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The Treasury Department will postpone its second round of share sales on its American International Group Inc. (NYSE:AIG) investment due to “unfavorable market conditions.” With a 77 percent stake in the insurer after the U.S. government bailout, the Department sold some shares in May to investors but it will until wait after AIG announces its earnings report on Thursday to determine the next round.
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Barclays PLC (NYSE:BCS) reported a 5 percent increase in its third quarter pretax profit of £$ 1.34 billion, exceeding a $1.24 billion forecast. Revenue declined 19 percent at Barclays Capital to £$ 2.25 billion. With its core Tier 1 capital at 11 percent, the firm said it can make enough money to meet company needs and will therefore not “raise new equity capital.”
Wells Fargo & Co. (NYSE:WFC) has listened to consumers and said it will cancel its planned $3 debit-card fee. The bank isn’t alone with this news. SunTrust Banks, Inc. (NYSE:STI) announced today the elimination of its monthly Check Card fee, beginning on Wednesday, Nov. 2. Rumors are now swirling that the fee initiative’s instigator, Bank of America (NYSE:BAC), is reconsidering its own $5 debit-card fee.
MF Global Holdings (NYSE:MF) filed Chapter 11 today and in its filing, disclosed $100 million to $500 million of assets with JP Morgan & Chase (NYSE:JPM). This places the bank as its firm’s largest creditor with $1.2 billion owed. Earlier today, reports had included a possible purchase by Interactive Brokers (IBKR); however, talks went south after the firm reviewed the numbers.
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