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Mar 5, 2012

Judge denies public vote on 49ers stadium funding

, March 5 (Reuters) – A judge on
Monday handed a victory to the San Francisco 49ers pro football
team and backers of a new billion-dollar stadium in Santa Clara,
California, by rejecting a bid to put the project’s complex
financing up for a vote by residents.

The ruling by Judge Peter Kirwan of Santa Clara Superior
Court clears the way for the start of construction on the
68,500-seat stadium this summer. Opponents of the project argued
the stadium’s $850 million debt financing was too risky for the
city of 119,000 and had not been approved by residents when they
gave the go-ahead for the stadium in 2010.

Mar 4, 2012

San Francisco 49ers stadium deal nears goal line

SAN FRANCISCO, March 4 (Reuters) – The San Francisco
49ers’ planned move to a new billion-dollar stadium in suburban
Santa Clara faces what could be its final hurdle on Monday when
a judge hears arguments on whether a complex financing deal
should be subject to voter approval.

Stadium opponents say an $850 million construction loan for
the 68,500-seat National Football League (NFL) facility, led by
Goldman Sachs Co, Bank of America Corp and U.S. Bancorp, is too
risky for the Silicon Valley city of 119,000.

May 19, 2011

UBS keeping US wealth unit, executives say

SAN FRANCISCO, May 19 (Reuters) UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) denied on
Thursday speculation its U.S.-based wealth management business
was for sale and the unit’s chief said he had not been
approached by rumored bidder Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz).

“I can tell you, it isn’t true,” UBS Wealth Management
Americas Chief Executive Robert McCann told Bloomberg
Television when asked whether he had been approached by Wells
Fargo. “I have not been a part of any meeting with Wells
Fargo.”

May 19, 2011

UBS keeping U.S. wealth unit, chief says: report

SAN FRANCISCO (Reuters) UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) denied on Thursday speculation its U.S.-based wealth management business was for sale and the unit’s chief said he had not been approached by rumored bidder Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz).

“I can tell you, it isn’t true,” UBS Wealth Management Americas Chief Executive Robert McCann told Bloomberg Television when asked whether he had been approached by Wells Fargo. “I have not been a part of any meeting with Wells Fargo.”

May 13, 2011

Schwab had net outflow in April

NEW YORK/SAN FRANCISCO (Reuters) – Charles Schwab Corp (SCHW.N: Quote, Profile, Research, Stock Buzz), the biggest U.S. online brokerage, said on Friday that clients withdrew a net $500,000 in April, the first down month since last June, and its stock fell nearly 2 percent on fears the company would not meet its asset-growth goals.

Schwab said customers withdrew the money to pay taxes, and that customer trading activity slowed from a year earlier. A spokesman said April is typically the slowest month for inflows because of tax payments, but the company said the net outflow was its first for the month since 2001.

May 13, 2011

Schwab says April trading slipped; shares fall

NEW YORK/SAN FRANCISCO, May 13 (Reuters) – Charles Schwab
Corp (SCHW.N: Quote, Profile, Research, Stock Buzz), the biggest U.S. online brokerage, said on
Friday that customer trading activity slowed in April, compared
with the previous year, and clients withdrew money to pay for
taxes, sending the stock down.

Schwab’s stock fell 2.6 percent to $17.50 in midday trade
on the New York Stock Exchange, the second-worst performer on
the 11-member NYSE Arca Securities Broker/Dealer Index. Shares
of Schwab had risen 5.1 percent this year before Friday’s
client activity report.

May 2, 2011

Citadel’s Griffin assails too-big-to-fail reforms

May 2 (Reuters) – Banks with close
ties to Washington would be favored under new liquidation rules
meant to avoid “the too big to fail” taxpayer rescues seen in
the recent financial crisis, Kenneth Griffin, head of giant
hedge fund Citadel LLC, warned on Monday.

“Companies connected to Washington that curry political
favor will be favored” by the new rules “at the expense of
those that do not have their business model built around
appeasing politicians,” Griffin told the 2011 Milken Institute
Global Conference in Beverly Hills, California.

Apr 29, 2011

Sales of adviser practices slip in Q1

SAN FRANCISCO (Reuters) – Advisers eager to monetize or build their practices through sales or mergers suffered a slight setback in the first quarter as fewer deals were consummated, according to a new report.

The number of registered investment advisers who sold or merged their firms fell to 23 from a record 25 in the year-earlier quarter, while the average size of acquired firms slipped 39 percent to $904 million of client assets under management from $1.5 billion for all deals done in 2010.

Apr 28, 2011

Analysis: Fed again thwarts Schwab, TD Ameritrade

SAN FRANCISCO (Reuters) – Shares of Charles Schwab Corp and TD Ameritrade Holding Corp have been bolstered by investor expectations that interest rates will rise, allowing the brokers to book millions of dollars of money-market fund fees they are now waiving.

Yesterday’s news from the Federal Reserve Board that it’s in no hurry to change its easy rate policy may be getting investors to think again.

Apr 20, 2011

Wells Fargo posts falling revenue, shares drop

SAN FRANCISCO/NEW YORK (Reuters) – Wells Fargo & Co(WFC.N: Quote, Profile, Research), the fourth-largest U.S. bank, posted a decline in revenue, and its shares fell 4.1 percent as a bank known for outsmarting rivals turned in an average performance.

Net income rose 50.5 percent, but the gains reported on Wednesday were driven mainly by setting aside less money to cover bad loans. The bank’s loan book shrank as outstanding loans to consumers declined and loans to companies did not grow enough to compensate.