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Keyword: banking

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  • No clean bill of health for EU banks in stress test

    07/30/2016 10:54:11 AM PDT · by Olog-hai · 8 replies
    Reuters ^ | Fri Jul 29, 2016 6:03pm EDT | Huw Jones and Andrew MacAskill
    Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region’s banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc’s economy. Eight years since the collapse of Lehman Brothers sparked a global banking meltdown, many of Europe’s banks are still saddled with billions of euros in poorly performing loans, crimping their ability to lend and putting off investors. “While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority — that Europe’s banks are...
  • Man Finds $32,000 CD, But Bank Won't Cash It

    07/27/2016 9:33:25 PM PDT · by nickcarraway · 65 replies
    NBC Bay Area ^ | 7/27/16 | Chrs Chmura, Christine Roher, Joe Rojas and Carrie McParland
    Craig Haskell says his grandmother saved everything. So, even though she died in 1998, he just recently found something of hers in a safe deposit box: a certificate of deposit from 1997. "I just took it out and I looked at it and said, 'Oh my god. That’s $32,000,'" he explained. The paper reads $32,308.97, to be exact, with Haskell's name on it. But when he tried to cash the CD, Wells Fargo denied him. "She’s gone now; I have the death certificate to prove it," Haskell said. "My name’s on the check. And Wells Fargo can’t tell me what...
  • Tim Kaine Calls To Deregulate Banks As He Campaigns To Be Clinton's VP

    07/24/2016 6:58:21 AM PDT · by Zakeet · 16 replies
    Huffington Post ^ | July 20, 2016 | Zach Carter
    Sen. Tim Kaine (D-Va.) is on Hillary Clinton’s short list of potential vice presidential nominees. He’s also actively pushing bank deregulation this week as he campaigns for the job. Kaine signed two letters on Monday urging federal regulators to go easy on banks ― one to help big banks dodge risk management rules, and another to help small banks avoid consumer protection standards. Presumptive Democratic presidential nominee Hillary Clinton's ... pick is widely viewed in Washington as a sign of her governing intentions.
  • Hillary Clinton's Top VP Pick Lets Big Banks Know He's in Their Corner

    07/22/2016 5:54:23 AM PDT · by HomerBohn · 13 replies
    Leg Room ^ | 7/22/2016 | Dierdre Fulton
    (Sen. Tim Kaine is reportedly Bill Clinton's favorite for the VP slot. (Photo: US Department of Education/flickr/cc) Sounding another alarm for progressives wary of the Democratic establishment's support for Wall Street, the man said to be leading the pack of potential Hillary Clinton running mates—Virginia Sen. Tim Kaine—has just this week sent a clear message to big banks: He's in their corner. Kaine, who is reportedly Bill Clinton's favorite for the vice presidential slot, signed onto two letters on Monday pushing for financial deregulation—letters that show the Clinton camp "how Kaine could be an asset with banking interests on...
  • GOP Whiffs On Bank Reform, Big Time

    07/22/2016 4:07:28 AM PDT · by expat_panama · 70 replies
    Investors Business Daily ^ | July 21, 2016 | Editorial
    Financial Crisis: The Republican platform put forward in Cleveland is a lively and conservative document, full of great ideas to make America great again. But one thing stands out as a truly bad idea: reviving the partly-repealed Glass-Steagall Act. "We support reinstating the Glass-Steagall Act, which prohibits commercial banks from engaging in high risk activities," says the platform document. What? It was one of the Democrats' big talking points during the 2007-2008 financial crisis and after that a major cause of the panic was due to Bill Clinton in 1999 foolishly going along with the Republicans to get rid of...
  • 120 Years Ago Today: BANKS GIVE UP GOLD - Pledge to Contribute $15 Million to the Treasury

    07/21/2016 12:32:31 PM PDT · by NRx · 13 replies
    Library of Congress ^ | 07-21-2016 | New York Tribune
    A (mostly) daily posting for those interested in history and the day to day news, politics and culture of a bygone world. The full edition of the New York Tribune from Tuesday July 21, 1896 (digitized). Some other headlines from today's paper... VENEZUELA MAKES RELY: An Elaborate Brief Filed with the Boundary Commission| THREATS OF LYNCHING: A Brooklyn Prisoner Kept in Police Station for Protection| LOUD THREATS OF BOLTING - WAR CLOUDS OVER ST. LOUIS: Populists Divided Over Bryan Into Hostile Camps
  • In surprise, GOP looks to revive Depression-era banking law (Glass-Steagall)

    07/20/2016 4:23:23 PM PDT · by Olog-hai · 59 replies
    Associated Press ^ | Jul 20, 2016 3:59 PM EDT | Ken Sweet
    The Republican Party has taken a page straight out of the campaign books of Bernie Sanders and Elizabeth Warren. What? No, we’re not kidding. In the party’s 2016 platform, the GOP advocates for reinstating the Glass-Steagall Act, a Depression-era law that regulated the U.S. banking industry until it was repealed in 1999. Bringing the law back would lead to the breakup of major U.S. banks like JPMorgan Chase in order to separate investment banking from commercial banking. …
  • G.O.P. Joins Democrats Urging Glass-Steagall’s Revival. (Don’t Hold Your Breath.)

    07/20/2016 4:20:02 AM PDT · by expat_panama · 53 replies
    New York Times ^ | JULY 19, 2016 | JEFF SOMMER
    Attacking big banks is as American as apple pie. But it’s a new entry on this year’s Republican menu. In a convention surprise, the Republicans inserted a plank in the party platform calling for the restoration of a Depression-era law, the Glass-Steagall Act, that separated commercial and investment banking. The law was repealed in 1999 during the Clinton administration, with bipartisan support, at the behest of the big banks, which said they needed to combine their investment and commercial functions in order to compete on the global stage. It didn’t turn out so well, of course... ...What the Republican Party...
  • Comey / Clonton HSBC Money (vanity)

    07/12/2016 10:18:01 AM PDT · by TigerClaws · 17 replies
    Comey was an HSBC board member. HSBC funneled $81 million to Clinton Foundation http://www.hsbc.com/news-and-insight/2013/former-us-deputy-attorney-general-joins-hsbc-board https://www.theguardian.com/us-news/2015/feb/10/hillary-clinton-foundation-donors-hsbc-swiss-bank Close the donation page and read the hence links. https://www.clintonfoundation.org/search/node/HSBC Should Comey have recused himself?
  • FBI Director Comey is a board member of Clinton Foundation connected bank HSBC.

    07/12/2016 11:09:43 AM PDT · by blueyon · 132 replies
    InvestmentWatch.com ^ | 7/12/16 | IWB
    It seems that our beloved FBI Director is or until very recently was a director and board member of HSBC, which is tightly connected to the Clinton Foundation. Check out some of these links:
  • Citibank: We’re Nearing A Bull Market For Oil

    07/12/2016 10:01:52 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 12-07-2016 | Citi
    Citigroup is “especially bullish” on commodities in 2017, the bank says. “The oil market is treading water for now, but the oil price overshot to the downside earlier this year and this is clearly setting the stage for a bullish end to the decade,” Citi analysts, led by Ed Morse, wrote in a research note published on July 11. There is a quite a bit of volatility in commodity markets, especially for oil, but global demand continues to grow at a steady pace. Prices have crashed on oversupply, but with oil production going offline, particularly in the U.S., the markets...
  • Surprise! Most Corrupt Bankster in U.S. Endorses Hillary Clinton

    06/27/2016 9:23:00 AM PDT · by all the best · 16 replies
    LewRockwell.com ^ | June 27, 2016 | Thomas DiLorenzo
    It’s hard to imagine a better endorsement of Donald Trump’s economic policies – whatever they may be, whenever he finds the time to explain them – than the recent endorsement of Hillary Clinton by former Goldman Sachs CEO and U.S. Treasury Secretary Hank Paulson. As the man in charge of the biggest explosion of corporate welfare in world history – the “TARP” bailouts, he defined himself as a sworn enemy of capitalism and a socialist when it comes to the capital markets. Socializing billions of dollars in investment bank, insurance company, and automobile industry losses with taxpayer dollars qualifies Paulson...
  • Pound Plummets To New Lows; British Banks Halted After Crashing

    06/27/2016 4:22:34 AM PDT · by Helicondelta · 43 replies
    zerohedge.com ^ | June 27, 2016
    After a modestly stronger open, which saw sterling rebound to just under 1.35, the British currency has taken another sharp leg lower in recent trading tumbling another 3%, to a low of 1.3224 - taking out Friday's post-vote lows when the currency plunged over 8% - and dropping to fresh 31 year lows, as it remains under heavy selling pressure as of this moment.
  • HSBC, Standard Chartered Fall on Early Results of UK Vote

    06/24/2016 4:10:40 AM PDT · by Cronos · 2 replies
    NewsMax ^ | 24 June 2016 | NewsMax
    London-based banks HSBC Holdings Plc and Standard Chartered Plc tumbled in Hong Kong after early results from Britain’s European Union referendum indicated greater support for an exit than academics had forecast. HSBC, which made about a third of its 2015 revenue in Europe, fell as much as 3.1 percent and Standard Chartered as much as 3.7 percent. Financial institutions including JPMorgan Chase & Co., HSBC and Deutsche Bank AG warned ahead of Britain’s vote that they could shift some operations from London if the U.K. left the EU. HSBC would probably move about 1,000 investment bankers to Paris in the...
  • Nation's largest banks all pass Fed's 'stress tests'

    06/23/2016 10:48:30 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 23, 2016 5:36 PM EDT | Ken Sweet
    The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central bank’s annual “stress tests” show that the 33 largest financial institutions — including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo — all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...
  • Wells Fargo: Proudly Plunging Toward Bankruptcy

    06/23/2016 4:55:05 AM PDT · by Kaslin · 84 replies
    Townhall.com ^ | June 23, 2016 | Mike Adams
    Market watch recently reported that Wells Fargo stock has plunged into its greatest losing streak in nearly nine years. This comes as little surprise given the fact that the company has experienced a takeover at the hands of radical leftists. Leftists may be experts in certain things like organic gardening, herbal healing, and folk music. But they are not known for their expertise in economics and personal finance. In case you have missed Wells Fargo’s recent radical political shift, here are some of the highlights:-GOP Convention Boycott. It is pretty difficult to imagine a bank boycotting a major political party...
  • Germany sets conditions for EU banking union

    06/18/2016 3:44:56 AM PDT · by Olog-hai · 4 replies
    TheLocal.de ^ | 18 Jun 2016 08:12 GMT+02:00
    Germany on Friday set its conditions to deepen banking union in the European Union, demanding that risks be reduced at Europe’s banks before deposits could be guaranteed EU-wide. Many EU governments such as France and Italy see a deposit guarantee across Europe as the next logical step to avoid the problems that brought on the euro debt crisis and the financial collapse of 2009. At talks in Luxembourg, the EU’s 28 finance ministers agreed for the first time to an EU roadmap towards a deposit guarantee scheme across Europe. …
  • Bank Of America Set To Fire 8,000 As Banker Layoffs Accelerate

    06/15/2016 11:02:03 AM PDT · by dennisw · 19 replies
    zerohedge ^ | Jun 15, 2016 | Tyler Durden
    A few months ago we pointed out that mass layoffs were coming for bankers due to declining revenues and more difficult market conditions, and now we're seeing the first major wave of that come to fruition. Bank of America has announced that it will fire as many as 8,000 employees within its consumer division the FT reports.The core reason given for the headcount reduction in this instance is that digital banking is picking up the pace, and has reduced the need for "back office staff" and bank tellers. This is a trend that BofA highlighted in its In its Q1...
  • Investment scam shocks muslims in Chicago (phony "Sharia compliant" firm)

    09/27/2008 12:00:31 PM PDT · by FocusNexus · 17 replies · 1,103+ views
    The Economic Times ^ | Sept. 27, 2008 | News
    Both Indian and Pakistani community of Chicago and its suburbs are in a state of unrest and shock due to an unbelievable investment scam worth millions-of- dollars targeting the community and sudden disappearance of Sunrise Equities's CEO Salman Ibrahim. State regulators are considering criminal charges against a developer named Ibrahim, who fraudulently persuaded hundreds of muslims to invest in real estate deals. Some gave Ibrahim their life savings or mortgaged their homes before he disappeared in August. Investors say they may loose more than USD 50 million. Salman Ibrahim, CEO and President of the Chicago-based Shariah compliant financial services firm,...
  • European Banks Fleeing German Banks Like Rats From A Sinking Ship

    06/13/2016 1:27:31 PM PDT · by Lorianne · 4 replies
    Contra Corner ^ | 10 June 2016 | Lee Adler
    Smaller banks often deposit funds in bigger banks. The level of banks’ deposits at other banks is a reflection of their confidence in the system as a whole. The ECB measures and is kind enough to share with us the level of bank deposits in other banks in Europe, breaking the data down by country and the Eurozone as a whole. Banks have been pulling their money out of other banks in Europe like rats deserting a sinking ship since 2012. Even the advent of QE in 2014 only slowed the stampede. European banks are still gettin’ out of Dodge....
  • Why are so many bankers committing suicide?

    06/12/2016 9:03:39 AM PDT · by GraceG · 16 replies
    Three bankers in New York, London and Siena, Italy, died within 17 months of each other in 2013-14 in what authorities deemed a series of unrelated suicides. But in each case, the victim had a connection to a burgeoning global banking scandal, leaving more questions than answers as to the circumstances surrounding their deaths.
  • NC gun dealer wins duel with bank that cited federal reg to drop him

    06/09/2016 4:43:25 PM PDT · by jazusamo · 8 replies
    Fox News ^ | June 9, 2016 | Malis Zimmerman
    A North Carolina gun seller won a duel with his local bank, after the lender denied his web-based business its services, erroneously citing a controversial banking regulation, he told FoxNews.com Thursday. For months, Luke Lichterman had tried to get his Hometrust Bank branch to process purchases, but officials told him a 2013 Department of Justice regulation dubbed “Operation Choke Point” barred them from serving a “risky” business, he said. "When I asked the bank representative what other businesses are considered 'risky,' the first word out of his mouth was 'pornography,’” Lichterman, who is 75 and disabled from a serious car...
  • Power of Gupta family in South Africa has people fearing ‘state capture’

    05/29/2016 12:03:33 PM PDT · by ameribbean expat · 7 replies
    Despite the denials, South Africa’s banks have had enough. In recent weeks, all four of the biggest banks have severed their links to the Guptas, closing the bank accounts of the Gupta holding company, Oakbay Investments. The Guptas were furious. In newspaper advertisements, they said the banks were jeopardizing the livelihoods of 7,500 of Oakbay’s “employees and dependents.” The Zuma government swiftly responded by delegating three cabinet ministers to meet with the banks to settle the matter. It was an extraordinary state intervention in a private business dispute. And, critics said, it was further proof of the remarkable power of...
  • Barclaycard Visa application but never applied/Vanity

    05/28/2016 8:59:15 AM PDT · by 4yearlurker · 72 replies
    Dave Widing
    I recieved a complete your application form in the mail today for a Barclaycard Visa credit card. Never heard of them and never applied. They want a original utility bill with address to verify my address. The letter has no phone number,no Internet site,and no street address.Just a P.O. box in Delaware. Anybody ever hear of this company or had dealings with them?
  • North Korea Linked to Digital Attacks on Global Banks

    05/26/2016 6:45:16 PM PDT · by Innovative · 8 replies
    NY Times ^ | May 26, 2016 | NICOLE PERLROTH and MICHAEL CORKERY
    Security researchers have tied the recent spate of digital breaches on Asian banks to North Korea, in what they say appears to be the first known case of a nation using digital attacks for financial gain. In three recent attacks on banks, researchers working for the digital security firm Symantec said, the thieves deployed a rare piece of code that had been seen in only two previous cases: the hacking attack at Sony Pictures in December 2014 and attacks on banks and media companies in South Korea in 2013. Government officials in the United States and South Korea have blamed...
  • Japan ATM scam using fraudulent cards nets $12.7m

    05/23/2016 5:43:12 PM PDT · by dynachrome · 5 replies
    BBC ^ | 5-23-16 | BBC
    Cash worth 1.4bn yen ($13m; Ł8.8m) has been taken from cash machines in Japan using credit cards created with data stolen from a South African bank. The money was withdrawn in less than three hours from 1,400 convenience store cash machines across Japan, the Kyodo news agency reports. The withdrawals targeted 7-Eleven cash machines, which unlike most in Japan accept foreign cards. South Africa's Standard Bank estimated its total losses at $19.25m.
  • Banker Plunges to His Death After Eating Magic Mushrooms

    05/23/2016 2:14:33 PM PDT · by nickcarraway · 38 replies
    New York Post ^ | May 23, 2016 | Tina Moore
    A Merrill Lynch analyst ate a handful of magic mushrooms in his Manhattan apartment Sunday morning — and then plunged to his death out of his 26th-floor window, police sources said. Alex Lagowitz, 23, was found dead on a third-floor, outdoor patio around 10 a.m. — directly below his bedroom window at Windsor Court on East 31st Street and Lexington Avenue in Murray Hill, the sources said.
  • Banker plunges to his death after eating magic mushrooms

    05/23/2016 12:27:11 PM PDT · by Oldeconomybuyer · 86 replies
    New York Post ^ | May 23, 2016 | by Tina Moore
    A Merrill Lynch analyst ate a handful of magic mushrooms in his Manhattan apartment Sunday morning - and then plunged to his death out of his 26th floor window. Alex Lagowitz, 23, was found dead on a third floor, outdoor patio around 10 a.m. - directly below his bedroom window at Windsor Court on East 31st Street and Lexington Avenue in Murray Hill. It’s still unclear if he purposely jumped or lost his balance and fell out of the window.
  • Central Bank Dump Of US Debt Deepens

    05/20/2016 6:42:09 PM PDT · by Lorianne · 25 replies
    Contra Corner ^ | 18 May 2016 | Patrick Gillespie
    Central banks are dumping America’s debt at a record pace. China, Russia and Brazil sold off U.S. Treasury bonds as they tried to soften the blow of the global economic slowdown. They each sold off at least $1 billion in U.S. Treasury bonds in March. In all, central banks sold a net $17 billion. Sales had hit a record $57 billion in January. So far this year, the global bank debt dump has reached $123 billion. It’s the fastest pace for a U.S. debt selloff by global central banks since at least 1978, according to Treasury Department data published Monday...
  • Five banks sued in U.S. for rigging $9 trillion agency bond market

    05/20/2016 5:49:11 PM PDT · by Lorianne · 5 replies
    Reuters ^ | 18 May 2016 | Jonathan Stempel
    Five major banks and four traders were sued on Wednesday in a private U.S. lawsuit claiming they conspired to rig prices worldwide in a more than $9 trillion market for bonds issued by government-linked organizations and agencies. Bank of America Corp (BAC.N), Credit Agricole SA (CAGR.PA), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE) and Nomura Holdings Inc (8604.T) were accused of secretly agreeing to widen the "bid-ask" spreads they quoted customers of supranational, sub-sovereign and agency (SSA) bonds. The lawsuit filed in Manhattan federal court by the Boston Retirement System said the collusion dates to at least 2005,...
  • Libya's Central Bank Has $184 Million In Gold In Its Vault... It Just Doesn't Know The Combination

    05/15/2016 9:34:26 PM PDT · by chopperman · 20 replies
    BEYDA, Libya—Underneath a bank in this eastern coastal city, a vault holds a trove of gold and silver coins worth $184 million. It belongs to the central bank, which could use the money to alleviate a crippling cash shortage. The pile, however, presents some problems. The coins are locked away with a five-number code that central bankers in this part of the country don’t have. A rival government in Tripoli, which has effective control over the bank system, won’t hand over the digits and has expressed concern the money could fund armed militias opposed to its rule. To make things...
  • 'Harry Potter' star Emma Watson named in latest Panama Papers leak

    05/11/2016 8:06:28 AM PDT · by C19fan · 30 replies
    Fox News ^ | May 11, 2016 | Staff
    What would Hermione Granger say? Actress Emma Watson has been named in the so-called "Panama Papers" as having used a company based in a Caribbean tax haven to handle her money, it was revealed Tuesday. The 26-year-old, who is taking a break from acting to work as a United Nations goodwill ambassador and women's rights campaigner, is a shareholder in one of approximately 200,000 offshore corporations whose information was published online Monday by the International Consortium of Investigative Journalists (ICIJ).
  • ANZ, Westpac hit by hundreds of Chinese home loan frauds

    05/09/2016 11:11:27 AM PDT · by ameribbean expat · 10 replies
    AFR ^ | 05.09.2016 | Christopher Joye
    ANZ Banking Group and Westpac Banking Corp have discovered they have each approved "hundreds" of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers.
  • Paul Ryan sold shares on same day as private briefing of banking crisis

    05/09/2016 6:14:50 PM PDT · by Sybeck1 · 49 replies
    The Guardian ^ | 8/13/2012 | Dominic Rushe
    Paul Ryan, Mitt Romney's vice-presidential running mate, sold stock in US banks on the same day he attended a confidential meeting where top level officials disclosed the sector was heading for a deep crisis. The congressman on Monday denied profiting from information gleaned from the meeting on 18 September 2008 when Federal Reserve chairman Ben Bernanke, then treasury secretary Hank Paulson and others outlined their fears for the banking sector.
  • Exclusive: SWIFT warns customers of multiple cyber fraud cases

    04/26/2016 6:10:48 AM PDT · by Oldeconomybuyer · 3 replies
    Reuters ^ | April 26, 2016 | By Jim Finkle
    SWIFT, the global financial network that banks use to transfer billions of dollars every day, warned its customers on Monday that it was aware of "a number of recent cyber incidents" where attackers had sent fraudulent messages over its system. The disclosure came as law enforcement authorities in Bangladesh and elsewhere investigated the February cyber theft of $81 million from the Bangladesh central bank account at the New York Federal Reserve Bank. SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a cooperative owned by 3,000 financial institutions.
  • U.S. Government Is Now a Major Counterparty to Wall Street Derivatives

    04/24/2016 7:43:59 PM PDT · by Lorianne · 19 replies
    Wall Street on Parade ^ | 21 April 2016 | Pam Martens and Russ Martens
    According to a study released by the Federal Reserve Bank of New York in March of last year, U.S. taxpayers have already injected $187.5 billion into Fannie Mae and Freddie Mac, two companies that prior to the 2008 financial crash traded on the New York Stock Exchange, had shareholders and their own Board of Directors while also receiving an implicit taxpayer guarantee on their debt. The U.S. government put the pair into conservatorship on September 6, 2008. The public has been led to believe that the $187.5 billion bailout of the pair was the full extent of the taxpayers’ tab....
  • Mobs of Angry Investors Fight Market Rigging, Maul Deutsche Bank

    04/20/2016 1:18:11 PM PDT · by Lorianne · 5 replies
    Wolf Street ^ | 20 April 2016 | Clint Siegner
    Prior to last week, Deutsche Bank made headlines for a string of huge losses and massive exposure to risky derivatives. The last time the firm’s shares traded at prices this low, the world was in the midst of 2008’s financial apocalypse. Deutsche Bank didn’t need more bad news, but a group of investors who brought suit against the massive German bank for cheating them by rigging the London “fix” price for gold and silver certainly must be smiling. Last week, the bank offered to settle their class action suit for an undisclosed amount. Perhaps more importantly, DB promises to provide...
  • Morgan Stanley begins layoffs in credit division

    04/19/2016 2:58:32 PM PDT · by SeekAndFind · 4 replies
    Yahoo Finance Via Reuters ^ | 04/19/2016 | Olivia Oran and Richard Leong
    Morgan Stanley this week cut staff covering short-term credit and regional broker-dealers, after a quarter in which the bank posted a 42 percent drop in bond trading, several sources told Reuters. The sources blamed the shakeup at the No. 6 U.S. bank by assets on tougher capital rules, mounting competition from faster and cheaper trading on electronic systems and expectations that the Federal Reserve will raise U.S. interest rates next week for the first time in nearly a decade. The decision to downsize followed one of Morgan Stanley's slowest quarters for bond trading since the global credit crunch. The bank...
  • Wells Far Gone

    04/19/2016 6:17:47 AM PDT · by Kaslin · 77 replies
    Townhall.com ^ | April 19, 2016 | Mike Adams
    Dear Wells Fargo Customer Service: Recently, a friend sent me a picture of your 54-story Charlotte headquarters lit up with the colors of the transgendered pride flag. I attempted to contact you privately to register my strong objection to your company’s decision to take the wrong side in the nation’s raging cultural war. Unfortunately, your website was not sufficiently inclusive. It only allowed me 1,000 characters of space to leave a comment. It’s going to take a lot more than that so I decided to make this issue the subject of my weekly opinion column. This isn’t my first negative...
  • Deutsche Bank cancels US growth plans over LGBT laws

    04/12/2016 12:11:14 PM PDT · by Olog-hai · 60 replies
    TheLocal.de ^ | 12 Apr 2016 16:13 GMT+02:00 | (AFP)
    Deutsche Bank, Germany’s biggest lender, on Tuesday added its voice to a growing protest by major companies against legislation recently passed in some US states targeting gay and transgender people. The bank said in a statement that it would “freeze plans to create 250 new jobs at its Cary, North Carolina, location” by the end of 2017. The decision was “due to state-wide legislation enacted in North Carolina on March 23 that invalidated existing protections of the rights of lesbian, gay, bisexual and transgender fellow citizens in some municipalities and prevents municipalities from adopting such protections in the future,” the...
  • Miserable Year for Banks: Stocks Suffer as Rates Stay Low

    04/12/2016 7:31:46 AM PDT · by Lorianne · 5 replies
    Wall Street Journal ^ | 10 April 2016 | Aaron Kuriloff, Riva Gold
    Financial shares are down sharply in 2016 even as broader markets have recovered; central-bank policies squeeze interest margins --- Bank stocks are having a terrible 2016, as central-bank policies, which for years lifted asset prices, are hurting the financial sector. The impact of economic stimulus efforts on lenders will get a fresh airing this week, as big U.S. banks begin reporting their earnings for the first quarter. Trading revenue is expected to have taken a hit, but the more enduring problem will be visible in the lenders’ net interest margins, the basic measure of bank profitability that gets flattened by...
  • Austria Just Announced A 54% Haircut Of Senior Creditors In First "Bail In" Under New European Rules

    04/10/2016 10:43:07 AM PDT · by Former Proud Canadian · 13 replies
    Zerohedge ^ | April 10, 2016 | Tyler Durden
    --snip-- This was the first official proposed "Bail-In" of creditors, one that took place before similar ad hoc balance sheet restructuring would take place in Greece and Portugal in the coming months. Or rather, it wasn't a fully executed "Bail-In" for the reason that creditors fought it tooth and nail. And then today, following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior...
  • Panama Law Firm’s Leaked Files Detail Offshore Accounts Tied to World Leaders

    04/04/2016 9:45:35 AM PDT · by Lorianne · 21 replies
    New York Times ^ | 03 March 2016 | Mmichael S. Schmidt, Steven Lee Myers
    A group of news media outlets published articles on Sunday based on what they said were 11.5 million leaked documents from a Panama law firm that helped some of the world’s wealthiest people — including politicians, athletes and business moguls — establish offshore bank accounts. The German newspaper Süddeutsche Zeitung said its reporters had obtained the documents from a confidential source. The newspaper then shared the files with other media organizations, like The Guardian and the International Consortium of Investigative Journalists. In an article, the investigative journalism organization said the documents revealed the offshore accounts of 140 politicians and public...
  • Bank of America Merrill Lynch is firing traders worldwide

    03/08/2016 8:43:30 AM PST · by SeekAndFind · 20 replies
    Business Insider ^ | 03/08/2016 | Matt Turner
    Bank of America Merrill Lynch is cutting jobs in its global banking and markets business on Tuesday. The job cuts have already taken place in Asia, and they are working their way across time zones to Europe and now the US, according to people familiar with the matter. Arnaud Droitcourt, head of equity trading in Asia Pacific, and Robert Grillo, head of fixed income e-sales, are among those to have left, according to Bloomberg. A spokesman for Bank of America declined to comment. Business Insider reported last month that the bank had asked senior executives some weeks ago to draw...
  • TD Waterhouse... Brokerage is broken.

    02/29/2016 12:25:40 PM PST · by jerod · 15 replies
    They must be having severe tech issues.... Can't even access my account.
  • Helicopter drops might not be far away

    02/24/2016 6:57:30 PM PST · by Citizen Zed · 10 replies
    FT.com ^ | 2-23-2016 | Martin Wolf
    <p>The austerity obsession, even when borrowing costs are so low, is lunatic.</p> <p>If the fiscal authorities are unwilling to behave so sensibly -- and the signs, alas, are that they are not -- central banks are the only players. They could be given the power to send money, ideally in electronic form, to every adult citizen. Would this add to demand? Absolutely. Under existing monetary arrangements, it would also generate a permanent rise in the reserves of commercial banks at the central bank. The easy way to contain any long-term monetary effects would be to raise reserve requirements. These could then become a desirable feature of our unstable banking systems.</p>
  • J.P. Morgan’s exposure to oil, gas debt has Wall Street jittery

    02/24/2016 6:09:07 PM PST · by Lorianne · 4 replies
    Market Watch ^ | 23 February 2016 | Mark DeCambre
    J.P. Morgan Chase CEO Jamie Dimon is focused on building a so-called fortress balance sheet at his behemoth bank. To that end, he said the bank JPM, +0.04% has added around $500 million to its reserves against loans losses in the oil-and-gas sector in the first quarter of 2016. The move comes as crude-oil prices have fallen about 12% so far this year and have plunged 34% over the past 12 months, putting the finances of energy companies under pressure. Offering details about its balance sheet at an event for investors in New York on Tuesday, the sprawling bank said...
  • Big banks brace for oil loans to implode

    02/24/2016 6:13:37 PM PST · by Lorianne · 17 replies
    CNN ^ | 18 February 2016 | Matt Egan
    Big banks are cringing as crude oil is crumbling. Firms on Wall Street helped bankroll America's energy boom, financing very expensive drilling projects that ended up flooding the world with oil. Now that the oil glut has caused prices to crash below $30 a barrel, turmoil is rippling through the energy industry and souring many of those loans. Dozens of oil companies have gone bankrupt and the ones that haven't are feeling enough financial stress to slash spending and cut tens of thousands of jobs. Three of America's biggest banks warned last week that oil prices will continue to create...
  • The World's Biggest Banks May Very Well Grow Even Larger

    02/23/2016 7:11:16 PM PST · by Tolerance Sucks Rocks · 14 replies
    Fortune ^ | February 23, 2016 | Eleanor Bloxham
    Ever since the financial crisis, many outside the wealthy elite (sometimes referred to as populists) have argued that the largest banks are too big and too risky. Minneapolis Federal Reserve president Neel Kashkari recently echoed those beliefs.Yet if a new Federal Reserve proposal goes through, Wells Fargo and other large banks might get even bigger and riskier, adding billions to their balance sheets that could increase the banks’ risk profiles.The Federal Reserve says the proposal, which specifies the amount and kind of debt that systemically important large banks must hold, could help make sure that those banks can be wound...
  • Chinese banks freeze N.Korean accounts- S.Korean media report

    02/21/2016 10:35:13 PM PST · by TigerClaws · 13 replies
    SEOUL, Feb 22 (Reuters) - Chinese banks including a branch of China's biggest bank Industrial and Commercial Bank of China (ICBC) have frozen accounts belonging to North Koreans, a South Korean newspaper reported on Monday. Citing phone conversations with an unnamed employee of ICBC's office in the northeastern Chinese border city of Dandong, the Dong-A Ilbo reported that since late December it had suspended all deposits and transfers of foreign currencies in and out of accounts with North Korean names. "(The bank) had never told me why it was taking such measures, but it seems that they are related with...