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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: banking

banking stories: 75 news summaries

41 - 60 of 75 Stories | << Prev 1 2 3 4 Next >>

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Economic Recovery to Take Months: Paulson

But banking remains 'safe and sound'

Jul 20, 08 5:42 PM CDT
(Newser) - Henry Paulson sought to reassure Americans today that US banking is "sound" despite a growing list of troubled banks, Reuters reports. He also said the economy will stay slow for months, but expressed confidence that Congress will shore up Fannie Mae and Freddie Mac before summer recess. "Congress... More »

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Henry Paulson • Freddie Mac • IndyMac • Fannie Mae • mortgage debt • banking • subprime crisis • financial crisis

Feds Battle
UBS to Give Up Tax Dodgers

Swiss bank pressed
for names of US customers

Jul 1, 08 2:43 AM CDT
(Newser) - The Justice Department is pressing UBS for the names of suspected tax dodgers with secret bank accounts in Switzerland, the New York Times reports. Federal authorities believe the Swiss bank may have helped up to 20,000 Americans stash $20 billion in offshore accounts, evading hundreds of millions in taxes.... More »

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UBS • tax evasion • Internal Revenue Service • banking • tax fraud • Swiss bank

UBS Case May Reveal Secrets of the Rich

Swiss bank considers divulging names
of 20,000 US clients

Jun 6, 08 7:40 AM CDT
(Newser) - The Swiss bank UBS built itself into a financial powerhouse on the strength of its private wealth management division, in which discreet bankers tended to the fortunes of the world's elite. But a major American tax evasion probe may lead UBS to do what was once unthinkable: divulge its secrets.... More »

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IRS • UBS • tax evasion • secrecy • banking • Swiss bank

UBS to Lay Off 8,000,
Add $11.4B to Writedowns

Swiss bank likely to announce cutbacks with earnings

May 5, 08 6:25 AM CDT
(Newser) - Swiss banking giant UBS will lay off some 10% of its 83,000 workforce and scale back its investment banking arm in an attempt to reassure shareholders that it's taking actions to curtail losses associated with the subprime debacle, reports Bloomberg. Switzerland's largest bank says it will detail a further... More »

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layoffs • shareholders • UBS • banking • writedowns • subprime crisis

 Bear Bailout Called 'Worst Mistake in a Generation'

Bear Stearns move 'worst mistake in generation,' he charges

Apr 29, 08 8:18 AM CDT
(Newser) - A former top-ranking Fed official has called the central bank's decision to bail out Bear Stearns its "worst mistake in a generation," the Wall Street Journal reports. The official, former chief of monetary policy, compares the hasty move to errors that helped trigger the Great Depression. He accused... More »

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Federal Reserve • Bear Stearns • liquidity • banking • Great Depression • monetary policy • financial crisis

Wachovia Targeted in Drug Money Laundering Probe

Feds look into bank's conection with suspect casas de cambio

Apr 26, 08 7:20 AM CDT
(Newser) - Federal prosecutors have targeted Wachovia in an investigation into the use of money-exchange houses along the Mexican border to transfer money from US sales to Latin American drug lords, the Wall Street Journal reports. The bank invested heavily in the casas de cambio despite warnings that such firms were often... More »

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Wachovia • currency exchange • money laundering • drug cartel • banking • bank regulation

Surprise Rate Hike Will Soon Rattle US Borrowers

Yardstick London interest rate jumps

Apr 19, 08 5:04 AM CDT
(Newser) - A surprise hike in a widely used interest rate is expected to soon send many US borrowers reeling, the Wall Street Journal warns. The London interbank offered rate, a yardstick for financial instruments including resettable mortgages, jumped sharply yesterday. The increase, a signal that banks are becoming more cautious about... More »

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debt • mortgage rates • interest rate • banking • British Bankers Association

updated

Citigroup Posts $5B Loss,
Will Cut 9,000K Jobs

News is worse than expected for nation's largest bank

Apr 18, 08 7:56 AM CDT
(Newser) - Citigroup reported a first-quarter loss of $5.1 billion today, posting another $14 billion in writedowns as a result of the credit crunch and loan defaults, the Wall Street Journal reports. The loss of $1.02 a share exceeded analysts' estimates and marks the second straight quarterly loss for the... More »

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Citigroup • credit market • quarterly reports • banking

Tax Day

TurboTax Tries to Avoid '07 Filing Nightmare

No error messages this time around,
Intuit promises

Apr 15, 08 9:19 AM CDT
(Newser) - It’s April 15 again, and perhaps nobody has their fingers crossed quite like Intuit software. A year ago 170,000 people rushed to file last-minute tax returns online through TurboTax… only to get an error message, delaying their filings for up to 13 hours. This year, Intuit’s done... More »

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taxes • IRS • software • banking • tax returns • TurboTax • Intuit

 IMF OKs $11B Gold Sale 

Global lender will also cut staff, change biz model

Apr 8, 08 2:40 AM CDT
(Newser) - The International Monetary Fund has approved the sale of 400 tons of gold from its massive reserves for an expected $11 billion, the Financial Times reports. The global lender also plans to slash up to 15% of its workforce to improve its finances, which have been hit by falling demand... More »

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IMF • global economy • gold • banking • gold prices

UBS Girds for Battle With  Group Led by Ex-President

Investors tell ailing Swiss banking giant its time to cut dead weight, sell businesses

Apr 4, 08 12:07 PM CDT
(Newser) - UBS, one of the banks hardest hit by the subprime collapse with $37.7 billion in writedowns, is under attack from an investor group led by one of its former presidents, reports the Wall Street Journal. The group wants the Swiss banking giant to spin off its investment bank, blaming... More »

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shareholders • UBS • banking • subprime crisis • credit market chaos • Luqman Arnold

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

Mar 21, 08 8:28 AM CDT
(Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own... More »

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Credit Suisse • UBS • investments • asset management • finance • banking • writedowns • rogue trader

Mortgage Meltdown Hits
Small Builders

Wave of bankruptcies could in turn weaken regional banks

Mar 21, 08 3:00 AM CDT
(Newser) - The housing market collapse that's sending homeowners into foreclosure is starting to hit small- and medium-size builders left with developments they're unable to sell, the Wall Street Journal reports. Buyers are canceling contracts and builders are missing mortgage payments on often highly leveraged projects. Small regional banks, in turn, could... More »

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housing market • bankruptcy • construction • foreclosure • mortgage • small businesses • homebuilders • banking • subprime crisis • residential building

 Credit Crunch
 Slows Spending 

Consumers, businesses tighten belts just as economy needs fuel

Mar 18, 08 11:10 AM CDT
(Newser) - Fewer credit card offers, tougher mortgage requirements, and a slowdown in business expansion all are likely because of the worsening credit crisis, reports the Washington Post. Banks are looking to limit exposure to high-risk customers and restore their own bottom lines. And that’s tough medicine for an economy... More »

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Federal Reserve • consumer spending • credit card • interest rate • credit crisis • banking

France Frees Rogue Trader Kerviel

He'll be under 'judicial control' during probe
of $8B SocGen loss

Mar 18, 08 8:50 AM CDT
(Newser) - Jerome Kerviel, the trader accused of an $8 billion fraud that nearly brought down Societe Generale, has been freed by a Paris court after five weeks in detention, the Guardian reports. The trader, who faces charges including breach of trust and falsifying documents, will remain free while the case is... More »

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Paris • banking • rogue trader • securities fraud • Societe Generale • Jerome Kerviel

Fed Quietly Loans Billions
to US Banks

New program opens floodgates for short-term funds

Feb 19, 08 11:10 AM CST
(Newser) - US banks, struggling with liquidity and hesitant to lend to each other in the wake of the subprime crisis, have hit up the Fed for nearly $50 billion, the Financial Times reports. The loans, issued under a 2-month-old program that, one analyst says, lets them "borrow money against all... More »

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Federal Reserve • US economy • liquidity • banking • subprime crisis • Term Auction Facility • financial crisis

Credit Suisse Cuts Profits $1B on Trader Errors

Trader 'error' prompts bank to take $2.85B writedown; shares plummet

Feb 19, 08 6:58 AM CST
(Newser) - Credit Suisse share prices plummeted 10% today after the bank announced that some traders had overvalued asset-backed securities, prompting the bank to take a $2.85 billion writedown and drop first-quarter profit projections by $1 billion, Bloomberg reports. Switzerland’s second-largest bank suspended the traders and said it would review... More »

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Credit Suisse • Qatar • corporate earnings • banking • bank fraud • financial institutions • sovereign wealth funds • Jérôme Kerviel • Société Générale • subprime crisis • bank scandal

OPINION

My Teacher's Maiden Ice Cream Flavor? Huh?

Slate scribe pans online security queries

Jan 30, 08 12:49 PM CST
(Newser) - Odds are good that your bank has, at some point, asked for your mother’s maiden name. Security questions are as ubiquitous, Slate’s Josh Levin writes, as they are absurd. Coming up with easy-to-remember, but hard-to-guess, questions is nearly impossible. Paris Hilton’s account, for example, was hacked when... More »

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identity theft • Internet security • banking • maiden name • security questions

Bank Was Warned About Rogue Trader

Prosecutor says Kerviel was after a big bonus with mammoth trades

Jan 29, 08 3:19 AM CST
(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... More »

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

Banks Face Simpler, Tougher Times

Effect of subprime crisis on bottom line shows no signs of abating

Dec 26, 07 3:03 PM CST
(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... More »

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subprime mortgages • credit crisis • mortgage backed securities • banking • balance sheets

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