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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: banking

banking stories: 75 news summaries

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MARKETS

 Eye on Banks, Stocks Sink Early 

Dow drops 30 points after bell

Feb 25, 09 8:50 AM CST
(Newser) - Stocks sank after the opening bell this morning, with traders’ eyes still on troubled banks, which face regulators’ stress tests starting today, the Wall Street Journal reports. The Dow quickly plunged 30 points; the S&P slipped 0.5% with a 2.2% drop in financials; and the Nasdaq tumbled... More »

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stock market • Dow Jones • Nasdaq • Standard and Poor • banking • financial sector • financial crisis

BofA Tricks People Into Paying the Dead's Bills 

Bank accused of shady practices in collecting cash from bereaved relatives

Feb 7, 09 7:34 AM CST
(Newser) - Bank of America has been misleading customers into believing they have to pay off the credit card bills of dead relatives, TPM reports. One customer was outraged when a bank rep tried to first trick, and then guilt-trip him into paying his dead mother's bills. A former rep for the... More »

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Bank of America • death • bank • credit card • banking • consumer debt • debt collection • banking industry

Banks Turn Phone Into New Automated Teller

Banking via mobile device grew by 2.7M users in 2008

Feb 3, 09 11:54 AM CST
(Newser) - Customers worried about pinching pennies have more ways than ever to manage their finances through mobile devices, the Wall Street Journal reports. In 2008, 3.1 million people used mobile banking services, up from 400,000 in ‘07—and that number is expected to reach 7 million this year... More »

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iPhone • BlackBerry • smartphones • banking • iPhone applications • mobile devices • financial crisis • online banking

MARKET Open

 Stocks Soar on Bank Hopes 


Jan 28, 09 8:52 AM CST
(Newser) - Stocks skyrocketed at today's open, spurred by reports that the Obama administration would likely form a “bad bank” to buy up illiquid assets. The Dow jumped 110 points, and the S&P and Nasdaq gained 1.9% and 1.8% respectively. Banking stocks led the way, with Citigroup leaping... More »

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stock market • Citigroup • Bank of America • Wells Fargo • Nasdaq • Dow • banking • S&P 500

Analysis

Wall Street Loses Sex Appeal as Big Guns Struggle


Talented people risk little by trying out
academia, government

Jan 27, 09 12:34 PM CST
(Newser) - The gravitational pull of Wall Street on the nation's best and brightest students has weakened dramatically, Andrew Ross Sorkin writes in the New York Times, as ridiculous pay packages and the thrill of risk-taking give way to layoffs and anxiety. "The whole cult and ethos of Wall Street, which... More »

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Wall Street • investment bankers • banking • John Thain • Tom Wolfe • hubris • financial crisis

 Fed Push Likely 
 Behind Citi Breakup 

Citi's brokerage sale could signal regulators' plans for 'new order' in banking industry

Jan 13, 09 3:10 AM CST
(Newser) - The expected sale of Citigroup's brokerage business could be the first step in a government-instigated plan to cut the financial behemoth down to a manageable size, analysts tell Marketwatch. Citibank's CEO said only last month that the group had the right business mix, and many believe his sudden about-face is... More »

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Citigroup • banking • Vikram Pandit • Troubled Asset Relief Program • financial crisis • Wall Street bailout

ANALYSIS

How Iceland Went From Codfish to Meltdown

Country built a huge financial bubble based on a vulnerable currency

Dec 27, 08 11:18 AM CST
(Newser) - How did a chilly nation of cod fishermen play a key role in the world's crumbling financial markets? Seeking to avoid the boom-and-bust of fish catch, Iceland started by privatizing banks in the mid-1990s. It built a colossal banking system on a puny currency and attracted international deposits with high... More »

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Iceland • credit crisis • banking • bank failure • krona • financial crisis • financial meltdown

Ireland Buys 75% of Troubled Lender in Banks Bailout

Anglo Irish goes into taxpayers' hands after scandal

Dec 22, 08 4:33 AM CST
(Newser) - Ireland became the latest nation to partially nationalize struggling banks last night, buying 75% of the deeply troubled Anglo Irish Bank and bailing out others, reports the Financial Times. The bank, whose shares had already dropped 95% from bad mortgage debts, suffered a further blow last week when its CEO ... More »

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Ireland • mortgage debt • banking • Irish economy • rescue package • recapitalization • Anglo Irish

 Youths Flee Struggling Iceland 

Ailing economy forcing mass exodus

Dec 2, 08 3:49 PM CST
(Newser) - Iceland faces its largest exodus in a century as job seekers flee the ailing nation, which is steeped in its worst financial crisis since independence. One survey estimates about half of Icelanders between 18 and 24 plan are thinking about leaving the country for Norway and other relatively strong economies.... More »

MORE ABOUT:
inflation • world economy • unemployment • Iceland • banking • weakening economy • financial crisis

AmEx Cleared to Become Commercial Bank

Credit card company can now accept deposits, access emergency Fed funds

Nov 11, 08 2:09 AM CST
(Newser) - The Fed has given credit card giant American Express the all-clear to become a bank holding company in a bid to keep the financial crisis wolves from the door, Marketwatch reports. AmEx can now accept deposits and access the Fed's emergency lending facilities. The central bank waived the normal 30-day... More »

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Federal Reserve • bank • American Express • banking • commercial banks • banking industry

OPINION

Just Like Mattress-Stuffers, Banks Hoard Bailout Cash

Recovery a long way off

Oct 21, 08 10:00 AM CDT
(Newser) - Wall Street may be cheering for the bailout, but Andrew Ross Sorkin knows what the banks are really doing with our $250 billion: “They have stuffed it under their mattresses like the rest of us,” he writes in the New York Times. Consumers will find it almost... More »

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Henry Paulson • bank • credit market • banking • bailout • financial crisis

Federal Cash Is Not Welcome at Small Banks

But US will pressure some to accept
it anyway

Oct 15, 08 1:46 PM CDT
(Newser) - The government’s plan to buy $250 billion worth of bank investments was greeted with cheers on Wall Street and in Congress, but with jeers by many bankers, the Washington Post reports. “We don't need a bailout,” said one indignant small-bank chief, “and if other banks... More »

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bank • small business • banking • bailout • financial crisis

Banking Meltdown Driving Icelanders Back to Fishing

Financial system collapse leaves nation adrift

Oct 10, 08 5:05 AM CDT
(Newser) - The collapse of its financial system has left Iceland with little left to rely on but the sea that surrounds it, writes the Wall Street Journal. With few natural resources on land, fishing was the mainstay of Icelandic life for centuries until the nation's global banking industry rapidly expanded a... More »

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fishing • Iceland • banking • Reykjavik • fishery • financial crisis

Rumors Spark Wild Run on Asian Bank

Panicked thousands rush to grab savings from Bank of East Asia

Sep 25, 08 6:24 AM CDT
(Newser) - Rumors that the Bank of East Asia was in trouble spread like wildfire through Hong Kong yesterday, causing a panicked mob to descend on the bank as thousands withdrew their life savings, the Financial Times reports. Police moved in to keep order as crowds demanded their money. BEA's tycoon chairman... More »

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China • Hong Kong • bank • banking • bank failure • financial crisis

Young Hopefuls Hit Hard by Credit Crunch

Interns give up dream
of retiring at 35 with house in Hamptons

Sep 21, 08 7:00 PM CDT
(Newser) - The sad eyes of interns watched Wall Street's precipitous drop all week. These "lackeys," who had worked all summer at investment firms, can no longer expect to  retire at 35 with houses in the Hamptons and "a closetful of Brioni suits and Hermès ties," David... More »

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Wall Street • Morgan Stanley • banking • job security • financial institutions • intern

 Bush Asks Congress 
 for $700B Bailout Fund 

President urges swift action, 'and the cleaner the better'

Sep 20, 08 12:00 PM CDT
(Newser) - The Bush administration today formally asked Congress to authorize a $700 billion fund, administered by the Treasury Department, to help troubled financial institutions unload bad debt, the Washington Post reports. The figure is $200 billion higher than legislators were led to expect yesterday, and the national debt limit would... More »

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Bush administration • Congress • Wall Street • national debt • Treasury Department • banking • bailout • financial crisis

Little Guy 'Cries a Lot' as Market Hurts All Over

Investors seek options, others dip into savings for house payments

Sep 19, 08 10:54 AM CDT
(Newser) - Wall Street’s crisis has prompted a variety of reactions in everyday lives as Americans rush to decide where to put their faith and their dollars—and try to avoid the pain, the Wall Street Journal reports. Some are pulling their money out of the markets as conditions worsen, while... More »

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Wall Street • money • banking • savings • market turmoil

ANALYSIS

 Denial Exacerbated Meltdown 

Banks, like homeowners, refused to believe how bad things really are

Sep 16, 08 1:04 PM CDT
(Newser) - The collapse of Lehman Brothers and the fire sale of Merrill Lynch are stunning developments, Joe Nocera writes in the New York Times, as is the fact Goldman Sachs and Morgan Stanley are the only big investment banks standing. But the turmoil isn’t simply the result of complex trading... More »

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Goldman Sachs • Morgan Stanley • Merrill Lynch • Lehman Brothers • mortgage debt • banking • subprime crisis • investment banks

UK Banks 'Milk Borrowers' to Pay for Credit Crunch

Banks hike mortgage payments despite interest rate cuts

Aug 23, 08 7:19 PM CDT
(Newser) - Britain's big banks are being accused of hoisting nearly £3 billion in interest payments on customers to make up for bad bank investments, the Daily Mail reports. Seeking to recoup huge losses from assets linked to subprime US mortgages, the banks have hiked mortgage rates and fees despite interest... More »

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United Kingdom • Barclays • bank • credit crisis • HSBC • Britain • banking • banking industry

 Feds Seize 2 Failed Banks

Western banks sold to Mutual of Omaha

Jul 26, 08 6:07 AM CDT
(Newser) - The housing bust and credit crunch have toppled two more banks, Reuters reports. Federal regulators have taken over First National Bank of Nevada and California's First Heritage Bank and sold them to Mutual Bank of Omaha. The undercapitalized institutions were the sixth and seventh to go under in the US... More »

MORE ABOUT:
bank • banking • FDIC • bank failure

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