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Stories related to: banking

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Stories 21 - 37 of 37

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  • January 2008

    • Bank Was Warned About Rogue Trader

      Times (UK)  |  Jan 29, 08 3:19 AM CST

      Bank Was Warned About Rogue Trader

      (Newser) - The Eurex stock exchange alerted Société Générale to positions held by Jérôme Kerviel months before the bank discovered his staggering $7 billion fraud, the Independent reports. Kerviel produced fake documents to justify his actions to the bank and was motivated by a drive to impress his bosses with lucrative trades and earn a large bonus, according to the lead prosecutor in the case. More »

      Tags

      France  • fraud  • banking  • Société Générale  • Jérôme Kerviel  • bank fraud

  • December 2007

    • Banks Face Simpler, Tougher Times

      Wall Street Journal  |  Dec 26, 07 3:03 PM CST

      Banks Face Simpler, Tougher Times

      (Newser) - Investors waiting for the big banks to turn it around after 2007’s subprime debacle might be waiting a long time, the Wall Street Journal warns. The credit crunch has unraveled a complicated modern banking model that gave big firms nearly total balance sheet flexibility. “It was a different world,” said one analyst. Now, banks must “think real hard about their new business model.” More »

    • Citigroup to Bail Out Struggling $49B SIVs

      Wall Street Journal  |  Dec 14, 07 7:20 AM CST

      Citigroup to Bail Out Struggling $49B SIVs

      (Newser) - Citigroup will take over seven subprime-plagued investment funds, with $49 billion in assets, and provide emergency support if necessary, to keep them solvent, the Wall Street Journal reports. The decision yesterday to bail out its affiliated SIVs—structured-investment vehicles—is a reversal of Citi's earlier decision to keep them off its balance sheet, and it led Moody’s to downgrade Citi’s credit rating. More »

      Tags

      subprime mortgages  • Citigroup  • banking

  • November 2007

    • Subprime Waves Ripple Across Europe

      Wall Street Journal  |  Nov 29, 07 1:59 PM CST

      Subprime Waves Ripple Across Europe

      (Newser) - The ripples from the US subprime collapse continue to rock Europe as a group of German banks agreed to bail out troubled IKB Deutsche Industriebank, reeling from additional risk from US bond investments. Meanwhile, four Norwegian municipalities scrambled to recover after they they invested $156 million in now fading US municipal bonds, the Wall Street Journal reports. More »

      Tags

      subprime mortgages  • Europe  • Citigroup  • banking  • Norway  • municipal bonds

    • Same Missteps Felled 2 Wall Street Stars

      Financial Times (UK)  |  Nov 5, 07 12:20 PM CST

      Same Missteps Felled 2 Wall Street Stars

      (Newser) - With the CEOs of two financial giants making their exits within a week of each other, the Financial Times looks at the similarities in the undoing of Citigroup's Chuck Prince and Merrill Lynch's Stan O'Neal. Both struggled unsuccessfully to change corporate cultures, making enemies along the way, and both invested heavily in mortgage-related securities. Their key mistake, adds the the New York Times, was siting on them even as they tanked. More »

      Tags

      subprime mortgages  • mortgage crisis  • Citigroup  • Merrill Lynch  • banking  • CEOs

  • October 2007

    • UBS Reports $712M Q3 Loss, $4.4B in Writedowns

      Bloomberg  |  Oct 30, 07 8:36 AM CDT

      UBS Reports $712M Q3 Loss, $4.4B in Writedowns

      (Newser) - The subprime mortgage mess claimed another casualty today: Zurich-based UBS reported its first quarterly loss in nearly five years, a $712 million hit that drove down share prices as much as 1.9%, reports Bloomberg. UBS reported $4.4 billion in losses and writedowns on mortgage securities. And more writedowns may be to come in the fourth quarter, the bank warned. More »

      Tags

      US economy  • subprime mortgages  • corporate earnings  • banking  • UBS

    • Shake-up Rocks I-Banking Unit After Deep Losses

      Wall Street Journal  |  Oct 25, 07 4:45 AM CDT

      Shake-up Rocks I-Banking Unit After Deep Losses

      (Newser) - After last week’s dismal report card for its investment arm, Bank of America replaced that unit’s president and announced a slate of reforms to recharge the business. Gene Taylor abruptly retired and will be replaced by Brian Moynihan, the bank’s president of Global Wealth and Investment Management, and an architect of its FleetBoston merger, reports the Wall Street Journal . More »

    • Bank of America Takes 32% Third-Quarter Dive

      Wall Street Journal  |  Oct 18, 07 8:25 AM CDT

      Bank of America Takes 32% Third-Quarter Dive

      (Newser) - Bank of America today reported a whopping 32% drop in third-quarter net income, thanks to steep trading losses, write-downs to cover loan defaults, and larger set-asides to cover credit losses. Unlike many competitors, the nation's second-largest bank hadn’t issued loss guidance. More »

    • Bank Gives Shy Thais Condoms

      Reuters  |  Oct 2, 07 11:10 AM CDT

      Bank Gives Shy Thais Condoms

      (Newser) - Some unusual withdrawals will be taking place later this month as Thailand's Kasikorn Bank begins giving away free condoms, branded with the bank's logo, at its 600 branches.  Called "Condoms for Confidence," the campaign to combat the spread of AIDS  seeks to alleviate embarrassment felt by many in conservative Thailand. “Women who buy condoms from convenience stores always get a strange look,” a health official told Reuters. More »

      Tags

      marketing  • AIDS  • Thailand  • banking  • HIV  • condom

    • Citigroup Earnings Plunge 60% on Subprime Woes

      New York Times  |  Oct 1, 07 10:53 AM CDT

      Citigroup Earnings Plunge 60% on Subprime Woes

      (Newser) - Citigroup is the latest big-name victim of the subprime crash, the company announced today, warning of a 60% third-quarter earnings drop. Full earnings will be out Oct. 15, but it appears net income will drop to $2.2 billion from the $5.51 billion reported last year. “Our expected third-quarter results are a clear disappointment,” said CEO Charles Prince. More »

      Tags

      subprime mortgages  • Citigroup  • stocks  • earnings reports  • banking

  • September 2007

    • Billionaire Takes Huge Stake in Bear Stearns

      Reuters  |  Sep 10, 07 3:30 PM CDT

      Billionaire Takes Huge Stake in Bear Stearns

      (Newser) - Billionaire Joseph C. Lewis has bought enough stock to become the largest single shareholder in embattled investment bank Bear Stearns, Reuters reports. The reclusive British-born currency trader bought up $860.4 million in shares over the last month, nabbing a 7% stake. Putnam Investing, the second largest shareholder, owns a 6% stake. More »

      Tags

      Bear Stearns  • mortgage  • shareholders  • banking  • stock

    • ECB Pumps Cash Into European Markets

      Bloomberg  |  Sep 6, 07 1:25 PM CDT

      ECB Pumps Cash Into European Markets

      (Newser) - The European Central Bank pumped $57.7 billion of emergency cash into the markets today and left their key interest rates unchanged, in an effort to ease the cost of borrowing and calm markets made volatile by the US subprime collapse, Bloomberg reports. The ECB action followed a day in which borrowing costs reached their highest point in six years. More »

      Tags

      subprime mortgages  • banking  • market  • European markets  • European Central Bank  • ECB

  • July 2007

    • The Top 10 Investors

      BusinessWeek  |  Jul 18, 07 5:16 PM CDT

      The Top 10 Investors

      (Newser) - Not only are these investors sitting on mountains of doubloons—a sure sign of financial savvy—but they have also changed the way people think about money and investing. John Bogle, founder, the Vanguard Group. Now president, Bogle Financial Markets Research Center. Warren Buffett, CEO and chairman, Berkshire Hathaway. David Shaw, chairman, president, and CEO, D.E. Shaw & Co. Also founder, adviser, and partner in firms including IDEXX Laboratories, Black Point Partners, Stanford Systems, and Attenuon. G. Kenneth Heebner, chairman, Capital Growth Management Limited. Bill Gross, chief investment officer, Pacific Investment Management Co., which he helped found in 1971. More »

      Tags

      list  • money  • banking  • Warren Buffett  • investing  • investor

  • June 2007

    • Italy Acquits Five in "God's Banker" Murder

      Times (UK)  |  Jun 6, 07 9:17 PM CDT

      Italy Acquits Five in &quot;God's Banker&quot; Murder

      (Newser) - A judge in Rome exonerated five suspects on trial for the 1982 murder of Roberto Calvi, citing a lack of evidence. Calvi—known as "God's banker" for his closeness to the Vatican— was found hanged under Blackfriars Bridge in London in a presumed suicide. Newly discovered forensic evidence led authorities to suspect foul play and reopen the case. More »

      Tags

      London  • Italy  • scandals  • fraud  • Vatican  • banking  • Mafia  • Rome  • Freemason

  • May 2007

    • Rome Deal Creates World's 5th-Largest Bank

      Wall Street Journal  |  May 21, 07 5:23 AM CDT

      Rome Deal Creates World's 5th-Largest Bank

      (Newser) - Italian lenders UniCredit and Capitalia yesterday inked a $29.7 billion deal to create a bank with the world's fifth (and Europe's second) largest market cap. The hurried Rome merger indicates, according to the Wall Street Journal , a rush to consolidate Europe's banking sector, but also the persistent challenges to cross-border deals within the EU. More »

      Tags

      European Union  • Italy  • Europe  • merger  • banking

    • Credit Cards Take a Swipe at Identity Theft

      InformationWeek  |  May 2, 07 1:39 PM CDT

      Credit Cards Take a Swipe at Identity Theft

      (Newser) - Hello, Mission Impossible: Credit cards may soon feature tiny LCD screens that display a temporary password at the push of a button. The password, valid for only 30 seconds, is meant to deter online fraud and identity theft. More »

      Tags

      fraud  • banking  • security  • identity theft  • credit card  • VeriSign

  • March 2007

    • Wal-Mart Drops Out of Bank Biz

      Yahoo!  |  Mar 18, 07 10:53 PM CDT

      Wal-Mart Drops Out of Bank Biz

      (Newser) -  Wal-Mart has withdrawn its controversial application for a bank charter, ending a potential foray into the retail bank market. The big-box retailer’s plans to set up its own bank had drawn fire from banking and consumer groups, who feared it would stifle competition. The company, for its part, calls the protests "manufactured controversy." More »

      Tags

      Republicans  • Wal-Mart  • bank  • retail  • banking  • House Financial Services Committee

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