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Citigroup Fails Fed Stress Test. Goldman, BofA Alter Plans
Posted on 3/26/14 at 9:13 pm
Posted on 3/26/14 at 9:13 pm
quote:
Citigroup Inc.’s capital plan was among five that failed Federal Reserve stress tests, while Goldman Sachs Group Inc. and Bank of America Corp. passed only after reducing their requests for buybacks and dividends.
Citigroup, as well as U.S. units of Royal Bank of Scotland Group Plc, HSBC Holdings Plc and Banco Santander SA, failed because of qualitative concerns about their processes, the Fed said today in a statement. Zions Bancorporation was rejected as its capital fell below the minimum required. The central bank approved plans for 25 banks.
Regulators seeking to prevent a repeat of the 2008 financial crisis have run annual tests on how the largest banks would fare in a similar recession or economic shock. Analysts estimate that banks were planning to pay out about $75 billion in excess capital to reward shareholders and boost returns. This is the second straight year that the Fed has criticized the quality of some plans.
LINK
1
Posted on 3/26/14 at 10:05 pm to NC_Tigah
BAC gets a dividend increase approved from 4 cents to 20 cents annually. Tomorrow will be interesting.
FTR, I bought 2K shares of BAC this afternoon @ $17.27/share.
FTR, I bought 2K shares of BAC this afternoon @ $17.27/share.
Posted on 3/26/14 at 11:14 pm to LSURussian
Loading up on BAC in the am. Need something to level me out.
Posted on 3/26/14 at 11:32 pm to LSURussian
Looks like Regions was approved by our government to increase from .12 to .20.
Posted on 3/27/14 at 6:56 am to matthew25
given this info will anyone short citigroup or is that too obvious?
Posted on 3/27/14 at 7:56 am to bobaftt1212
quote:Yea, the April put is money
given this info will anyone short citigroup or is that too obvious?
Posted on 3/27/14 at 9:17 am to MontyFranklyn
quote:Careful.
Yea, the April put is money
With the pull back, word is Citi may be a long play. Sounds like the failed ST was an on the cusp scenario, unlike HSBC and RBS.
Posted on 3/27/14 at 9:38 am to NC_Tigah
I didn't feel like giving bitcoin a new thread so forgive me for hijacking your most excellent banking thread....
Bitcoin hit a new 30 day low price this morning. It's dropped almost 15% in the last 24 hours.
The only news I see is where Warren Buffett said stay away from bitcoin as an investment. LINK
Bitcoin hit a new 30 day low price this morning. It's dropped almost 15% in the last 24 hours.
The only news I see is where Warren Buffett said stay away from bitcoin as an investment. LINK
quote:
“Stay away. Bitcoin is a mirage. It’s a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”
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