Barclays Chair Wants Fewer Bankers, Capstead Debunks Buyback: Financial Business Recap
Banco Santander (NYSE:SAN) reports that it has covered 90 percent of the government of Spain’s requirements, as it set aside reserves of €1.14 billion for bad loans.
The incoming Barclays (NYSE:BCS) Chairman, David Walker, intends to overhaul the company’s board and replace the majority of its non-executive directors while he endeavors to repair its damaged image subsequent to the Libor scandal, according to The Financial Times. Walker believes that the board should be more representative of the “real economy” and wants additional non-bankers, although a number of observers contend that it needs to reinforce its banking expertise.
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CME Group (NASDAQ:CME) Chief Executive Terry Duffy comments on his earnings call that, “This year was setting up for a disaster in volumes from day one,” as he blames the trading volume decline on ZIRP and a slow economy instead of regulatory problems. Separately, CME will start the reimbursement of $2 million to the former clients such as ranchers, farmers, and co-ops of Peregrine Financial after that company was looted by its founder. The cash will be from a $100 million fund established following the collapse of MF Global.
Shares of Capstead Mortgage Corporation (NYSE:CMO) lose Wednesday’s post-earnings gain as its management debunks, via its earnings call, any notion of a buyback. Chief Executive Andrew Jacobs remarked that there exist more lucrative methods for the company to deploy its capital.
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