1 JPMORGAN CHASE & CO.(1039502) NEW YORK, NY $2,290,146,000
2 BANK OF AMERICA CORPORATION (1073757) CHARLOTTE, NC $2,162,083,396
3 CITIGROUP INC. (1951350) NEW YORK, NY $1,916,451,000
4 WELLS FARGO & COMPANY (1120754) SAN FRANCISCO, CA $1,374,715,000 $1,336,204,000
5 GOLDMAN SACHS GROUP, INC., THE (2380443) NEW YORK, NY $948,981,000
6 METLIFE, INC. (2945824) NEW YORK, NY $825,188,490
7 MORGAN STANLEY (2162966) NEW YORK, NY $748,517,000
8 U.S. BANCORP (1119794) MINNEAPOLIS, MN $352,253,000 $353,136,000
9 BANK OF NEW YORK MELLON CORPORATION, THE (3587146) NEW YORK, NY $330,490,000
10 HSBC NORTH AMERICA HOLDINGS INC. (3232316) NEW YORK, NY $317,482,381
11 PNC FINANCIAL SERVICES GROUP, INC., THE (1069778) PITTSBURGH, PA $299,712,018
12 CAPITAL ONE FINANCIAL CORPORATION (2277860) MCLEAN, VA $296,698,168
13 TD BANK US HOLDING COMPANY (1249196) PORTLAND, ME $207,333,395
14 STATE STREET CORPORATION (1111435) BOSTON, MA $200,368,976
15 ALLY FINANCIAL INC. (1562859) DETROIT, MI $178,560,000
16 BB&T CORPORATION (1074156) WINSTON-SALEM, NC $178,529,372
17 SUNTRUST BANKS, INC.(1131787) ATLANTA, GA $173,213,253 $178,307,292
18 PRINCIPAL FINANCIALGROUP, INC. (3853449) DES MOINES, IA $159,193,269 $152,050,658
19 AMERICAN EXPRESS COMPANY (1275216) NEW YORK, NY $146,890,000
20 AMERIPRISE FINANCIAL, INC. (2433312) MINNEAPOLIS, MN $135,271,252
21 RBS CITIZENS FINANCIAL GROUP, INC. (1132449) PROVIDENCE, RI $132,014,924 $129,313,757
22 REGIONS FINANCIAL CORPORATION (3242838) BIRMINGHAM, AL $122,344,664
23 FIFTH THIRD BANCORP(1070345) CINCINNATI, OH $117,482,869 $117,542,579
24 BMO FINANCIAL CORP.(1245415) WILMINGTON, DE $112,165,541
25 CHARLES SCHWAB CORPORATION, THE (1026632) SAN FRANCISCO, CA $117,658,000 $111,816,000
26 UNITED SERVICES AUTOMOBILE ASSOCIATION (1447376) SAN ANTONIO, TX $110,562,587
27 NORTHERN TRUST CORPORATION (1199611) CHICAGO, IL $94,455,895
28 UNIONBANCAL CORPORATION (1378434) SAN FRANCISCO, CA $87,939,869
29 KEYCORP (1068025) CLEVELAND, OH $86,741,424
30 SANTANDER HOLDINGSUSA, INC. (3981856) BOSTON, MA $82,943,616
31 M&T BANK CORPORATION (1037003) BUFFALO, NY $80,807,578
32 BANCWEST CORPORATION (1025608) HONOLULU, HI $78,655,826
33 DISCOVER FINANCIAL SERVICES (3846375) RIVERWOODS, IL $73,255,567
34 BBVA USA BANCSHARES, INC. (1078529) HOUSTON, TX $66,013,042
35 DEUTSCHE BANK TRUSTCORPORATION (1032473) NEW YORK, NY $64,994,000
36 COMERICA INCORPORATED (1199844) DALLAS, TX $62,756,597
37 HUNTINGTON BANCSHARES INCORPORATED (1068191) COLUMBUS, OH $56,443,000 $56,622,959
38 ZIONS BANCORPORATION (1027004) SALT LAKE CITY, UT $53,418,819
39 E*TRADE FINANCIAL CORPORATION (3412583) NEW YORK, NY $49,155,830
40 UTRECHT-AMERICA HOLDINGS, INC. (2307280) NEW YORK, NY $46,125,000
41 NEW YORK COMMUNITYBANCORP, INC. (2132932) WESTBURY, NY $44,075,366 $43,501,094
42 HUDSON CITY BANCORP, INC. (2367556) PARAMUS, NJ $42,961,040
43 CIT GROUP INC. (1036967) LIVINGSTON, NJ $42,796,446
44 POPULAR, INC. (1129382) SAN JUAN, PR $36,612,000
45 FIRST NIAGARA FINANCIAL GROUP, INC. (2648693) BUFFALO, NY $35,123,415
46 PEOPLE'S UNITED FINANCIAL, INC. (3650152) BRIDGEPORT, CT $28,134,752
47 SYNOVUS FINANCIAL CORP. (1078846) COLUMBUS, GA $26,294,110
48 BOK FINANCIAL CORPORATION (1883693) TULSA, OK $25,561,731
49 FIRST HORIZON NATIONAL CORPORATION(1094640) MEMPHIS, TN $25,740,652 $25,493,925
50 IMB HOLDCO LLC (3923614) PASADENA, CA $24,959,052
Friday, 9 November 2012
Fidelity: 401(k) accounts grew 4% in3rd quarter
Fidelity Investments, the nation's largest 401(k) administrator, said Thursday that the average balance of$75,900 at the end of the quarter was the highest sinceit began tracking the data in 2000.
Three months earlier, the average account balance among the 12 million accounts that Fidelity administers was $72,800.
The Standard & Poor's 500 stock index rose nearly 6% in the July-to-September period, boosting investment returns in 401(k)s. The gain helped investors recover from a nearly 3% market decline in the previous quarter.
Workers' 401(k)s are typicallyinvested in bonds as well as stocks to help reduce volatility. A broad U.S. bond market index rose about 1% in the second quarter, substantially less than the stock market. So workers with large portions of their accounts invested in stocks enjoyed better performance than those with more in bonds.
Account contributions from employees' paycheck deductions also rose in the latest quarter, as did 401(k) contributions from employers, known as company matches.
Annual contributions from workers now average about$7,900, up more than 7% from the level five years ago.Company matches average$3,420, up 19% from the third quarter of 2007.
Many companies reduced or suspended their 401(k) matches to conserve cash during the recession that began in late 2007. But as the economy has gradually improved, many employers have restored those matches,and then some.
"When employers were cutting contributions, many told us that they felt badly about it, and that restoring them would be one of the first things they wanted to do once they saw signs of improvement," said Beth McHugh, vice president of market insights at Boston-based Fidelity.
Three months earlier, the average account balance among the 12 million accounts that Fidelity administers was $72,800.
The Standard & Poor's 500 stock index rose nearly 6% in the July-to-September period, boosting investment returns in 401(k)s. The gain helped investors recover from a nearly 3% market decline in the previous quarter.
Workers' 401(k)s are typicallyinvested in bonds as well as stocks to help reduce volatility. A broad U.S. bond market index rose about 1% in the second quarter, substantially less than the stock market. So workers with large portions of their accounts invested in stocks enjoyed better performance than those with more in bonds.
Account contributions from employees' paycheck deductions also rose in the latest quarter, as did 401(k) contributions from employers, known as company matches.
Annual contributions from workers now average about$7,900, up more than 7% from the level five years ago.Company matches average$3,420, up 19% from the third quarter of 2007.
Many companies reduced or suspended their 401(k) matches to conserve cash during the recession that began in late 2007. But as the economy has gradually improved, many employers have restored those matches,and then some.
"When employers were cutting contributions, many told us that they felt badly about it, and that restoring them would be one of the first things they wanted to do once they saw signs of improvement," said Beth McHugh, vice president of market insights at Boston-based Fidelity.
Swiss bank to lay off10,000 in restructuring
Swiss bank UBS unveiled plans on Tuesday to fire 10,000 staff and wind downits fixed income business, returning to its private banking roots as it adapts totough capital rules that make it harder to turn a profit from trading.
Zurich-based UBS will focuson wealth management anda smaller investment bank, ditching much of the trading business that ran up$50 billion in losses in the financial crisis.
Zurich-based UBS will focuson wealth management anda smaller investment bank, ditching much of the trading business that ran up$50 billion in losses in the financial crisis.
Hacked Not Us says Twitter
After many Twitter users received e-mails on Thursday morning asking them to reset the passwords to their Twitter accounts, many suspected that they, or the company, had been hacked.
Not so.
As a security policy, Twitter regularly resets passwords to accounts it believes may have been compromised and sends users an e-mail informing them that they need to create a new passwords. But on Thursdaymorning, a large number of Twitter users took to the platform to complain that they had received the e-mail and worried they had been hacked.
Twitter said it had mistakenly reset passwords for more people than it it intended on Thursday. "We unintentionally reset passwords of a larger number of accounts, beyond those that we believed to have been compromised," the companysaid in a blog post. "We apologize for any inconvenience or confusion this may have caused."
Not so.
As a security policy, Twitter regularly resets passwords to accounts it believes may have been compromised and sends users an e-mail informing them that they need to create a new passwords. But on Thursdaymorning, a large number of Twitter users took to the platform to complain that they had received the e-mail and worried they had been hacked.
Twitter said it had mistakenly reset passwords for more people than it it intended on Thursday. "We unintentionally reset passwords of a larger number of accounts, beyond those that we believed to have been compromised," the companysaid in a blog post. "We apologize for any inconvenience or confusion this may have caused."
Thursday, 8 November 2012
Germany's Angela Merkel on Wednesday warned Britain not to turn its back onEurope
Describing plans to increase the EU budget as"ludicrous", Cameron has threatened to veto any deal he thinks is not in Britain's interests and will push for a real-terms freeze.
However, German officials are exasperated by what they see as London's slide towards Europe's margins, a feeling reinforced last week after the British parliament voted to call for a real-terms cut in the EU's budget.
Before meeting Cameron, the German Chancellor told the European Parliament shecould not imagine a Europe without Britain, the world's sixth largest economy, whichrelies on the EU for half its trade.
"I believe you can be very happy on an island, but being alone in this world doesn't make you any happier," Merkel said after British politician Nigel Farage, leader of the anti-European UK Independence Party, urged her to tell Cameron that Britain should quit the EU.
However, German officials are exasperated by what they see as London's slide towards Europe's margins, a feeling reinforced last week after the British parliament voted to call for a real-terms cut in the EU's budget.
Before meeting Cameron, the German Chancellor told the European Parliament shecould not imagine a Europe without Britain, the world's sixth largest economy, whichrelies on the EU for half its trade.
"I believe you can be very happy on an island, but being alone in this world doesn't make you any happier," Merkel said after British politician Nigel Farage, leader of the anti-European UK Independence Party, urged her to tell Cameron that Britain should quit the EU.
Priceline.com to acquire travel site Kayak for US$1.8-billion
Priceline.com Inc., the most valuable online-travel agency, has agreed to buy Kayak Software Corp. for US$1.8-billion in cash and stock to expand its Web-based travel services.
Kayak shareholders will receive US$40 a share, the companies said in a statement. That price represents a 29% premiumover Kayak’s closing price of US$31.04 in New York today, and it includes about US$500-million in cash as well as US$1.3-billion in equity and assumed stock options.
Priceline has been using acquisitions to add customers as it works to grow sales and fend off competition in a sluggish economy. Kayak, which raised US$91-million in an initial public offering in July, lets travelers compareprices and make reservations for hotels, flights, cars and vacations.
Kayak shareholders will receive US$40 a share, the companies said in a statement. That price represents a 29% premiumover Kayak’s closing price of US$31.04 in New York today, and it includes about US$500-million in cash as well as US$1.3-billion in equity and assumed stock options.
Priceline has been using acquisitions to add customers as it works to grow sales and fend off competition in a sluggish economy. Kayak, which raised US$91-million in an initial public offering in July, lets travelers compareprices and make reservations for hotels, flights, cars and vacations.
Galaxy S3 world best selling smartphone
Galaxy S3 became the world's best-selling smartphone model last quarter, pushing aside Apple Inc's iPhone, which has dominated the chart for more than two years, research firm Strategy Analytics said on Thursday.
Strategy Analytics estimated Samsung sold 18 million S3 models in the third quarter, compared with iPhone 4S sales of 16.2 million.
Strong sales of the flagship Galaxy S3 - which comes with a large 4.8 inch touchscreen - helped Samsung post a record $7.3 billion operating profit in theJuly-September quarter.
"Samsung's Galaxy S3 has proven wildly popular with consumers and operators across North America, Europe and Asia," said analyst Neil Mawston, adding the new iPhone 5 would likely reclaim the top spot for Apple in the currentquarter
Strategy Analytics estimated Samsung sold 18 million S3 models in the third quarter, compared with iPhone 4S sales of 16.2 million.
Strong sales of the flagship Galaxy S3 - which comes with a large 4.8 inch touchscreen - helped Samsung post a record $7.3 billion operating profit in theJuly-September quarter.
"Samsung's Galaxy S3 has proven wildly popular with consumers and operators across North America, Europe and Asia," said analyst Neil Mawston, adding the new iPhone 5 would likely reclaim the top spot for Apple in the currentquarter
French government offers €20bn tax boost for businesses
France's president, François Hollande , sought to shrug off his business-bashing reputation on Tuesday with a€20bn-a-year (£16bn) package of tax credits and other pro-industry measures.
The prime minister, Jean-Marc Ayrault, surprisedmany by announcing that the government would accept much of the recommendations of a reportby Louis Gallois, the former EADS boss, on making the French economy more competitive.
"France is not condemned tothe spiral of decline. But we need a jolt at a national levelto regain control of our destiny," Ayrault said. "This is about giving our companies room to manoeuvre."
Firms will be offered tax credits worth up to €10bn next year, rising to €20bn by2015, to be financed by an increase in VAT and €10bn in public spending cuts, as yet unspecified. That was lessthan the €30bn-a-year cut inpayroll taxes that Gallois demanded, but far more than many analysts expected. The rebates will be proportionate to the size of a company's payroll, up toa maximum of two-and-a-half times the minimum wage, in an attempt to support jobs.
Amid rising concern about France's global competitiveness, Hollande is keen to show that despite implementing a 75% top rateof income tax on the super-rich, he is on the side of business. Fabrice Montagne, of Barclays, said the announcement would"improve sentiment vis-a-vis the government's economic policy, which will be welcomed by the president as approval rates are at significantly low levels".
The International Monetary Fund said in its annual report on the French economy, published on Monday, that without radical reform France could slip behind Spain and Italy, which have been hobbled by lack of competitiveness against the mighty German economy.
The prime minister, Jean-Marc Ayrault, surprisedmany by announcing that the government would accept much of the recommendations of a reportby Louis Gallois, the former EADS boss, on making the French economy more competitive.
"France is not condemned tothe spiral of decline. But we need a jolt at a national levelto regain control of our destiny," Ayrault said. "This is about giving our companies room to manoeuvre."
Firms will be offered tax credits worth up to €10bn next year, rising to €20bn by2015, to be financed by an increase in VAT and €10bn in public spending cuts, as yet unspecified. That was lessthan the €30bn-a-year cut inpayroll taxes that Gallois demanded, but far more than many analysts expected. The rebates will be proportionate to the size of a company's payroll, up toa maximum of two-and-a-half times the minimum wage, in an attempt to support jobs.
Amid rising concern about France's global competitiveness, Hollande is keen to show that despite implementing a 75% top rateof income tax on the super-rich, he is on the side of business. Fabrice Montagne, of Barclays, said the announcement would"improve sentiment vis-a-vis the government's economic policy, which will be welcomed by the president as approval rates are at significantly low levels".
The International Monetary Fund said in its annual report on the French economy, published on Monday, that without radical reform France could slip behind Spain and Italy, which have been hobbled by lack of competitiveness against the mighty German economy.
Austerity cuts passed by Greece lawmakers
The austerity package aimed at securing the next round of bailout funds was passed with the support of 153 MPs in the 300-member parliament.
The 13.5bn-euro ($17.3bn; £10.5bn) bill includes tax rises and pension cuts.
Earlier, riot police fired tear gas towards protesters when they were attacked with petrol bombs in Athens.
Prime Minister Antonis Samaras warned before the vote late on Wednesday that without the bailout Greece would run out of money thismonth and face"catastrophe".
Many of these measures are fair and should have been taken years ago, without anyone asking us to”
Antonis Samaras
Greek PM
The austerity package - Greece's fourth in three years - is meant to close the nation's budget deficit, lower its huge debt burden and make its economy more competitive.
MPs must now pass a revisedbudget on Sunday before eurozone finance ministers meet next week to approve 31.5bn euros in fresh loans from the European Union (EU) and the International Monetary Fund (IMF) that Greece needs to avoid imminent bankruptcy.
The 13.5bn-euro ($17.3bn; £10.5bn) bill includes tax rises and pension cuts.
Earlier, riot police fired tear gas towards protesters when they were attacked with petrol bombs in Athens.
Prime Minister Antonis Samaras warned before the vote late on Wednesday that without the bailout Greece would run out of money thismonth and face"catastrophe".
Many of these measures are fair and should have been taken years ago, without anyone asking us to”
Antonis Samaras
Greek PM
The austerity package - Greece's fourth in three years - is meant to close the nation's budget deficit, lower its huge debt burden and make its economy more competitive.
MPs must now pass a revisedbudget on Sunday before eurozone finance ministers meet next week to approve 31.5bn euros in fresh loans from the European Union (EU) and the International Monetary Fund (IMF) that Greece needs to avoid imminent bankruptcy.
Wednesday, 7 November 2012
$775 million lawsuit over false fuel economy claims . Hyundai is facing.
A U.S. lawsuit has been filed againstHyundai Motor Co ( 005380.KS ) and affiliate Kia Motors Corp ( 000270.KS ), seeking $775 million in damages in one of the biggest known actions against the automakers since they admitted overstating the fuel economy of some their vehicles.
The South Korea carmakers conceded on Friday that they had overstated the fuel efficiency ratings on more than 1 million recently sold vehicles in the United States and Canada, and agreed to compensate owners for the additional fuel costs.
The lawsuit, which seeks class-action status, was filed in the U.S. District Court for Central California on behalf of 23 Hyundai and Kia car owners and challenges the automakers' compensation plan.
Under the plan, customers will receive a debit card that will reimburse them for the difference in fuel economy, and an extra 15 percent to the amount will be added toacknowledge the inconvenience.
The lawsuit, which like a separate one filed in the Southern District of Ohio this week, is seeking further compensation for the reduced value of their vehicles.
Hyundai Motor was also sued in July by public interest group Consumer Watchdog for allegedly misleading consumers sensitive to high gas prices that its popular 2011 and 2012 Elantra model is more fuel efficient than it actually is.
A Hyundai Motor spokesmandeclined to comment on the lawsuits.
Moody's Investors Service has estimated that the automakers' compensation plan for fuel costs will cost them $100 million a year until the cars are scrapped but has not estimated potential legal costs.
The South Korea carmakers conceded on Friday that they had overstated the fuel efficiency ratings on more than 1 million recently sold vehicles in the United States and Canada, and agreed to compensate owners for the additional fuel costs.
The lawsuit, which seeks class-action status, was filed in the U.S. District Court for Central California on behalf of 23 Hyundai and Kia car owners and challenges the automakers' compensation plan.
Under the plan, customers will receive a debit card that will reimburse them for the difference in fuel economy, and an extra 15 percent to the amount will be added toacknowledge the inconvenience.
The lawsuit, which like a separate one filed in the Southern District of Ohio this week, is seeking further compensation for the reduced value of their vehicles.
Hyundai Motor was also sued in July by public interest group Consumer Watchdog for allegedly misleading consumers sensitive to high gas prices that its popular 2011 and 2012 Elantra model is more fuel efficient than it actually is.
A Hyundai Motor spokesmandeclined to comment on the lawsuits.
Moody's Investors Service has estimated that the automakers' compensation plan for fuel costs will cost them $100 million a year until the cars are scrapped but has not estimated potential legal costs.
Subscribe to:
Posts (Atom)