Still drowning in Qs…
So today is finally the deadline for June 30 10-Qs and we couldn’t be happier. After all, there’s only so much coffee that a body can take. Late Friday, all of the big banks lined up to see who could get their filing in closest to the 5:30 deadline. The winner? Morgan Stanley (MS), which filed at 5:20 pm. Close behind were Citigroup (C), Wells Fargo (WFC) and Bank of New York (BK). We’ll be posting about some of the more interesting things we found in these banking Qs as well as other things we’ve found on our portal at Research Edge. To get access to those posts, send an email here.
In addition to keeping up with the hundreds of Qs we expect to come in today — this morning, we’ve already seen Amgen (AMGN), Priceline (PCLN) and State Street (STT) file, though technically speaking, both Amgen and State Street filed late Friday, but couldn’t get their Qs in before the SEC stopped accepting them at 5:30. And speaking of racing the clock, we’ll also be keeping an eye out for late filers later today — those companies that aren’t able to get their Qs in on time.
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August 10th, 2009 at 11:07 am
Where there’s a banker there’s a way.
Reference link: http://finance.yahoo.com/loans/article/107489/old-banks-new-lending-tricks.html?mod=loans-personl_smallbiz
CDS-Linked Corporate Credit Lines. Some of Wall Street’s latest innovations give reason for pause. Consider a trend in business loans. Lenders typically tie corporate credit lines to short-term interest rates. But now Citi, JPMorgan Chase, and BofA, among others, are linking credit lines both to short-term rates and credit default swaps (CDSs), the volatile and complicated derivatives that are supposed to act as “insurance” by paying off the owners if a company defaults on its debt. JPMorgan, BofA, and Citi declined to comment.
U.S. banks to make $38 billion from overdraft fees. (Reuters) – Banks in the United States are poised to make $38.5 billion in customer overdraft fees this year, the Financial Times said, citing research by Moebs Services. A large portion of the revenue is likely to come from the most financially stretched consumers, according to the paper. It said the research showed that many banks have increased charges on overdrafts and credit cards in order to boost profits. “Banks are returning to a fee-driven model and overdraft fees are the mother lode,” Mike Moebs, the company’s founder was quoted by the paper as saying. Overdraft fees accounted for more than 75 percent of service fees charged on customer deposits, the paper cited Moebs as saying.