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Finance Research News - June, 2008















HOME :: RESEARCH :: FINANCE :: NEWS :: ARCHIVE

Credit Research News - June, 2008



Millennium targets over-50s with financial services directory

Direct marketing agency Millennium is launching a financial services directory targeted at older consumers.



Chicago Bank Purchasing Indianapolis Financial Services Company

White River Capital, Inc. (AMEX: RVR) ("White River") and First Chicago Bancorp ("First Chicago") today announced the signing of a definitive agreement



Wells Fargo Funding Gives Correspondent Lenders Access to Wolters Kluwer Financial Services’

Unique Solution Allows Lenders to Automate Entire Initial Loan Disclosure Process



Rose Financial Services Expands Facilities

Rose Financial Services, the Premier U.S. Based Accounting and Financial Outsourcing Firm™, announced today that Phase II



Blackstone hires financial services specialist Thomas Stoddard

The Blackstone Group has appointed Thomas D Stoddard to the firm's corporate advisory business as a senior managing director.



Champ Financial Services, LLC Announces Merger with Mass Mutual Financial Group

Champ Financial Service, LLC announced today, effective July 1, 2008 Champ Financial Service, LLC will combine forces with WestPoint Financial



Discover Financial Services "hold," estimates reduced

Analyst Chris Brendler of Stifel Nicolaus & Company maintains his "hold" rating on Discover Financial Services (DFS),



Pay Dirt: Promoting financial literacy

The Urban Financial Services Coalition is in the Twin Cities to promote financial literacy, personal responsibility and banking careers.



Premium Company Profile - American Express Company - New Research Report on Companies and Markets

American Express Company (Amex or ‘the company’) is a leading global provider of travel related services



Desiree Rogers joins Allstate to create social networking in Financial Services Division

The Allstate Insurance Company, a business unit of the Allstate Corporation (NYSE:ALL) which engages in the personal property



Mass. regulators file fraud charges against UBS

Massachusetts regulators filed civil fraud charges Thursday against UBS Financial Services for allegedly selling investments



Financial services seen as rewarding career move

The steady expansion of the banking and microfinance sector has created a wealth of job opportunities for graduates with the right qualifications.



Discover Financial Services Q2 earnings up

Discover Financial Services has reported a net income of $234 million, or $0.48 per share for the second quarter of 2008, compared to $209 million, or $0.44 per share, in the same quarter of 2007.



Barney Frank's HR 5767 Defeated in House Financial Services Committee

While some of the largest poker tournaments and prize pools ever are taking place at the 2008 World Series of Poker, the situation was not as rosy at a House Financial Services Committee hearing on Wednesday in Washington, D.C.



ID theft victims first turn to their financial services company

A survey shows that the majority of ID theft victims (65 percent) first contacted their financial services company



National business in brief: Chrysler denies bankruptcy rumors

Faced with persistent speculation that it was planning to file for bankruptcy protection, Chrysler LLC on Thursday



Discover Financial sees higher charge-offs

Discover Financial Services reported a 12% jump in second-quarter profit on Thursday, but the company said it expects higher charge-offs later this year, adding to concerns about the credit-card industry



ICBA Partners With Wolters Kluwer Financial Services to Offer Members Red Flag Rules Solutions

Solutions and Services ICBA Partners With Wolters Kluwer Financial Services to Offer Members Red Flag Rules Solutions and ServicesMINNEAPOLISMN-WOLTERS-KLUWER



Sector roundup: Financial services, semiconductors

Among the sector activity stories for Thursday, June 26, from AP Financial News:



Sector Snap: Financial-services shares fall

Continued concern about deterioration in the credit markets has shares of financial-services firms tumbling Thursday



The PNC Financial Services Group to Report Second Quarter Earnings on July 17

The PNC Financial Services Group, Inc. (NYSE: PNC | Quote | Chart | News | PowerRating) announced today that it expects to issue financial results



Hartford Financial spent $660,000 lobbying in 1Q

Hartford Financial spent $660,000 in the first quarter lobbying on insurance regulations



Discover Financial 2Q profit tops analysts' estimate; managed loans rise 2%

Discover Financial Services Thursday reported second-quarter earnings of $234.1 million, or 48 cents a share



Troubles for UBS mount as Massachusetts files fraud charges

Massachusetts regulators filed civil fraud charges Thursday against UBS Financial Services for allegedly selling investments



Component Changes Made to Dow Jones Internet Composite and Dow Jones Financial Services Titans 30

Dow Jones Indexes, a leading global index provider, today announced changes in the composition of the Dow Jones Internet Composite



1st Reverse Financial Services Hires New First Vice President of Client Services

1st Reverse Financial Services, LLC (1st Reverse), a national reverse mortgage wholesale lender and subsidiary of Wilmington Savings Fund Society



Prime Group Realty Trust Signs Lease Extension With Porsche Financial Services, Inc.

Prime Group Realty Trust (NYSE:PGEPRB), a Chicago-based real estate investment trust ("PGRT"), announced today that it has signed a multi-year lease extension



House Financial Services Committee Moves Bill to Address National Problem of Termination of MSB

Growing Trend Threatens to Reduce Access to Basic Financial Services For Millions of Americans



Steve Earwaker Will Head Medallia’s Newly Launched Financial Services and Business-to-Business

Medallia, the global leading provider of on-demand enterprise feedback management solutions, today named Steve Earwaker



Conversion Services International Announces Data Warehouse Redesign Engagement with Major Financial

Conversion Services International, Inc. (Amex: CVN), a premier professional services firm focused on delivering business intelligence



TrainingFolks to Provide Contract Trainers to LPL Financial Independent Advisor Services

TrainingFolks (www.trainingfolks.net) has been engaged to provide contract trainers to the Independent Advisor Services



Financials, Oil Hold Stocks in Check

A pair of multibillion-dollar deals led to early hopes that Wall Street would start the week on a high note, but continued pressure



Big changes in financial stocks in Russell 3000

The sector that will see the most companies added to the Russell 3000 index this year is the financial services sector.



Goldman, Citi Wield The Ax

Even the mighty Goldman Sachs was not immune to a sell-off in the financial sector Monday, following a downgrade



One on One with with Melinda Chumbley, Discovery Financial Services

What is Discovery Financial Services?



Offering Up a Value-Stock Smorgasbord

WHILE A SHAKY STOCK MARKET and high commodity prices have pushed many investors to the sidelines



Latest layoffs have financial services workers watching their backs

Citi, Goldman Sachs announce cuts in investment banking units



Compushare Enters Into Key Alliance Partnership With Financial Marketing Services Firm

Compushare, Inc. of Orange County, California today announced a strategic alliance with FIRST ROI, LLC, a privately held subsidiary of BancVue



Analyst: Financial-services firms under pressure

Citi Investment Research said concerns over additional write-downs and cut-rate capital increases



First National Bank CEO Gary Roberts To retire On July 1

Pennsylvania-based financial services provider F.N.B. Corp. (FNB: News, Chart, Quote ) Friday revealed that Gary Roberts, President and Chief Executive Officer, First National Bank



Microsoft IP Ventures Program Launches Financial Services Start-Up

PressPass recently sat down with David Harnett, senior director and founding member of the Microsoft IP Ventures team



Vend Lease Adds Equipment Finance Agreements To Financial Services

Vend Lease, a financial services company in the coin-op, food service and hospitality industries, expanded its leasing models



Financial services to fund tube forming

Manufacturer of tube bending and end-forming machinery, AddisonMckee, has introduced a range of financial services to assist manufacturers in acquiring capital equipment.



A gateway to Wall Street: Financial services firms snapping up female engineers

While attending a Society of Women Engineers conference last fall in Nashville, Tenn., Sona Avetisian, then a senior at Carnegie Mellon University



Vineyard Financial Services Completes Transition From Residential Mortgage Lending To Business

Business loans of all types are provided. Vineyard Financial Services is please to announce that the transition from originating residential mortgage loans to originating all types of business financing.



HP’s Purchase of EDS May Have Minimal Impact on Financial Services

HP’s pending acquisition of EDS will create a huge global services player, but the deal’s impact on the financial services industry remains to be seen.



OptumHealth Financial Services Expands Electronic Payment Solution to Dental Industry to Reduce Cost

Expansion Has Potential to Reduce Administrative Costs by More Than $100 Million a Year



FedEx swings to 4Q loss; guidance disappoints

FedEx Corp. reported a fourth-quarter loss Wednesday and offered a gloomy outlook as it wrestles with a slumping U.S. economy beset



Turbulent Global Market Drives Outsourcing Strategies in Financial Services Sector

Current economic volatility may trigger further business process transformation in the financial services sector according to a research paper released today



A.M. Best Affirms the Ratings of Industrial Alliance Insurance and Financial Services Inc.

A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a+” of Industrial Alliance Insurance and Financial Services Inc.



Wind Farm Taxes Make Up Losses From Incentives - GE Study

Taxes collected from wind farms will more than make up for revenue lost by the U.S. federal government from tax incentives



IONA develops beefed up capabilities for financial services, STP automation

Financial institution face competitive pressure to automate processes and move toward straight-through processing (STP)



TISD Financial Services Receives High Marks

Tyler Independent School District is awarded the Certificate of Excellence in Financial Reporting by the Association of School Business Officials International (ASBO).



Mahoney & Associates Welcomes Ira Sabin as Financial Services Professional

Mahoney & Associates grows the sales & marketing team with the addition of Ira Sabin.



Dealers’ Financial Services Goes Live With Daybreak!

Dealers’ Financial Services, LLC (DFS), a provider of consumer financing, has deployed Daybreak, a loan origination



US cracks down on oil speculators

US regulators have announced plans to impose limits on oil trades overseas.



Terex Financial Services Goes Live with Cyence International's ExpressOS(TM) 4.2 Enterprise Software

Terex Financial Services Goes Live with Cyence International's ExpressOS(TM) 4.2 Enterprise SoftwareBURLINGTON, OntarioCYENCE-INTL/TEREX



Students Get Paid Internships to Work with Florida Chief Financial Officer

Florida’s Chief Financial Officer is tapping the state’s university talent pool.



Summaries of House financial disclosure forms

Rep. Ike Skelton, D-Mo., chairman, House Armed Services Committee.



CIT Appoints Mason To Run Operations

CIT Group Inc.'s chairman has a new right-hand man.



Research lays groundwork for global mobile financial services standards

Standards-based approaches to the provision of mobile financial services (MFS) move a step closer today with the release of research by Mobey Forum



SG Private Banking purchases equity stake in Rockefeller Financial Services

Rockefeller Financial Services Inc and Societe Generale's wealth management unit SG Private Banking announced a global alliance



GMAC Financial Services and Team Focus Partner to Coach Children on Money Management

GMAC Financial Services today announced that it will partner with Team Focus to give boys and girls the smart edge when it comes to money management.



Former Mercantile executive joins New York firm

Former Mercantile Bankshares Corp. executive Alexander T. Mason has joined CIT Group Inc. as president and chief operating officer.



PNC Financial Services (PNC) NewsBite - PNC Slips on Economy Worries

PNC Financial Services Group Inc. (PNC) opened at 58.99. So far today, the stock has hit a low of 58.23 and a high of 59.02.



Study reveals traits of underbanked

We still have a lot to learn about consumers who don't use banks to the fullest extent.



Toyota Financial Services and Toyota Motor Sales Donate $200,000 to the American Red Cross

Toyota Financial Services (TFS), in partnership with Toyota Motor Sales, announced today that it is donating $200,000 and two utility vehicles



Carlyle Hires Kaul to Expand in Financial Services (Update1)

Carlyle Group, the private-equity firm run by David Rubenstein, hired Sunil Kaul from Citigroup Inc. to help expand investments in the financial services industry.



Automatic 401(k)s Finding Favor

Lockheed Martin and Nationwide Financial Services, two of the companies that have used a 2006 pension law to encourage retirement savings



Ariz. AG settles with financial-services firms

Arizona Attorney General Terry Goddard on Thursday announced a $1.5 million settlement with South Carolina companies JK Harris and Co. LLC



Stock jumps on U.S. private equity buyout agreement.

This is one investment opportunity that got away from Stockhouse investors. This author noted that Loring Ward International



AmTrust Financial Services, Inc. to Present At Conference in New York On Wednesday, June 18, 2008

AmTrust Financial Services, Inc. (Nasdaq:AFSI) announced today that the Company will be participating in the 2008 Fox-Pitt Kelton Cochran Caronia Waller



UPDATE 2-MOVES-American Century, GMAC, Simpson Thacher

The following financial services industry appointments were announced on Friday. To inform us of other job changes, please e-mail moves@thomsonreuters.com.



Option Update: SunTrust Banks and PNC Financial Services volatility up

SunTrust Banks (NYSE: STI) closed at $43.97 Thursday. STI July option implied volatility of 64 is above its 26-week average



New Legislation Planned on Bond Ratings

U.S. House Financial Services Committee Chairman Barney Frank (D., Mass.) said he would propose legislation as early as next week to change the way



Hartford Financial Services (HIG) NewsBite - HIG Up after Retail Sales Report

Hartford Financial Services Group Inc. (HIG) opened at 71.49. So far today, the stock has hit a low of 70.87 and a high of 73.07.



Knight Expands Transition Management Services

Knight Capital Group, Inc. (Nasdaq: NITE) today announced that it has expanded the transition management services provided



Mining Replaces Financial Services as Biggest Driver of M&A

Metals are the new green on Wall Street, as mining has displaced financial services to become the biggest source of mergers and acquisitions.



Fulton Financial to affiliate with Raymond James to offer brokerage services

Raymond James Financial Services Inc. late Wednesday said that Fulton Financial Corp.'s Fulton Financial Advisors



Hesston agricultural placement firm expanding into financial sector

Ag 1 Source, a Hesston-based agricultural human resource placement company with branches in Kentucky and Minnesota



CDC Software's Customer Leadership Survey Finds Globalization as Key Issue for Financial Services

CDC Software, a wholly owned subsidiary of CDC Corporation and a global provider of industry-specific enterprise software applications



N.Y. court ruling on employee compensation is good for financial-services industry

New York's highest court ruled Tuesday that a company can make deductions from an employee's commission payments under New York law



Hartford Financial Services (HIG) Announces Accelerated Stock Repurchase Program Plus New $1 Billion

The Hartford Financial Services Group, Inc. (NYSE: HIG) has entered into an agreement with Credit Suisse to repurchase $500 million



Panopticon Releases Four New Solutions for Financial Services Applications

Panopticon Software, the leading provider of Visual Business Intelligence software, today announced that it has released four new solutions



Transamerica Reinsurance Ireland wins Financial Services Excellence Award

Transamerica International Reinsurance Ireland Ltd. (TIRI) has been awarded the 2008 KPMG Financial Services Excellence Award



Nalco Holding raises prices up to 20% for Energy Services Downstream customers

Nalco Holding Co. said Monday it raised prices up to 20% for its North American Energy Services Downstream customers.



NAIFA Advances Commitment To Ethics

The following information was released by the National Association of Insurance and Financial Advisors:



Financial Guaranty Insurance placed on negative watch - S&P

Standard & Poor's Ratings Services said it has placed Financial Guaranty Insurance Co.'s (FGIC) 'BB' financial strength rating



Where to put your next data center

If data center location was paramount to Rodney McPearson, a data center project manager at Cimarex Energy Co.,



Extended warranty contracts are rarely a bargain, consumer advocates say

Martha Schiebelhuth thought she was making a good investment when she signed a service contract with a South Florida company



ORIX Subscribes to Kamakura Risk Information Services Default Probabilities

Kamakura Corporation reported Monday that ORIX Corporation (TSE:8591; NYSE:lX), a leading integrated financial service group



Bank of America Is firm on Countrywide buyout

IN the six months since Bank of America announced its plans to take over Countrywide Financial, many investors have doubted



A detour led John Sepp to financial consulting

Managing money isn't what young John Sepp set out to do. He came to Michigan in the 1980s pursuing what, at the time



Discover Financial Services (DFS) NewsBite - DFS Tumbles on Economy Concerns

Discover Financial Services (DFS) opened at 16.69. So far today, the stock has hit a low of 15.82 and a high of 16.69.



Research and Markets: The Financial Services Industry 2007

Research and Markets (http://www.researchandmarkets.com/reports/c93963) has announced the addition of The Financial Services Industry 2007



First Business Financial Services, Inc. Adopts Shareholder Rights Plan

First Business Financial Services, Inc. (Nasdaq:FBIZ) announced that its Board of Directors adopted a shareholder rights agreement.



Ezcorp pays $110M for Value Pawn

The operator of Value Pawn stores, which announced plans in August to go public, is being acquired by Ezcorp Inc. for $110 million.



Jennifer Pierson has joined MDU Resources Group Inc. as an administrative assistant II in the human

Ezcorp Inc. (EZPW : News, Chart, Quote) Thursday revealed a definitive agreement to buy the entire equity ownership of Value Financial Services Inc.



Bibby Financial Services Announces Appointment of Business Development Officer, Greg Whitten

Bibby Financial Services (BFS) is pleased to announce the appointment of Greg Whitten, Business Development Officer



First Cash Financial Services (FCFS) NewsBite - First Cash Surges on Upgrade

First Cash Financial Services Inc. (FCFS) opened at 15.61. So far today, the stock has hit a low of 15.51 and a high of 16.25.



MU to build unique financial services sector talent pipeline

Misericordia University was recently awarded $167,486 in federal funding from Wall Street West to develop curriculum for a program



Fitch downgrades Daimler Chrysler Financial Services

Fitch Ratings on Wednesday downgraded Daimler Chrysler Financial Services America LLC issuer default rating to B+ from BB-.



GMAC Financial Services Completed Large Refinance

GMAC Financial Services, and its wholly owned subsidiary, Residential Capital, LLC, announced one of the largest global refinancings



Steve Bartlett leads financial services lobby on housing

To those who denounce Congress' intervention in the housing market, accusing lawmakers of fashioning a bailout, Steve Bartlett offers a history lesson.



Tyson culls chickens

Tyson Foods Inc, the second largest US chicken producer, has said it will destroy about 15,000 chickens in Arkansas exposed to a mild strain



Sutherland to Present at the 2008 Financial Services Outsourcing Annual Summit

Sutherland Global Services, a leading multi-national Business Process Outsourcing (BPO) provider, today announced it will present at the Financial Services Outsourcing Annual Summit on Thursday, June 5, 2008 in New York City.



GMAC Financial Services, ResCap complete $60B global refinancing

GMAC Financial Services and its wholly owned unit Residential Capital LLC have completed global refinancing of more than $60 billion



Tom Casalino Brings Financial Industry Expertise to ARC

Airlines Reporting Corp. (ARC) welcomes Tom Casalino as Chief Financial Officer. Replacing retiring CFO Alfred Altschul, Casalino brings valuable experience to ARC from senior positions with Capital One, Circuit City, and CBIZ Risk & Advisory Services.



American International Group at Lehman Brothers Eleventh Annual Lehman Financial Services Conference

JAY GELB, ANALYST, LEHMAN BROTHERS: Thanks, everyone. I am Jay Gelb. For those of you who don't know me, I am Lehman's senior non-life insurance analyst.



imc² Ramps Up Financial Services Practice, Hires Chris Abelt as VP, Strategy

imc², a leading digital agency, announced the appointment of Chris Abelt to vice president of strategy for its financial services practice.


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