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BofA consumer bank, brokerage chiefs to step down

admin — Tue, 06 Sep 2011 09:44:44 +0000

By Joe Rauch

CHARLOTTE, North Carolina | Tue Sep 6, 2011 8:43pm EDT

CHARLOTTE, North Carolina (Reuters) – Bank of America Corp (BAC.N), which has lost almost half of its market value this year, announced a broad reorganization on Tuesday that includes the departure of two senior executives.

The biggest U.S. bank said after the market closed that Joe Price, head of consumer banking, and Sallie Krawcheck, head of global wealth and investment management, have left. Price was a former chief financial officer of the company, and Krawcheck was a former CFO of Citigroup, leader of its Smith Barney brokerage unit and frequently touted as the highest ranking woman in the financial services industry.

Chief Executive Brian Moynihan named commercial banking head David Darnell and investment banking head Tom Montag, a former Goldman Sachs executive, to new positions as co-chief operating officers.

The changes are effective immediately, the company said. A bank spokesman said neither Moynihan nor the executives involved in the shifts were available for comment.

Investors did not seem convinced that the reorganization indicates Moynihan now has a steady hand on the controls of a company battling a barrage of litigation and loan losses.

BofA stock inched up to $7.03 in after-hours trading after closing at $6.99 on the New York Stock Exchange on Tuesday.

“It seems apparent Moynihan is under pressure to make some bold moves,” said David Dietze, chief investment strategist at Point View Financial Services in Summit, New Jersey, which owns BofA shares. “Obviously there is disagreement among people at the top who have lots of options and lots of experience.”

The shake-up comes less than two weeks after billionaire investor Warren Buffett invested $5 billion in the bank’s preferred stock and after the company announced it would shed 3,000 jobs this quarter. The moves only temporarily arrested a share-price decline as investors fear the bank remains on the hook for billions of dollars of mortgage-related losses.

Krawcheck and Price managed key parts of the company’s Merrill Lynch operations, which Bank of America bought during the financial crisis and has proven to be one of its most profitable businesses. Both, however, were closely allied with Moynihan’s predecessor Kenneth Lewis, whose purchase of Countrywide Financial Corp is responsible for much of its continuing losses.

NEW ROLES, NEW BAR SET

In their new roles, Darnell — a veteran commercial banker who also worked closely with Moynihan — will oversee consumer banking operations, including the Merrill Lynch retail brokerage operations. Montag will run divisions that work with corporate and institutional customers.

“Moynihan has just raised the bar for a small group of executives, including those loyal to former CEO Lewis, to step up and resolve the sins of the past in a more decisive and effective manner,” said Todd Hagerman, a banking analyst at Sterne, Agee & Leach.

The reorganization comes as Bank of America hustles to shed assets to bolster its capital base and continues battling lawsuits related to its 2008 purchase of Countrywide, once the nation’s largest home lender.

The Charlotte, North Carolina-based bank paid $2.5 billion to buy Countrywide, but writedowns and legal costs have pushed the estimated cost of that purchase to more than $30 billion.

Krawcheck, who was in charge of the Merrill Lynch brokerage unit as well as of U.S. Trust and other private banking units, was recruited by Lewis in August 2009. When he was forced into early retirement in September 2009, she was touted as a candidate for the top job that eventually went to Moynihan.

She faced a daunting task in trying to harmonize various wealth management units that were largely competing to sell products and services to the same constituency of wealthy individual investors.

“It was never clear that Sallie Krawcheck gained traction with the retail salesforce,” said Jonathan Finger, managing partner at Finger Interests Ltd, a Houston-based investment management firm that owns Bank of America shares. “I’m not sure she ever had the respect of the bank’s retail brokers.”

Like Krawcheck, Price was once viewed as a possible successor to Lewis. However, he has been dogged by questions about his role in negotiating the Merrill purchase in the heart of the 2008 financial crisis. The Securities and Exchange Commission accused the bank of failing to disclose to investors $15.8 billion of losses that Merrill was to declare in the fourth quarter of 2008, even as it was paying out $3.6 billion of employee bonuses.

Bank of America paid $150 million to settle the SEC’s civil lawsuit. The bank, Price and Lewis still face a civil fraud lawsuit by the New York attorney general’s office over its allegedly inadequate disclosures.

Montag’s ascendancy complements his meteoric rise at the bank. He was recruited to head Merrill’s sales and trading operations from Goldman Sachs in 2008 by then Merrill CEO John Thain, who was expecting Montag to reverse the company’s massive mortgage-backed securities losses.

Within weeks of his August arrival, Thain was forced to arrange a sale of the company to Bank of America. Montag, nevertheless, received more than $50 million guaranteed under a recruitment contract that kept on giving. In 2009, he was BofA’s highest paid executive, earning $29.9 million in total compensation that reflected a stock grant of about $20 million under the contract.

He also acquired notoriety last year when a Senate investigative committee released reams of emails and other documents from Goldman Sachs as part of its probe of the company’s creation and sale of complex mortgage-backed securities that allegedly benefited Goldman at the expense of some of its clients. Montag wrote many of the emails, including one that famously described a collateralized debt obligation the company sold in 2007 as one “shitty” deal. That security lost 80 percent of its value.

A two-decade veteran of Goldman Sachs Group Inc, Montag graduated from Stanford University and earned an MBA from Northwestern University.

(Additional reporting by Joe Rauch, Jed Horowitz, Clare Baldwin and Jonathan Stemple; editing by Carol Bishopric, Bernard Orr)

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Consumer confidence in Japan rose to the highest since 2007

admin — Mon, 19 Apr 2010 19:18:50 +0000

Consumer confidence in Japan rose to the highest in more than two years in March, giving signs that recovery in the world’s second largest economy is getting stronger. Today’s report is signaling recovery in households spending that account for more than half of the Japanese GDP, after exports show improvements since the second half of last year.

Consumer confidence in Japan rose to 41.0 in March compared with 40.0 in February, while consumer confidence household climbed to 40.9 from 39.8.

Confidence among households rose to the highest since October 2007, alongside increasing exports that is driving the nation’s recovery from the worst recession since the great depression. Deteriorations in the labor market eased, as unemployment rate settled at 4.9% the lowest since March 2009, especially that companies are hiring more workers to increase production.

On the other hand, increasing wages helped to boost consumer confidence and encouraged households to increase spending on goods and services, in other words, the interior front is giving more support for Asia’s largest economy that may help it to realize full recovery from recession.

Prime Minister Yukio Hatoyama’s childcare handouts that will be distributed in June, will support household spending, worth mentioning that the Japanese parliament agreed on a legislation last month to give families a monthly allowance of 13000 yen per child, while Hatoyama said he plans to increase the monthly handouts to 26000 yen next year.

Yet, economic growth in Japan accelerated to 0.9% in the fourth quarter of last year compared with 0.3% in the previous three months. On yearly basis, the economy grew 3.8% in the quarter ended December from 0.0% as exports are recovering alongside advancing global demand.

Published on Mon, Apr 19 2010, 06:15 GMT

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Consumer watchdog threatens financial reform

admin — Fri, 12 Feb 2010 07:16:15 +0000

A fight over an Obama administration proposal to create a new U.S. watchdog for consumer financial products threatened on Friday to derail progress toward tighter bank and capital market regulation, amid much posturing on both sides.
Democrats want an independent agency that can clamp down on abusive mortgages and credit cards, but Republicans and bank lobbyists want a tamer beast that won’t threaten profits too much and that answers to a higher master.
The White House proposal to create a U.S. Consumer Financial Protection Agency (CFPA) has emerged as the main impediment to bipartisan agreement on financial regulation reform, one of the White House’s major priorities for 2010.
With the Senate Banking Committee targeting a legislative drafting session as soon as early March, the next two weeks will be crucial in deciding whether the United States keeps pace with the European Union on a global push for reform.
The White House must compromise on the issue, Senator Bob Corker, the Republicans’ chief negotiator on the issue, told Reuters. “If not, there may not be a bill,” said the first-term lawmaker from Tennessee.
White House spokesman Robert Gibbs said President Barack Obama still sees a consumer protection agency as a top goal.
“In terms of the consumer office, the president still believes it’s a great priority to have the independent authority to ensure that consumers in this reform are protected,” he said. “We need to have independent authority … that’s what consumers want for their protection.”
Bank lobbyists have worked for months to kill or weaken the CFPA, which threatens bank profits, while Republicans have attacked it as an excessive intrusion into business that would unwisely divorce bank supervision from consumer protection.
Democrats generally support the White House proposal, saying it would shield Americans from abusive financial products, also including payday loans and pawn shops, and that this job was handled poorly by existing U.S. regulators in the run-up to the recent worldwide financial crisis.
Republican Senator Judd Gregg said lawmakers from both parties share common ground on financial regulation, but the White House’s stance on consumer protection is an obstacle.
“The only really big philosophical difference here is how you protect consumers,” Gregg said in a CNBC TV interview.
“Some form of financial reform will likely pass the Senate over the summer,” said Paul Miller, a policy analyst at investment advisory group FBR Capital Markets Corp.
The CFPA will probably end up as part of another regulatory agency, with some rulemaking authority, but only minimal enforcement power, Miller said.
“As such, we believe the CFPA will be a thorn in banks’ sides, but it will not be crippling by any means and should not affect current valuations,” he said.
Corker said he supports creating a new head of financial consumer protection who would be confirmed by the Senate, while also giving a new watchdog entity some rule-making power.
But he said the watchdog should be embedded within a larger regulatory authority able to check that rule-making power.
Suggesting room for bipartisan compromise, Senator Jack Reed, a top banking committee Democrat, said, “I think, frankly, we do need an independent CFPA. … Now you could situate it within a department if it’s autonomous enough.”
Obama’s original proposal, adopted by the U.S. House of Representatives in December in a sweeping financial reforms bill, was for an independent agency that would centralize the consumer protection laws and staffs of several existing bank regulators, including the Federal Reserve.
The debate over the CFPA sharpened as Federal Reserve Governor Daniel Tarullo told a Senate subcommittee that he favors allowing a council of existing regulators to collect and analyze data on systemic risks in the financial system, rather than creating a new agency to do so.
Separately, Democratic Senator Jeff Merkley said on Friday that he is writing a bill that would widen the White House’s House proposal to limit risky investing, extending the reach to nonbank financial institutions as well as to banks.
In a letter to colleagues, Merkley said his bill would apply to nonbank financial institutions large enough to be “systemically critical.” Firms would be prohibited “from owning or operating hedge funds and private equity funds and from engaging in proprietary trading,” or using their own capital to pursue above-market returns unrelated to customer needs.
,
, Corbett Daly,

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US consumer confidence jumped in January

admin — Wed, 27 Jan 2010 17:24:53 +0000

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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Consumer Confidence better than expectations. Richmond Fed weaker

admin — Tue, 26 Jan 2010 16:48:41 +0000

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UK GfK German Consumer Climate

admin — Sun, 24 Jan 2010 17:27:26 +0000

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German GFK Consumer Confidence Slips for the Fourth Month

admin — Sun, 24 Jan 2010 16:23:23 +0000

Mon, Jan 25 2010, 07:38 GMT
by ecPulse.com analysis team
This year is expected to witness some volatility in data released after the deterioration seen in the last two years. Recovery road will require more time to be maintained in the euro zone’s economies to get rid of the negative consequences of the global downturn.
Today, Germany released its GFK consumer confidence for the month of February coming in at 3.2% from 3.4%. Confidence declined despite the improvement signaled since the second quarter of 2009, where the economy emerged from recession through expanding 0.4%, followed by 0.7% expansion in the third quarter because of fears from other threats surrounding recovery.
The reading slumped for the fourth month as households are afraid of losing their income with the expected rise in unemployment. Jobless rate for January released later on this week is expected to rise to 8.2% from 8.1%. Number of people out of work retreated recently but expectations are in favor of an incline by the end of the current year.
Many companies shed jobs to cut costs to return to profitability. For instance, Siemens AG announced previously that it has slashed the number of workers from all its affiliates to 408,000 this year from roughly 420,000. Also, there are other companies planning to terminate more employees which may cause the number to become frightening in the coming period. German jobless rate is expected to climb to 9.2% in 2010, according to the Organization for Economic Cooperation and Development announced in November.
Also, we might see unwinding of stimulus measures after the recovery signs seen and increase in inflation. Chancellor Angela Merkel’s government is spending near 85 billion euros on infrastructure projects in addition to the 2,500-euro payment junking old cars and buying new ones (cash-for-clunkers) as well as tax cuts.
These measures may be withdrawn by the second half of the current year in addition to the stop of the non-standard measures used by the ECB. Thus, there might be a slowdown after exiting stimulus as the economy will depend solely on itself.
On December 16, two German economic institutes raised growth forecasts for Germany in 2010; the IFW institute said the economy will expand 1.2% from 1%, while the IMK institute mentioned that it will grow 2%.
Later on this week, Germany will release IFO and CPI for January which may give a clearer picture about the performance of the largest economy in the euro zone this year.
Although the outlook is optimistic but other external fears are also threatening recovery in the euro zone. The high budget deficit in Greece is most annoying to the ECB in this period as it mentioned that the Greece has to depend on itself without any support from the bank or other large economies in the region such as Germany.

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Consumer Confidence Index In December 2009

admin — Tue, 05 Jan 2010 19:40:14 +0000

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. Please read our
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
2009 “FXstreet.com. The Forex Market” All Rights Reserved.

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Finland Dec Consumer Confidence: 14.4 v 11.5e; Business Confidence: -9.0 v -17.0e

admin — Fri, 01 Jan 2010 17:08:43 +0000

Finland Dec Consumer Confidence: 14.4 v 11.5e; Business Confidence: −9.0 v −17.0e
Mon, Dec 28 2009, 11:00 GMT
– (FI) Finland Dec Consumer Confidence: 14.4 v 11.5e; Business Confidence: -9.0 v -17.0e
– (CZ) Czech Dec Business Confidence: -2.5 v -4.8 prior; Consumer Confidence: -6.8 v -8.0 prior; Consumer & Bus Confidence: -3.3 v -5.4 prior
– (SP) Spanish Oct Mortgages on Houses Y/Y: -18.0% v -4.2% prior, Mortgages-capital Loaned Y/Y: -37.1% v -14.3% prior
– (TT) Taiwan Nov Leading Index: 0.7% v 0.5%, Coincident Index: 1.1% v 1.6% prior
– (HK) Hong Kong Nov Trade Balance (HKD): -20.7B v -21.0Be; Exports Y/Y: 1.3% v 1.6%e (first increase since Oct 2008); Imports Y/Y: 6.5% v 6.1%e
– (GE) German Dec CPI Saxony M/M: 0.8% v -0.1% prior; Y/Y: 0.8% v 0.3% prior
– Equities: Entering a second consecutive abbreviated trading week, those European equity markets which are open are continuing last weeks end-of-year-rally. With London, and the London Stock Exchange, along with the majority of Commonwealth states celebrating the Boxing Day bank holiday, already thin holiday volumes have been taken down another notch. Through the first two hours of trade, Deutsche Bourse volumes were down 50% while the CAC40 was off 60%. In this light environment, trading direction and themes have been sparse. Commentary from an executive at Scania [SCVB.SW] appeared to pour cold water on a possible tri-party action with VW [VOW3.GE] combining the trucking assets of the company along with Man AG [MAN.GE]. Continued commodity gains have boosted energy and exploration companies.
Other strong movers included the broader European utility sector, which has outperformed on both the CAC and DAX, with E.On [EOAN.GE], GDF GSZ.FR] and Suez Environment [SEV.FR] leading movers.
-Individual equities: Daimler [DAI.GE]: Plan to re-task workers as Sindelfingen Mercedes Benz facility -Focus Magazine. || VW [VOW3.GE]: Audi unit investments seen at €7.3B for 2009-2012; Plan to offer total of 42 models in 2015. || Scania [SCVB.SW]: Scania CEO skeptical of MAN merger assumptions in interview – Die Welt. || Seat Pagine Giall [PG.IT]: Reportedly may lower FY10 earnings guidance; Seeking to extend debt refinancing agreements. || Nestle [NESN.SZ]: CEO: Plans to double sales in Brazil by 2012 to BRL31B – Folha de Sao Paulo. ||
– Speakers: PBoC’s advisor Fan Gang: reiterates views that Global economy remains unstable with two to three years of low growth likely. He reiterated that the outlook remained uncertain for developed economies. China needs measures to guard against bubbles forming from rising asset prices and hot money inflows and added that one cannot assume that counter-crisis measures wouldl be available ‘forever’. China has seen rising hot money inflows and reflected in stock and property volatility. He forecasted China’s 2010 GDP seen between 8% to 9%. On the currency front he echoed the growing government view that there was no reason that the yuan currency (CNY) would depreciate against any currency, including the USD *** Association of Southeast Asian Nations along with China, Japan and South Korea signed an agreement to create $120B foreign currency reserve fund called the Chiang Mai initiative. (Reminder: The countries agreed in May that Southeast Asian nations will contribute 20% to the pool; Japan will provide $38.4B; China and Hong Kong together will add another $38.4B. South Koreas contribution will be $19.2B)
– Currencies: Subdued trading was the theme as various centers around the globe continued to celebrate public holidays.
The USD was little changed from its opening levels in Asia and continued to consolidate its recent gains against the major pairs. Dealers did note that despite rising and widening yields the dollar seemed to be at a crossroad and struggling to garner additional strength. Over the course of the last week the dollar did benefit from the eventually interest rate increases that might come later in 2010 coupled with sovereign credit concerns at the euro-zone periphery. EUR/USD was just below the 1.44 level throughout the European morning. The GBP was steady despite some adverse press reports that political and budget strife could erode the pound (See in the papers section below).
– Fixed Income: Volumes in Bund futures have been predictably thin with less than 50k contracts traded at the time of writing. Cash yields are higher and the curve has flattened with the short end underperforming and the benchmark 10y Bund yield is up 3bps at 3.35%. In equally subdued trading, UST’s have seen some bear steepening, with the 10y yield adding another 4bps to rise above 3.84%. With a deluge of supply due this week, there is a real possibility that the 10y note could make a run at 4% before the year is out. – with the sole technical obstacle – the August high yield of 3.85% – but a basis point away The Treasury’s $44B 2 year note auction should generate some attention later in the New York afternoon in what is shaping up as an otherwise quiet session. Those traders that have bothered to show up will be eyeing at the 1% level – the last time a 2 year note auction stopped out above that mark was in September.
– Energy: Gazprom [GAZP.RU] Dep CEO Ananenkov commented that the company sought to purchase all Sakahalin-1 gas produced from Exxon in 2010. The company would Increased Kirinsky field reserves by 25% to 100BCM and begin exploration drilling at Kirinsky block next year
– In the papers: London Telegraph article noted that the British Pound (GBP) might decline beyond parity with the euro according to the Center for Economics and Business (CEBR). The report cited the state of the UK’s finances and concern about governmental policies. According to the Center for Economics and Business, ratings agencies are “looking for an excuse” to lower the UK’s AAA sovereign rating. Other themes in the UK Times and FT have focused on retail sales figures over the Boxing day weekend with sales figures seen +18.65 y/y. Post-holiday sales are seen as being driven by timing (weekend), weather and promotional levels. Sales levels in the US in the same period appear to be in line with the European figures. US based NY Post has looked at efforts by CBS and NBC to place commercial advertisements during the 2010 Super Bowl and Winter Olympics, finding that both channels are continuing to struggle to fill slots at asked prices.
– Geo-political Over the Holiday weekend, Abdul Farouk Abdulmutallab attempted to ignite an explosive device aboard a Delta Operated Northwest Airlines flight from Amsterdam to Detroit. Abdulmutallab, a Nigerian national is believed to have received training in Yemen, what is now speculated to be a new front in the US GWOT. Following the failed attempt, the US DOT and Homeland Security have implemented new security measures at check in and whilst onboard. Violence in Iran has accelerated following massed action as Shiite Muslims celebrated Ashura on Sunday. In the ensuing events, upwards of 15 demonstrators, including a nephew of failed presidential candidate Mousavi were killed following clashed with security forces. In Japan, Fin Min Fujii has been hospitalized following high blood pressure issues. It is expected that the 77 year old Fin Min will stay in the hospital for a period of 10-days following treatment. Speculation regarding the standing of Irish Fin Min Lenihan has grown following the confirmation that he was diagnosed with cancer this weekend. Immediate signs seem to indicate that Linehan plans to continue serving in his roll.
-10:30 (US) Dec Dallas Fed Manf. Activity: 2.0%e v 0.3% prior
-10:30 (IS) Israel Central Bank Base Rate Announcement: no change expected from the current 1.00% level

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Consumer Price Index In November 2009

admin — Mon, 28 Dec 2009 08:24:55 +0000

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our
. Please read our
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
2009 “FXstreet.com. The Forex Market” All Rights Reserved.

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