Financials
· GS – the co’s customers remain loyal despite all the recent headlines – per Sorkin in NYT – “there’s an inconvenient truth that’s been largely ignored: Most of Goldman’s big customers are not bolting” NYT http://www.nytimes.com/2010/06/15/business/15sorkin.html?dbk
· COF – credit card master trust #s out this morning – NCOs fall from 9.68% to 9.48%; delinquencies also improve from 5.07% to 4.8%.
· SocGen targeting ’12 net profit of EU6B (double its target for ’10); says no planning capital raise; SocGen said second-quarter trading was strong so far for its French retail network but mixed for the equities division at its investment bank because of volatile market conditions. "We confirm our annual guidance...The second quarter is not over," Reuters
· CINF - as of June 10, 2010, it estimates incurred second-quarter pre-tax catastrophe losses from severe weather at approximately $65 million for its property casualty insurance operations through The Cincinnati Insurance Companies.
· MMC - S&P Revises Marsh & McLennan Outlook To Neg; “The magnitude of the settlement exceeded our expectations and, in our opinion, raises concerns regarding any potential adverse impact on Mercer's reputation and competitive position”
· CIBC to acquire $2.1 billion Canadian MasterCard portfolio from Citigroup
· STD is sole final bidder for the 318 UK branches being sold by RBS; STD prob. going to enter into exclusive takeover talks in the next few days (DJ – this was out Mon).
· DB – plans on naming Anshu Jain as sole head of the IB – Bloomberg
· ABK – this hit during trading on Mon – the co’s chairman says at its shareholder meeting that it has alternatives to bankruptcy – Bloomberg
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