4 Financial Stock Stories to Kick Off the Last August Trading Week

Citigroup Inc. (NYSE:C): Current price $50.09

For the fourth straight year, The Nilson Report has ranked Citi as the number one Corporate Card issuer in the United States. This ranking is based on 2012 transaction volume and puts Citi far ahead of its nearest rivals. Citi Commercial Cards, having issuance capabilities in more than 100 countries, and an extensive proprietary local currency network of 67 nations, has long been thought of as a pre-eminent commercial cards supplier to large and multi-national organizations both in domestic and worldwide.

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ING Group (NYSE:ING): Current price $11.63

On Monday, ING said that it will sell its South Korean life insurance unit to private-equity firm MBK Partners for roughly $1.65 billion in cash. Through the terms, ING will hold an indirect interest of around 10 percent in ING Life Korea for about 120 billion won. ING Life Korea will also continue to do business under the ING brand for as many as five years and receive tech support and advice from its Dutch stakeholder during the first year.

In Amsterdam on Monday, ING shares were down by 1.34 percent to trade at about €8.67, placing the group’s total market value at just under €33.1 billion or $44.3 billion. The stock is up over 50 percent year-over-year.

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UBS AG (NYSE:UBS): Current price $20.32

A statement on Monday by the New Jersey Bureau of Securities said that Switzerland’s number-one bank will pay $4.58 million to resolve an inquiry by regulators into whether its sales assistants were licensed in states in which they did business. UBS’s “client service associates” took orders without having obtained the needed state registrations. The bank neither admitted nor denied the allegations.

The New Jersey agency’s chief Abbe R. Tiger said that, “Over a six-year period, UBS failed to recognize a flaw in its order entry systems that allowed unregistered persons to accept customer orders.”

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Goldman Sachs Group Inc. (NYSE:GS): Current price $159.94

Subsequent to last Tuesday’s trading error, Goldman Sachs has placed four senior tech specialists on leave. It is thought that the glitch is likely to cost the company tens of millions of dollars. An inside source says that the decision to place the employees on administrative leave was made after the error. A spokesman for Goldman would not comment on internal personnel matters at the bank.

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