| Bankers see potential in women-owned businesses
Stephanie Zhang had an epiphany. "I was working in the cell phone store one day when I said to myself, 'I could own this place,'" said Zhang, who now owns not one but two wireless stores as president of Best Wireless in San Francisco. Like many entrepreneurs before her, she turned to family to help make her dream a reality. In this case, she accepted $20,000 from her father. She then turned to Wells Fargo Bank for small business banking services such as a company checking account. Zhang represents an important market segment that institutions such as Wells Fargo and Wachovia Bank are heavily courting with a range of such services. .
BNY Mellon Wealth Management Appoints Bill E. Sappington Head of National Banking
The Bank of New York Mellon Corporation has named Bill E. Sappington executive vice president and head of national banking for BNY Mellon Wealth Management. He will be based in New York City and report directly to David Lamere, chief executive officer of BNY Mellon Wealth Management. .
Bank Rakyat issues first credit card
PETALING JAYA: Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) targets to secure about 200,000 subscribers within two years for its first credit card, due to be launched by the first quarter of 2008. Managing director Datuk Kamaruzaman Che Mat expressed confidence that the timing was right to venture into the credit card market and Bank Rakyat aimed to market the yet-to-be-named syariah-compliant Islamic credit card to all its eligible members, its existing 2.5 million customer base and the general public. �We are optimistic that within the next five years we would be able to secure about one million subscribers for our card. The local credit card industry had 9.53 million subscribers as at Sept 30 and the Islamic credit card market only contributes about 1% of the total credit card transactions, or RM369mil currently.
(AFX UK Focus) 2007-11-19 21:53 GMT: Stocks fall amid banking concerns
NEW YORK (AP) - Wall Street resumed its slide Monday as Wall Street absorbed a gloomy outlook for the banking sector as well as bleak news from the National Association of Homebuilders. The major stock market indexes each fell more than 1.5 percent, with the Dow Jones industrial average giving up more than 200 points. Concerns about the banking sector dominated the session. Goldman Sachs Group Inc.'s downgrade of large banks, and its estimate that Citigroup Inc. would have to write down $15 billion due to its exposure to risky debt over the next two quarters unnerved Wall Street. Other sectors suffered big hits during the session, including airlines and automakers. Housing stocks also suffered. The worry on Wall Street is that the housing market is getting so weak it will crimp consumer spending, which until now has helped keep the economy afloat.
PAUL B. FARRELL: Seventeen Reasons America Actually Needs A Recession
ARROYO GRANDE, Calif. (Dow Jones) -- Yes, America needs a recession. Bernanke and Paulson won't admit it. And investors hate them. We're all trapped in outdated 1990s wishful thinking about a "new economy" and "perpetual growth." But the truth is, not only is a recession coming, America needs a recession. So think positive: Let's focus on 17 benefits from this recession. To begin with, recession may be an understatement. Jeremy Grantham's GMO firm manages $150 billion. In his midyear report before the credit crisis hit he predicted: "In 5 years I expect that at least one major 'bank' (broadly defined) will have failed and that up to half the hedge funds and a substantial percentage of the private-equity firms in existence today will have simply ceased to exist." He was "watching a very slow motion train wreck." By October, it was accelerating: "Train hits end of track at full speed." Also back in August, The Economist took a hard look at the then emerging subprime/credit crisis: "The policy dilemma facing the Fed may not be a choice of recession or no recession.
Banks missing opportunities to better serve small business - CFIB
Despite saying it wants to increase service to small- and mid-size business, Canada's banking sector is making little progress, the latest research from CFIB shows. Banking Matters reveals dwindling satisfaction with major financial institutions, with only two improving their rating since the previous survey in 2003. "Since the late 1980s fewer and fewer small business owners have applied for bank financing," CFIB President Catherine Swift explains. Small business loan activity has remained fairly stable since 1988 while loan activity for larger businesses has increased significantly. "This trend shows the banks may be missing opportunities for growth with the small business sector that accounts for 45 per cent of the Canadian economy," Swift says. "You have to question whether banks are meeting the borrowing needs of small businesses." CFIB asked members to rank their financial institution on nine performance indicators, including lending terms, service charges, access to full-service branch, online banking and treatment by their account manager.
GMAC may sell parts of ResCap lending unit
GMAC Financial Services Corp. is exploring selling parts of its embattled Residential Capital Corp. mortgage arm, the U.S. financing company said Wednesday.
The company, formerly known as General Motors Acceptance Corp., said it had hired advisers "to investigate strategic alternatives" for ResCap, including selling parts of the real estate finance company's operations, "to improve ResCap's liquidity and to adjust its business in light of current domestic and international market conditions."
ResCap has been stung by massive losses tied to the U.S. housing and mortgage market meltdown, The Wall Street Journal reported. Weakness at ResCap led GMAC to report a $1.6 billion loss in the third quarter.
The company said the advisers' investigation had led to "no substantive binding contracts, agreements or understandings with respect to any particular institution."
At the same time, GMAC said it submitted a non-binding indication of interest to buy a non-U.S.
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