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NEWS ABOUT: banking

Another Bank Has Problem With Too-Hot Banker

Debrahlee Lorenzana in hot water with JPMorgan Chase, too

(Newser) - Too-sexy-for-Citibank Debrahlee Lorenzana is now in hot water with a second bank…but not for looking too hot at work. Lorenzana claims current employer JPMorgan Chase isn’t happy she spoke out against her last employer—who she says fired her for being too attractive . “They're circling the wagons... More »

Financial Reform: 'Punks' Take on Plutocrats

GOP argument against reform is upside-down, writes Paul Krugman

(Newser) - With financial reform on deck, Senate Republicans are busily figuring out how many "can get away with claiming that war is peace and regulating big banks is doing those big banks a favor," writes Paul Krugman in the New York Times . Alabama's Richard Shelby is portraying efforts to... More »

Banks Blitz Customers to Keep Overdraft Fees Coming

$20B in penalty fees threatened by Fed's new opt-in rule

(Newser) - Expect your mailbox to be stuffed in the coming weeks with entreaties from your bank, which desperately wants you to sign up for pricey overdraft fees it used to be able to slip into the small print. Under new Fed rules going into effect July 1, bank customers must opt-in... More »

Model Doesn't Want Banker Fired for Live-TV Ogling

'Of course I would sign' petition to save job, Miranda Kerr says

(Newser) - An Australian banker who faces firing for ogling semi-nude photos of supermodel Miranda Kerr in the background of a live TV interview is getting some big-name support: Kerr herself. “I am told there is a petition to save his job and of course I would sign it,” the... More »

Dems May Cave on Consumer Agency

Proving they serve banks, not families, says Elizabeth Warren

(Newser) - Senate Democrats are signaling that they're willing to drop the independent Consumer Financial Protection Agency to get financial reform passed, but they'll have to go through bailout watchdog Elizabeth Warren to kill it. The fight over the independent agency is a showdown between the banks' interests and those of American... More »

Russian Banks Foreclose on Pigs, Lingerie

As defaults soar, banks stuck with weird collateral

(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 »

Saudi Family Feud Rocks World Banks

Saudi economy suffers as in-laws squabble over business

(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 »

How Australia Dodged the Recession

How one country ducked the economic downturn

(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 to
... More »

Wasserstein's Death Triggers $188M Payout

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

(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 »

Vatican Plans Major Overhaul of Secretive Bank

Pope shakes up management at little-regulated Vatican bank

(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 »

US, Europe Clash on Banking Reforms

G-20 agreement on capital requirements likely to remain elusive

(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 »

Banks Hit Poorest With $38B in Overdraft Fees

(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 »

Formula 1 Execs Floored by Chief's Hitler Praise

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

(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 »

'Hot Money' Prompts Small Bank Collapses

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

(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 »

House OKs Credit Card Bill; Obama Up Next

(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 »

Lehman Weighs Spinning Off $45B in Assets

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

(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 »

Private Equity Players Want In on Banking

Fed resists easing restrictions on risky, cash-rich enterprises

(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 that... More »

Polo Horses' Owner Also Mysterious

(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 »

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

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

(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 »

Brain Drain Wallops Wall Street

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

(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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