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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: investment banks

investment banks stories: 63 news summaries

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masters of the universe

 Goldman's 
 Blankfein 
 Is 'Doing 
 God's Work' 

A look behind the scenes at the omnipresent bank

Nov 8, 09 2:34 PM CST
(Newser) - Lloyd Blankfein likes to say he's "attained perfection," a plausible-sounding assertion now that Goldman Sachs has repaid its TARP funds and is dishing out mammoth bonuses. "I don’t want to put a cap on their ambition," the CEO says of his employees. "It’s... More »

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Wall Street • Goldman Sachs • Lloyd Blankfein • bailout • investment banks • Wall Street bailout • bank-holding company • TARP

Mack Steps Down as Morgan Stanley CEO

Ends tumultuous 4 years, including bank's near collapse

Sep 11, 09 5:52 AM CDT
(Newser) - John Mack is stepping down after 4 years as CEO of Morgan Stanley, the bank that nearly succumbed at the height of the financial crisis. Morgan Stanley has seen its reputation suffer in recent years after ill-advised moves into real-estate-backed assets that cost the bank billions, raising questions about Mack's... More »

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CEO • Morgan Stanley • John Mack • investment banks • financial crisis • James Gorman

Goldman CEO: Populist Rage 'Appropriate'...

... For money-losing banks, not Blankfein's, which hiked pay 33%

Sep 10, 09 1:53 AM CDT
(Newser) - The CEO of Goldman Sachs joined the debate over executive compensation yesterday, telling a conference in Frankfurt that public anger was "understandable and appropriate" for money-losing institutions who hand out fat bonuses. But, notes the Wall Street Journal, Lloyd Blankfein stopped short of criticizing his own firm, and... More »

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executive compensation • Goldman Sachs • bonuses • Lloyd Blankfein • investment banks • executive bonuses

Bankrupt Lehman Stock Booms in Long-Shot Trading

Bankrupt company jumps sixfold in 'lottery ticket' deals

Sep 7, 09 7:36 AM CDT
(Newser) - Here's a stock tip for you: Lehman Brothers. No, really—the busted financial giant, which had been trading at less than 5 cents a share, peaked at 32 cents last week, with volume hitting 100 million shares in late August after sitting at virtually zero most of the year. The... More »

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bankruptcy • stock • Lehman Brothers • investment banks • financial crisis

Goldman Analyst Bullish
on Stocks' Recovery

Cohen predicts S&P to gain 10% by Jan 2010

Aug 6, 09 5:22 PM CDT
(Newser) - A top Goldman Sachs forecaster predicts the recovery in stocks that began in March should hold, Reuters reports. The S&P 500 could rise as much as 10% from its current level to top 1,050-1,100, says Abby Joseph Cohen, the chief of Goldman’s investment policy committee. "... More »

MORE ABOUT:
Goldman Sachs • recession • recovery • S&P 500 • investment banks • analyst • recession depression • forecaster

EARNINGS REPORT

JPMorgan Profit Jumps 36%, Defying Expectations


Jul 16, 09 7:00 AM CDT
(Newser) - JPMorgan Chase, the largest bank to repay TARP money, posted second-quarter earnings of $2.7 billion—smashing analysts' predictions with a 36% increase in profit. The bank became America's second-largest after hoovering up Bear Stearns and Washington Mutual, and like Goldman Sachs it has used a boom in investment banking... More »

MORE ABOUT:
Wall Street • profits • earnings reports • second quarter earnings • quarterly profits • investment banks • JPMorgan Chase • TARP

OPINION

Be Very Afraid: Goldman Sachs Is Smiling

High-risk model hasn't changed, could lead to new crisis, says Reich

Jul 15, 09 7:41 AM CDT
(Newser) - Goldman Sachs is back in the black, with trading and stock underwriting revenues at an all-time high—and that should scare you, former Clinton cabinet member Robert Reich writes in Salon. While Goldman's earnings may signal that the current crisis is abating, the bank hasn't modified high-risk strategies that forced... More »

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Wall Street • Goldman Sachs • Robert Reich • FDIC • bailout • risky trading • investment banks • banks • financial crisis • TARP

 Goldman Readies 
 Record Bonuses 

Recession doesn't curb bank's bounty

Jun 22, 09 8:07 AM CDT
(Newser) - A wildly successful first half is pointing to the best year ever for Goldman Sachs, and that means record staff bonuses in the midst of the recession, the Guardian reports. Revenues have soared at the bank, which now has little competition; it promised in April that half of its nearly... More »

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Wall Street • Goldman Sachs • recession • bank • bonuses • investment banks

Top Subprime Lenders Owned by Bailout Banks

Analysis of gov't data reveals sources of the economic meltdown

May 6, 09 9:28 AM CDT
(Newser) - Some 21 of the top 25 subprime lenders that triggered the global economic collapse were either owned or financed by banks that ended up needing bailouts, an analysis by the Center for Public Integrity finds. Among the backers, who make huge profits on the subprime business, were Lehman Brothers, Merrill... More »

MORE ABOUT:
Citigroup • subprime mortgages • Wells Fargo • AIG • mortgage loans • GMAC • investment banks • JPMorgan Chase • subprime lender • banks • financial crisis • TARP

(Newser) - Banks who have taken TARP funds from the government are getting creative about the immigration restrictions that come with the bailout, the Wall Street Journal reports. Financial institutions relying on government assistance cannot hire foreign workers unless they prove that they have exhausted the supply of native talent. So... More »

MORE ABOUT:
Goldman Sachs • foreign labor • Citibank • employment recruiting • investment banks • JPMorgan Chase • Wall Street bailout • TARP • overseas

$1.8B Goldman Sachs Profit Shocks Wall St.

Bank plans $5B stock offering to start
repaying TARP loan

Apr 13, 09 5:12 PM CDT
(Newser) - Goldman Sachs shocked analysts today by announcing a $1.81 billion profit for the first quarter of 2009, the Wall Street Journal reports. “Given the difficult market conditions, we are pleased,” CEO Lloyd Blankfein said. Goldman also announced plans for a $5 billion stock offering that would help... More »

MORE ABOUT:
Goldman Sachs • quarterly profits • stock offering • investment banks • first quarter earnings • TARP

 UBS Shocks With 
 Record $17B Loss 

Swiss banking giant posts worst loss in nation's history

Feb 10, 09 6:38 AM CST
(Newser) - UBS today announced an annual loss of $17 billion—the biggest ever by a Swiss company—despite a government bailout and a surprise tax benefit in the fourth quarter. The loss was higher than expected, but the once-mighty corporation reiterated that it would not sell off its investment banking arm,... More »

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Switzerland • UBS • earnings reports • losses • investment banks • Swiss bank • financial crisis

Goldman Loses Top Spot in
M&A Rankings

JP Morgan uses financing advantage
to end 7-year reign

Dec 27, 08 3:05 PM CST
(Newser) - Ascendant JP Morgan Chase has knocked Goldman Sachs out of first place in the race for mergers and acquisitions, the Wall Street Journal reports. Dealogic, a merger data provider, says Goldman advised some 295 deals totaling $755.6 billion last year, as compared to JP Morgan’s 350 deals... More »

MORE ABOUT:
Goldman Sachs • mergers and acquisitions • investment banks • JPMorgan Chase

 Wall Street Execs 
 Still Fly Private Jets 

Costly travel rationalized as time saver

Dec 22, 08 5:47 AM CST
(Newser) - Six ailing Wall Street firms that eagerly took bailout funds still spend thousands to operate fleets of private jets that whisk their executives to company—and personal—events, AP reports. AIG, which scooped up $150 billion from the government, beats its peers with a seven-jet fleet. Fuel alone for a... More »

MORE ABOUT:
Wall Street • executive compensation • air travel • luxury travel • private jet • investment banks • corporate execs • banks • financial crisis • Wall Street bailout

OPINION

Spitzer: Banks Are Too Big,
Let Them Fail

Instead, back smaller entities, ex-gov says
in first Slate column

Dec 4, 08 11:02 AM CST
(Newser) - The government has doled out trillions in rescue funds, but “so far, we are simply rebuilding the same edifice that just collapsed,” writes newly-minted Slate columnist Eliot Spitzer. For years we’ve concentrated capital, creating gigantic “financial supermarkets” that attempted to provide every service for their customers.... More »

MORE ABOUT:
Wall Street • Eliot Spitzer • bailout • investment banks • consolidation • financial crisis

OPINION

 Thrift Helped 
 Get Us Into 
 This Mess 

"Wealth effect" is playing out in reverse

Nov 25, 08 10:09 AM CST
(Newser) - Three factors are playing into the financial crisis, and it's time to recognize the culprit that accompanies the burst housing bubble and banking meltdown, Robert J. Samuelson writes in the Washington Post. The wealth effect—"the tendency of people to adjust their spending as their wealth changes"—... More »

MORE ABOUT:
Wall Street • consumer spending • housing bubble • economy • investment banks • financial crisis • wealth effect

 Financial Industry 
 May Shed 350K Jobs 

So far, 170,000 positions have been cut worldwide

Nov 21, 08 10:23 AM CST
(Newser) - Job cuts in the financial services sector could hit 350,000 worldwide by the middle of 2009, double the number so far, Bloomberg reports. "This is the financial equivalent of World War II," says the CEO of a major headhunting firm. If he's right, by summer, the industry... More »

MORE ABOUT:
Citigroup • Lehman Brothers • job cuts • financial sector • investment banks • JPMorgan Chase

Citi to Lay Off 10,000,
Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

Nov 14, 08 7:13 AM CST
(Newser) - Citigroup, seeking profitability after suffering net losses of $20 billion over the past year, is laying off at least 10,000 employees worldwide and raising rates on some credit card holders, the Wall Street Journal reports. Officials were told to trim employee compensation budgets by 25%, allowing managers to minimize... More »

MORE ABOUT:
Citigroup • credit card • credit crisis • job cuts • Vikram Pandit • investment banks • credit card accounts • financial crisis

OPINION

Better Than a Bailout:
Boost FDIC Coverage to $1M

Higher deposit insurance would bring money in, help thaw credit markets

Oct 1, 08 10:17 AM CDT
(Newser) - Congress should stop fighting over the Paulson bailout, writes BusinessWeek economist Michael Mandel, and approve an expansion of FDIC deposit insurance to $1 million. It should also triple deposit insurance reserves to $145 billion. It would solve the immediate problem, calming the hysteria in the market, and attract funds to... More »

MORE ABOUT:
Henry Paulson • FDIC • investment banks • commercial banks • banking industry • financial crisis • Sheila Bair

ANALYSIS

Execs Were Paid $3B to Lay Credit Crisis Foundation

Wall Street chieftains were well rewarded for risks they took in 2003-07

Sep 26, 08 5:45 PM CDT
(Newser) - More than $3 billion was paid to the chief executives of the five biggest financial firms on Wall Street in the run-up to the credit crisis, Bloomberg reports. While supervising bad mortgage-related credit bets that eventually brought the financial system to its knees, Merrill Lynch’s Stanley O’Neal took... More »

MORE ABOUT:
executive compensation • Goldman Sachs • CEO • Henry Paulson • Bear Stearns • Merrill Lynch • James Cayne • credit crisis • Stanley O'Neal • compensation • investment banks • JPMorgan Chase • financial crisis

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