big banks

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Big Banks Slashing More Jobs
 Big Banks Slashing More Jobs 
Jul 19, 2012 8:48 AM CDT

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment...

Goldman's New Gig: Actually (Gasp) Lending Money

After punishing quarter, Goldman to lend more to wealthy

(Newser) - Goldman Sachs is expanding into a new business frontier: traditional banking. Goldman is building an in-house private bank that will lend out money to rich people and corporations, the Wall Street Journal reports, with plans to jack its private loan business from $12 billion to $100 billion. Part of the...

Libor Scandal Just Bankers' Latest Hit on Reality

Today's corporations 'can't handle the truth': Peter Goodman

(Newser) - Don't be too surprised by the Libor scandal : It's only bankers' latest attempt to alter reality to their own benefit. Instead of acknowledging the troubling truth about Libor rates, Barclays opted to encourage more dangerous behavior by pretending everything was fine. The phenomenon goes beyond banking, writes Peter...

Fed Knew of Libor Scandal Years Ago

Raising the question: Why wasn't anything done?

(Newser) - The Federal Reserve Bank of New York knew something fishy was going on with the Libor rate as far back as August 2007, it has revealed. "We received occasional anecdotal reports from Barclays of problems with Libor," a spokesman said in a statement. The following spring, before any...

Jamie Dimon Should Be on Trial

 Jamie Dimon 
 Should Be 
 on Trial 
OPINION
May 14, 2012 10:48 AM CDT

Jamie Dimon Should Be on Trial

JPMorgan boss should face public questioning: Alex Pareene

(Newser) - JPMorgan lost $2 billion last week, and it's time for the bank's CEO to answer for it. Congressional questioning isn't enough: Jamie Dimon should be required, ideally on prime-time TV, "to answer questions plainly and clearly, to an unfriendly audience of non-Davos people," Alex...

Trying to Refinance? Take a Number

With fewer banks, mortgage refinancing taking forver

(Newser) - Mortgage rates have been plummeting—they were at just 4.05% last month—and that, combined with Obama administration initiatives, has a lot of homeowners clamoring to refinance. There's just one problem: A lot of homeowners are clamoring to refinance. The financial crisis left fewer banks standing in the...

Occupy Plots Global Protests Tomorrow

115 US cities plan to reignite movement

(Newser) - We haven't heard much from Occupy Wall Street in a while, so protesters are looking to make some noise tomorrow. Groups from Barcelona to London to Kuala Lumpur, as well as in 115 cities across the US, are getting ready for May 1, known as International Workers' Day. "...

Wall Street to Slash 21K Jobs
 Wall Street to Slash 21K Jobs 
Apr 30, 2012 7:51 AM CDT

Wall Street to Slash 21K Jobs

Downsizing binge will rival that of financial crisis

(Newser) - Wall Street's job creators aren't exactly living up to that billing. The market is soaring, and so are bank profits, but financial firms are preparing for a massive round of layoffs, analysts tell Fortune , estimating that the banks will cut nearly 21,000 jobs. That would be a...

Citi Shareholder Revolt Bad News for Other Big Banks

Wells Fargo, Bank of America may have reason to worry

(Newser) - Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial...

Shareholders to Citi CEO: No $15M Payday for You!

'There's good pay, and there's obscene pay'

(Newser) - Do you think Citigroup CEO Vikram Pandit deserves to make $15 million? Neither do Citi's shareholders, who yesterday voted against a proposed pay package for the company's top five executives that would have given Pandit that payday, the New York Times reports. It's one of the few...

Most Big Banks Pass Stress Test; 4 Fail

Citigroup, SunTrust among those that failed

(Newser) - The Federal Reserve released the results of its latest round of stress tests at the nation's biggest banks, and they're generally being received as good news. Fifteen of the 19 banks passed, which is what outlets such as the Wall Street Journal and Washington Post are highlighting in...

Bank of America Readying New Fees

Will likely drive off free checking customers

(Newser) - The public relations disaster that was Bank of America's plan to charge customers monthly debit card fees was apparently so much fun that bank execs can't wait to try it again: In what the Wall Street Journal calls a sign of "stresses" in the banking industry, BofA...

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

(Newser) - The $26 billion mortgage settlement announced yesterday will be a boon for some—but the terms of the deal leave many homeowners out in the cold. Recipients of loans owned by the Federal Housing Administration, for instance, won't directly benefit from the settlement; nor will those with mortgages held...

Hey, Wall Street: Shut Up About Bonuses
 Hey, Wall Street: 
 Shut Up About Bonuses 
Matt Taibbi
Feb 9, 2012 1:06 PM CST

Hey, Wall Street: Shut Up About Bonuses

Matt Taibbi says bankers are still overpaid

(Newser) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle ...

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

(Newser) - America's five biggest banks have hammered out a $26 billion settlement for their role in causing the mortgage meltdown, reports the Wall Street Journal . The deal—the biggest of its kind since 1998's $206 billion settlement with the tobacco industry—was hammered out during almost a year of...

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

(Newser) - Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting...

SEC Letting Big Banks Skirt Fraud Penalties
SEC Letting Big Banks
Skirt Fraud Penalties
NYT analysis
Feb 3, 2012 7:13 AM CST

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from...

Bankers Giving Banking a Bad Name
 Bankers Giving 
 Banking a 
 Bad Name 
Nicholas Kristof
Jan 19, 2012 1:29 PM CST

Bankers Giving Banking a Bad Name

Nicholas Kristof hopes young idealists can save American capitalism

(Newser) - Nicholas Kristof was dumbfounded when, during a recent college lecture, a student asked him if banking jobs were immoral. "I've been sympathetic to the Occupy Wall Street movement, but look, finance is not evil," he writes in the New York Times . It's an essential force, allocating...

BofA Pays $335M to Settle Claims Over Minority Loans

It's the largest fair-lending settlement in history

(Newser) - Bank of America's purchase of Countrywide in 2008 just got more expensive. BofA agreed today to pay $335 million to settle a Justice Department complaint that Countrywide discriminated against black and Hispanic home buyers. The Wall Street Journal calls it the "largest residential fair-lending settlement in history."...

Don't Expect Wall St. Reform From 2012 Field

Obama, GOP hopefuls all cozy with banks: Joel Kotkin

(Newser) - Wall Street doesn’t have much to worry about in 2012: President Obama, Newt Gingrich, and Mitt Romney all have the big banks’ backs. Obama “may call them ‘fat cat’ bankers, but he's been something of a kitten when dealing with financiers: There have been fewer prosecutions...

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