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SATURDAY, NOVEMBER 7, 2009
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NEWS ABOUT: banking

banking stories: 75 news summaries

1 - 20 of 75 Stories | 1 2 3 4 Next >>

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Russian Banks Foreclose
on Pigs, Lingerie

As defaults soar, banks stuck with weird collateral

Oct 26, 09 6:21 AM CDT
(Newser) - With loan defaults soaring, Russia’s banks have had to seize a lot of collateral lately—and we’re not talking about houses. By year’s end, 20% of Russian loans could be non-performing, by Moody’s estimate. In order to recoup those losses, the banks have accepted controlling stakes... More »

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Russia • bank • credit market • banking • collateral • financial crisis

Saudi Family Feud
Rocks World Banks

Saudi economy suffers as in-laws squabble over business

Oct 22, 09 8:03 AM CDT
(Newser) - A bitter dispute between two of Saudi Arabia's richest families is damaging the world banking industry, dragging down the Saudi economy, and causing deep discomfort over Ramadan party invites. The Gosaibi clan accuse their son-in-law Ma'an al Sanea of embezzling $10 billion from the family business, while Sanea says the... More »

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Saudi Arabia • embezzlement • banking • financial crisis

 How Australia Dodged 
 the Recession

How one country ducked the economic downturn

Oct 16, 09 5:42 PM CDT
(Newser) - Australia has weathered the financial crisis better than any other developed country. Last week its central bank raised interest rates, indicating its primary concern is now inflation, not growth. What were the keys? Phil Dobbie of BNET explains:
  • Befriending China: Australia used to export much of what it made
... More »

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China • international trade • real estate • Australia • globalization • United Kingdom • United States • trade • housing • recession • global economy • banking • bilateral trade • economy • what recession? • population growth

Wasserstein's Death Triggers $188M Payout

Lazard chief to go down as one of history's richest bankers

Oct 16, 09 4:17 AM CDT
(Newser) - It'll take more than just death to stop legendary Wall Street dealmaker Bruce Wasserstein making money. The Lazard chief's death on Wednesday triggered the vesting of $188 million in stock options, swelling a fortune recently estimated at $2.2 billion and cementing his status as one of the highest-paid bankers... More »

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executive compensation • investment bankers • banking • Bruce Wasserstein • Lazard

Vatican Plans Major Overhaul of Secretive Bank

Pope shakes up management at little-regulated Vatican bank

Sep 24, 09 4:43 AM CDT
(Newser) - The Vatican bank—so secretive it makes Swiss bankers seem chatty—is getting a major revamp as part of Pope Benedict XVI's campaign for transparency. Italian economist Ettori Tedeschi has been appointed the new chief executive—replacing someone who's been in the post 20 years—and the bank's supervisory board... More »

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Pope Benedict XVI • Vatican City • Vatican • Banco Santander • cardinals • banking

 US, Europe Clash 
 on Banking Reforms 

G-20 agreement on capital requirements likely to remain elusive

Sep 23, 09 4:16 AM CDT
(Newser) - The US and Europe are moving further apart on plans for post-financial crisis banking reform ahead of this week's G-20 summit, the Wall Street Journal reports. Both sides agree that banks should be required to keep more capital on hand to cushion them from crises, even at the cost of... More »

MORE ABOUT:
capital • banking • financial institutions • G20 • bank regulation • financial crisis • Timothy Geithner

(Newser) - American banks will pull in $38.5 billion in overdraft fees this year, a record sum that's largely coming from pockets of the poorest and most indebted consumers. According to the Financial Times, banks hiked fees on overdrafts and credit cards as the financial crisis took hold; this year's take... More »

MORE ABOUT:
Citigroup • Bank of America • debt • bank • credit • banking • consumer debt • JPMorgan Chase • overdraft fee

 Formula 1 
 Execs Floored 
 by Chief's 
 Hitler Praise 

Calls for boycott after Bernie Ecclestone hails Hitler for 'getting things done'

Jul 8, 09 4:24 AM CDT
(Newser) - Executives from the firm that owns Formula One are scrambling to do damage control after their racing boss praised Adolf Hitler as a man who could "get things done." When told the World Jewish Congress was calling for his resignation, billionaire Bernie Ecclestone, 78, also said it was... More »

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Jews • Adolf Hitler • CVC • racing • Formula One • Nazi • Nazism • banking • anti-Semitism • Bernie Ecclestone • World Jewish Congress

'Hot Money' Prompts Small Bank Collapses

Deposits from brokers, used to ignite growth, fueled risky loans

Jul 4, 09 5:49 AM CDT
(Newser) - A boom-time reliance on something known as "hot money" to boost growth has left many of America's small and regional banks with their fingers badly burnt, the New York Times reports. Brokers provided billions in deposits to ambitious banks seeking to grow fast, but the high interest rates needed... More »

MORE ABOUT:
bank • banking • FDIC • Office of Thrift Supervision • bank regulation

(AP) - Congress has sent President Obama a bill with sweeping new rules for the credit-card industry that will affect just about every American. The House approved the measure this afternoon, 361-64. The Senate OK'd it yesterday, 90-5. The new restrictions will protect debt-ridden consumers from many of the surprise charges common... More »

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Congress • House of Representatives • credit card • banking • US Congress • US Senate • Obama administration • banking industry • President Obama • credit card reform

 Lehman Weighs 
 Spinning Off 
 $45B in Assets 

In the most sweeping bankruptcy action yet, assets will become separate unit

May 14, 09 7:52 AM CDT
(Newser) - Bankrupt Lehman Brothers is preparing to spin off a grab-bag of assets worth $45 billion in their current state but as much as $400 billion at "nondistressed" prices, the Wall Street Journal reports. The planned sale of shares in the unit—the biggest move yet to unwind the... More »

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private equity • real estate • bankruptcy • Lehman Brothers • banking • financial crisis

Private Equity Players Want In on Banking

Fed resists easing restrictions on risky, cash-rich enterprises

May 6, 09 9:22 AM CDT
(Newser) - Even in the midst of the banking crisis, numerous entities are willing to buy the big banks, the New York Times reports. Private equity groups like J.C. Flowers & Company are itching to snap up the cash-strapped behemoths, but the Fed won’t let them. It’s worried... More »

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private equity • Federal Reserve • private equity firms • JC Flowers and Co • banking • banking industry

(Newser) - Exactly what killed 21 polo horses in Florida is not known, but details of their enigmatic owner are emerging in spades. Victor Vargas has succeeded at the tricky proposition of banking in Hugo Chavez’s Venezuela, and tried the US market—with less-than-stellar results. In 1993, he had to settle... More »

MORE ABOUT:
sports • Venezuela • horse • Hugo Chávez • banking • medication • Federal Reserve Bank of New York • polo • US Open Polo Championship • Victor Vargas

UBS Announces $1.7B More
 Losses, 8,700 Job Cuts

Bank blames US tax fraud case for some of its 1Q losses

Apr 15, 09 7:52 AM CDT
(Newser) - Bad times are continuing for UBS in the wake of last year's record loss, the Guardian reports. The troubled Swiss bank reported a $1.75 billion loss in the first quarter, and announced plans to ax 8,700 employees—11% of its global workforce—sparking rumors that it plans to... More »

MORE ABOUT:
layoffs • Switzerland • UBS • earnings reports • tax evasion • bank • banking • tax haven

 Brain Drain Wallops Wall Street 

It's not just the firings: others are leaving for safer jobs

Apr 12, 09 3:16 PM CDT
(Newser) - The financial crisis is reshaping not just the landscape of Wall Street, but its face as well, reports the New York Times in a look at the hemorrhaging of the Street's top talent. Layoffs aside, finance's best and brightest—arguably the same daring risk-takers responsible for the recession—are seizing... More »

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Wall Street • Citigroup • Bank of America • Goldman Sachs • Morgan Stanley • Merrill Lynch • banking • banking industry • financial crisis

ANALYSIS

Thatcher's 'Big Bang'
Free-for-All Led to Bust

Pioneers of British '80s deregulation dismayed at unforeseen 'side effects'

Mar 31, 09 6:55 AM CDT
(Newser) - The British regulatory reforms that changed the face of the financial industry in the '80s allowed banks to become bloated giants, two architects of the so-called "Big Bang" changes tell the Wall Street Journal. The deregulation let London's financial sector flourish, the men say, but also allowed banks to... More »

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London • financial services • banking • G20 • bank regulation • deregulation • financial crisis

Some Banks Want to Bail
on Bailout

Critics charge growing list of conditions will damage industry

Mar 11, 09 2:20 AM CDT
(Newser) - A growing number of banks are seeking to return or avoid government bailout funds because of the lengthening list of conditions attached to the money, the New York Times reports. Critics say the terms—including modification of mortgages and caps on executive pay—smack of economic engineering. Bankers are especially... More »

MORE ABOUT:
bank • credit crisis • banking • bailout • financial crisis • Wall Street bailout • TARP

(Newser) - Senate Banking Chairman Chris Dodd has introduced a bill to allow the FDIC to borrow up to $500 billion from the Treasury Department, the Wall Street Journal reports. It’s the latest attempt to bolster the fund that insures consumer deposits, which has been ravaged by a string of... More »

MORE ABOUT:
Ben Bernanke • Chris Dodd • banking • FDIC • banking industry

Debt Collectors Fleece Relatives of the Dead

Getting bereaved to pay up one of the healthiest parts of industry

Mar 4, 09 11:26 AM CST
(Newser) - Bankruptcy and defaults are all the rage these days, but one group is being targeted to pay up: the dead. Entire debt collection agencies have cropped up that specialize in calling bereaved relatives and convincing them to pay the deceased’s debts, even though they have no legal obligation to... More »

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death • credit card • banking • consumer debt • debt collection • banking industry

 Battered Merrill's 
 Top 10 Pocketed $209M 

Compensation for top execs higher than in '07, despite firm's massive losses

Mar 4, 09 4:55 AM CST
(Newser) - Merrill Lynch's top 10 earners raked in more than $200 million last year as their company lost $27.6 billion, a Wall Street Journal investigation finds. Eleven execs were each paid at least $10 million in cash and shares, which have now dived in value. A further 149 execs made... More »

MORE ABOUT:
executive compensation • Bank of America • Merrill Lynch • bonuses • banking

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