Deutsche Bank Profit Falls (WSJ)
reported a fourth-quarter net-profit drop of 54% to €601 million ($829.6 million), confirming preliminary figures given earlier this week when the bank said earnings would be below market expectations because of integration costs. The bank said it was still on track to meet its 2011 pretax profit target. The fourth-quarter profit compares to a €1.3 billion net profit a year earlier, when Deutsche Bank benefited from a one-time tax gain of €790 million. Analysts had expected €804 million in net profit for the latest quarter. Net revenue for the fourth quarter was €7.4 billion, up 35% from €5.5 billion a year earlier. Provisions for bad loans dropped 28% to €406 million.
Corzine Builds MF Global In Goldman's Image (WSJ)
MF Global also plans to announce the hiring of a new trading chief, Munir Javeri, and chief risk officer, Michael Stockman, to help build up the company's trading acumen. Mr. Corzine, who spent years on Goldman's mighty bond-trading desk, is pushing MF Global to take the sort of measured yet profitable risks with its own capital for which Goldman is traditionally known. Mr. Corzine has told people close to him that he isn't trying to clone Goldman. Instead, he wants to use MF Global's traditional strength in commodities and natural resources as a base to form a diversified, midsize investment bank.
AIG chief says bailed-out firm does better in 'red' states (WaPo)
"All of the states where we're a leader, where we're the No. 1 insurer, are red states. All of the states where we're at the bottom are blue states," Benmosche said Tuesday at a conference in Washington. "Part of what we found out is that our model is about culture and it's about the attitude in the public. And what we find is where there's more of a tendency for people to be more liberal, more that the government is responsible for what happens to me."
Kinder Morgan Proposes Largest IPO Since 2001 (Bloomberg)
Kinder Morgan Inc., the pipeline company taken private in 2007, is proposing to sell shares for as much as $29 in what would be the largest initial public offering in the oil and natural-gas sector in almost 10 years.
States Widen Currency Trade Probes (WSJ)
The states are looking into whether certain banks charged state pension funds the most expensive foreign-exchange price during the day when a trade took place, rather than the rate the bank paid—and when currencies were sold, paid them the lowest price for the day.
Ticketless Super Bowl Fans Lavish Attention on Cowboys Stadium (Bloomberg)
Thousands of fans and tourists are paying $40 apiece this week to explore the site where the game will be played, a 60 percent increase over the standard $25 tour price. About 1,400 people a day are taking the 90-minute excursions, which are sold out. Tour-goers get to test the view from seats in a luxury, glass-enclosed skybox above the 50-yard line where Cowboys owner Jerry Jones sits to watch the games. Then the groups descend to field level for a look at the locker rooms, and stop by one of the bars where the players pass through on their way to the sidelines.
Girl Finds Adult Message On Kids' Candy (KCRA)
A 12-year-old girl says she found a naughty adult message on a piece of kids Valentine's Day candy. "I thought it was kinda shocking," said Ciara Bush, "I was reading them and I brought it to my mom after I saw it." Her parents were stunned at what they saw. "Nice T---," said her father Derrick Deanda, reading the message printed on the small piece of candy that referred to a woman's chest. He said he was shocked when his daughter discovered the naughty message after she opened the bag of candy.
Investors Wait For 'Fog To Clear' On Egypt (WSJ)
"At this stage, we do not expect Gulf bond markets to face significant adverse effects from Egypt turmoil, although a continuation of the political deadlock could prompt some issuers to postpone their plans," Banque Saudi Fransi's Sfakianakis said.
Blackstone's Quarterly Profit Jumps (Dealbook)
The company that its fourth-quarter profit rose 56 percent to $512.7 million, as the investment giant reported big improvements in its real estate business. For the full year, Blackstone more than doubled its profits to $1.4 billion, as revenues jumped to $3.1 billion.