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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: banking

banking stories: 75 news summaries

61 - 75 of 75 Stories | << Prev 1 2 3 4

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Citigroup to Bail Out Struggling $49B SIVs

Citigroup reverses course; Moody's downgrades its credit rating

Dec 14, 07 7:20 AM CST
(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... More »

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Citigroup • subprime mortgages • banking • SIV

Subprime Waves Ripple Across Europe

Crises at German and Norwegian banks underscore exposure to US collapse

Nov 29, 07 1:59 PM CST
(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... More »

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Citigroup • Europe • subprime mortgages • Norway • banking • municipal bonds • IKB Deutsche Industriebank

Same Missteps Felled 2 Wall Street Stars

Prince, O'Neal gambled they could ride out subprime storm

Nov 5, 07 12:20 PM CST
(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... More »

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Citigroup • subprime mortgages • CEO • Merrill Lynch • banking • subprime crisis

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

Subprime crisis costs bank $4 billion in writedown

Oct 30, 07 8:36 AM CDT
(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... More »

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

Shake-up Rocks I-Banking Unit After Deep Losses

Bank of America hires new unit president, announces lay-offs

Oct 25, 07 4:45 AM CDT
(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,... More »

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Wall Street • Bank of America • financial services • banking • Brian Moynihan • Keith Banks • Gene Taylor • Kenneth D. Lewis • investment banks

Bank of America Takes
32% Third-Quarter Dive

Investment division, big write downs, sink quarter

Oct 18, 07 8:25 AM CDT
(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 »

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Bank of America • subprime mortgages • third quarter earnings • banking

Bank Gives Shy Thais Condoms

Thailand bank fights aids with free hand outs

Oct 2, 07 11:10 AM CDT
(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... More »

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AIDS • Thailand • marketing • HIV • condom • banking

Citigroup Earnings Plunge 60% on Subprime Woes

Company will be latest victim of market turmoil when it reports

Oct 1, 07 10:53 AM CDT
(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... More »

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Citigroup • subprime mortgages • stocks • earnings reports • banking

Billionaire Takes Huge Stake in Bear Stearns

Josephe Lewis becomes largest shareholder with $860M buy

Sep 10, 07 3:30 PM CDT
(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... More »

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shareholders • Bear Stearns • mortgage • stock • billionaire • Joseph Lewis • banking

ECB Pumps Cash Into European Markets

Key interest rates left unchanged in effort to  reduce turmoil

Sep 6, 07 1:25 PM CDT
(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... More »

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

The Top 10 Investors

A look at the individuals who are changing the way money changes hands

Jul 18, 07 5:16 PM CDT
(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.
  1. John Bogle, founder, the Vanguard Group. Now president, Bogle Financial Markets Research Center.
  2. Warren Buffett, CEO and chairman, Berkshire
... More »

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investing • Warren Buffett • list • money • banking • investor • John Bogle • David Shaw

Italy Acquits Five in "God's Banker" Murder

Judge cites insufficient evidence in 25-year-old mafia hanging

Jun 6, 07 9:17 PM CDT
(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... More »

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fraud • London • Italy • Robert Calvi • Blackfriars Bridge • Freemason • Rome • God's banker • Vatican • Banco Ambrosiano • Mafia • banking • scandal

(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... More »

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European Union • Europe • Italy • Capitalia • UniCredit • merger • banking

Credit Cards Take a Swipe at Identity Theft

The secret agent take on fraud: passwords that self-destruct

May 2, 07 1:39 PM CDT
(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 »

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

Wal-Mart Drops Out of Bank Biz

Mar 18, 07 10:53 PM CDT
(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,... More »

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

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