Financial services
HSBC, Britain's biggest bank, is being probed by Eliot Spitzer, the New York attorney-general, over its lending practices towards low-income households, who are disproportionately black. The investigation, sparked by a report highlighting racial disparities in mortgage lending, marks the first time a UK-listed firm has been targeted by
Financial services
Neiman Marcus Group, the luxury retailer, has put its credit card business up for sale as part of its larger auction, with major players American Express, Citigroup, and HSBC vying for the prized private-label credit card business, valued at $550 million. The business, which has 4 million charge accounts and
Financial services
In a recent report, financial research firm SNL Financial highlighted several Oklahoma banks, including BOK Financial and Southwest Bancorp, as being undervalued compared to their larger counterparts. According to the report, these banks' strong loan-loss reserves and reserve strength position them to weather economic downturns better than banks like
Financial services
GE's first-quarter profit and sales both rose 19% compared to the previous year, exceeding analyst forecasts. Citigroup, the No. 1 U.S. financial institution, reported modest but better-than-expected growth, adding $15 billion to its buyback program. The strong earnings reports from GE and Citi provided a much-needed boost
Financial services
As the market anticipates the release of first-quarter earnings reports, experts Bill Martin and Matt Ragas are cautiously optimistic about the market's performance, while acknowledging the current oversold conditions. With over thirty S&P 500 companies expected to report earnings this week, investors are bracing themselves for
Financial services
On April 15, 2005, three major components of the Dow Jones Industrial Average - General Electric Co. (GE), Citigroup Inc. (C), and International Business Machines Corp. (IBM) - drove premarket trading, with their earnings releases impacting market sentiment. General Electric's strong earnings beat expectations, while Citigroup's
Financial services
As the credit card market grows, the balance of power between payment associations and issuing banks is shifting. In an effort to promote their own brands, banks such as J.P. Morgan Chase and Citigroup are increasingly displaying their names and logos on the front of their credit cards, often
Financial services
The deal for the Australian publicly listed firm Orica saw an initial $250 million placement size increased to $400 million, with bids reaching over A$1 billion (U.S. $772 million), providing tighter margins than anticipated. This was the latest in a series of significant deals in the U.S.
Financial services
A class action lawsuit has been filed in a federal court in San Francisco against Citigroup's brokerage firm, Smith Barney, on behalf of up to 5,000 women brokers alleging sexual discrimination. The lawsuit claims that Smith Barney gave the most lucrative client accounts to male brokers, leaving
Financial services
Health Management Associates, Inc., a leading operator of non-urban general acute care hospitals, will present its growth strategy and financial performance at the Smith Barney Citigroup Healthcare Conference in Washington, D.C. on March 30, 2005. The presentation, scheduled for 9:45 a.m. ET, will be webcast live over
Financial services
The article emphasizes the importance of taking calculated risks and not getting caught up in "hindsight is 20/20" mentality. The author suggests that many successful investments, such as lakefront property in Whistler, Canada, or buying gold when its price was low, were initially unpopular and required courage
Financial services
A tiny community group in New York's Bronx claims to have played a significant role in derailing Citigroup's takeover ambitions. The Inner City Press, a public interest group led by Matthew Lee, a lawyer and activist, released a statement saying they were the unnamed "commenter&
