMPORT EGG BRAND TO US

Citigroup may import the Egg Banking PLC brand to the U.S. and other countries once it completes the purchase of the U.K. online banking company from Prudential, CEO says.

CBOT 4Q NET JUMPS AS TRADING VOLUME, FEES UP

Firm says net income more than doubles to $44.9 million, or 85c a share, as average daily volume rises 36%. Excluding charges, it earns $1.03 a share. Revenue climbs 48% to $169.3 million. Analysts expected 99c EPS and revenue of $172.2 million.

TREASURY TO EXAMINE INSURANCE REGULATION

U.S. Treasury Secretary Henry Paulson says he will be examining regulation of the U.S. insurance industry and how it affects the competitiveness of the U.S. economy in the months ahead.

BUSH SAYS SARBANES-OXLEY SHOULD CHANGE

Sarbanes-Oxley corporate governance legislation needs to be reformed, President Bush says, arguing that compliance is expensive for companies and may discourage some from listing shares on U.S. exchanges.

FANNIE SEES $200M IN 2007 SAVINGS

CEO Mudd says the government-sponsored mortgage company expects to realize $200 million in cost savings this year and to cut its operating expenses to less than $2 billion annually. GOP senators blast Mudd’s 2006 pay package.

MORGAN STANLEY EYES ENERGY ACQUISITIONS IN 2007

Firm expects to invest in several alternative energy companies this year, noting that owning physical commodities facilities gives insights into fuel prices for traders and allows Wall Street firms to offer hedging and other products.

SMITH BARNEY MANAGER RETIRES

Kenneth Sussman, Smith Barney’s regional director for South Florida, is retiring after more than 16 years. He oversaw nearly 15 branches and several satellite offices which altogether housed around 500 financial advisors.

AUTO INSURANCE AD SPENDING TO RISE

Allstate president and CEO says advertising spending is likely to continue to rise as competition heats up among auto insurers and more companies outside the top four are getting into the mix and also boosting their spending.

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