Tag: Tarp

US Treasury sells stake in Citigroup

US Treasury sells stake in Citigroup

The US Treasury has disposed of its remaining stake in Citigroup - bringing a net profit to taxpayers of $12 billion (£7.6 billion). The banking giant, which was badly hit during the financial crisis, was the recipient of a $45 billion cash bailout in 2008 and 2009, with the funds coming from the Troubled Asset [...]

December 8, 2010 | 0 Comments More
JPMorgan Chase kicks off reporting season with a bang

JPMorgan Chase kicks off reporting season with a bang

Wall Street banking giant JPMorgan has kicked off the reporting season with a bang by posting fourth quarter profits of $3.28 billion (£2 billion) compared with $702 million a year ago - at the height of the financial crisis. Meanwhile, the bank reported full-year profits of $11.7 billion, or $2.26 per share, on record revenue [...]

January 15, 2010 | 0 Comments More
Obama tells US banks to increase lending to SMEs

Obama tells US banks to increase lending to SMEs

After the $700 billion (£430 billion) bailout of the banking industry, US President Barack Obama has now asked banks to do their part and increase lending to small and medium-size businesses. A meeting yesterday with executives from Goldman Sachs, JP Morgan Chase and Citigroup, among others, came a day after Mr Obama said he had [...]

December 15, 2009 | 0 Comments More
TARP funds to be used to create jobs and halve US deficit

TARP funds to be used to create jobs and halve US deficit

US President Barack Obama has suggested using leftover funds from the Troubled Asset Relief Program (TARP) to create jobs and cut the US deficit. Mr Obama told reporters that “TARP has turned out to be much cheaper than we had expected although not cheap,” and he is aiming to cut the country’s unemployment rate - [...]

December 8, 2009 | 0 Comments More
Bank of America to repay bailout

Bank of America to repay bailout

Bank of America is to repay the $45 billion (£27 billion) of US Government bailout funds. The banking giant received the funds at the height of the financial crisis after accepting the Troubled Asset Relief Program (TARP). The repayment of the loan will see the bank escape curbs on executive pay, which in turn, has [...]

December 3, 2009 | 0 Comments More
Goldman surprises analysts with strong Q2 performance

Goldman surprises analysts with strong Q2 performance

Investment bank Goldman Sachs has again exceeded analysts expectations by reporting a net profit of $3.4 billion (£2.1 billion) for the April-June period of this year. The bank, which had to be bailed out by the US Government, is currently under fire for plans to pay out staff bonuses averaging $226,000 per employee, totalling $6.65 [...]

July 14, 2009 | 0 Comments More
Ten US banks to repay $68bn into Tarp

Ten US banks to repay $68bn into Tarp

Ten US banks have been given approval to repay a combined $68 billion (£41 billion) in Government bailout money, said the US Treasury. In a sign that stability is returning to the banking sector, the banking giants will repay some of the money it was loaned in the US Government’s $700 billion Troubled Asset Relief [...]

June 9, 2009 | 0 Comments More
JP Morgan exceeds expectations by reporting $2bn profit

JP Morgan exceeds expectations by reporting $2bn profit

JP Morgan Chase have followed fellow investment bank Goldman Sachs by beating analysts’ expectations for its first quarter results. JP Morgan said profits for the first three months of 2009 were $2.1 billion (£1.41 billion), resulting in a rise of 2.6% in its share price today on Wall Street. The US bank is one of [...]

April 16, 2009 | 0 Comments More