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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: investment banks

investment banks stories: 63 news summaries

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(Newser) - UBS, pressured by state and federal authorities, has agreed to buy back $19.4 billion in risky auction-rate securities that were widely sold as cash-like and safe, the Boston Globe reports. The market for the securities, which are a type of bond sold by non-profits, art institutions and local governments,... More »

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Citigroup • UBS • Merrill Lynch • bonds • auction-rate securities • investment banks

 Paramount Loses
 $450M Funding Deal 

The failure is part of a larger trend as liquidity dries up

Jul 15, 08 1:39 PM CDT
(Newser) - A $450-million deal with Deutsche Bank that would have financed up to 30 films for Paramount is off the table, the Financial Times  reports. Perhaps an unlikely casualty of the credit crunch, Paramount walked after a lack of enthusiasm in the market led to terms that were unattractive, persons familiar... More »

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Deutsche Bank • Transformers • Paramount Pictures • liquidity • Star Trek • movie financing • weakening economy • movie industry • investment banks

glossies

 Baffled Execs Say
 Rumor Killed
 Stearns 

They claim hedge funds, Goldman Sachs invented bad news for profit

Jul 5, 08 12:06 PM CDT
(Newser) - Bear Stearns' collapse and shotgun marriage to JP Morgan were sparked by little more than a rumor, Vanity Fair reports. True, the investment bank had stumbled—a $1.6 billion bailout of troubled funds hurt its image—but whispers of liquidity problems were false: Bear had $18 billion in cash... More »

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Federal Reserve • Bear Stearns • credit crisis • subprime crisis • investment banks • JPMorgan Chase • financial crisis

Battered Citigroup Plans
Major Layoffs

Firm will cut 10% of its investment-banking group

Jun 22, 08 7:53 PM CDT
(Newser) - After being in the red for two quarters, Citigroup will this week hand out pink slips in its investment-banking division, looking to sack 10% of the group’s 65,000 employees. The move, which would eliminate entire trading desks worldwide, is unusually severe, the Wall Street Journal says. CEO... More »

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Wall Street • Citigroup • layoffs • mergers and acquisitions • Vikram Pandit • investment banks

Earnings

 Morgan Stanley Profits Fall 57%  

Business bad all around, with declines in sales, trading, and investment banking

Jun 18, 08 8:00 AM CDT
(Newser) - Morgan Stanley profits were sliced in half this quarter, the company announced today, as stock slingers failed to offset real estate writedowns. The 57% drop, which brought earnings to $1.03 billion or $0.95 per share, was in line with analyst expectations. CEO John Mack said that thanks to... More »

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Morgan Stanley • earnings reports • bank • corporate earnings • investment banks

Shareholders Rubber-Stamp Bear Selloff

84% OK JPMorgan buyout; chairman 'sad' over firm's demise

May 29, 08 12:21 PM CDT
(Newser) - The buyout of Bear Stearns neared finality today with 84% of shareholders voting in favor of acquisition by JPMorgan Chase, the Wall Street Journal reports. Chairman James Cayne shared his feelings publicly with shareholders about the bank’s demise for the first time: "I personally apologize,” he stated,... More »

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shareholders • Bear Stearns • James Cayne • liquidity • credit crisis • investment banks • JPMorgan Chase

'Monster' Markets Brought World to Edge: German Prez

Köhler, former head of IMF, rips lust for profit, calls for tightened regulaion

May 15, 08 8:15 PM CDT
(Newser) - Germany's president, a former head of the International Monetary Fund, blasted the system of financial markets responsible for the global credit crisis as a “monster," Der Speigel reports today. Horst Köhler said the world “came close to a collapse of the global financial markets" as the... More »

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Germany • financial markets • derivatives market • credit crisis • investment banks • credit market chaos • Horst Kohler • financial crisis

Banks Face New Loan Crisis: Rebuilding Reserves

'Provisions' may turn out not to be large enough

Apr 22, 08 12:17 PM CDT
(Newser) - Within Bank of America’s disappointing first-quarter earnings was an unwelcome harbinger for the banking industry, the Wall Street Journal reports. BofA’s results were dragged down by huge additions to its loan-loss provision, an expense many other banks will also record soon. Given current credit conditions, many banks will... More »

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Bank of America • earnings reports • credit market • writedowns • investment banks • loan-loss provision

 Lehman Is Selling $3B in Shares 

Firm seeks to calm fears of another Bear Stearns disaster

Mar 31, 08 7:25 PM CDT
(Newser) - Lehman Brothers is selling $3 billion in new shares to allay fears after its stock dropped 42% this year, Bloomberg reports. "We still maintain that we don't need capital, but we've realized that perception is the dominant issue in today's markets,'' said CFO Erin Callan. Lehman fell up... More »

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stock market • Wall Street • Bear Stearns • Lehman Brothers • US economy • securities • subprime crisis • share price • weakening economy • investment banks • financial crisis

Paulson Unveils Regulatory Reforms: No Quick Fix

Focus of plan including new oversight for Fed extends beyond current woes

Mar 31, 08 9:53 AM CDT
(Newser) - The "transformative" changes Henry Paulson has in mind for the regulation of the US economy will take years to implement, the Treasury Secretary said today. The plan would greatly increase the Fed's oversight powers, regulate the insurance industry for the first time, and add federal oversight of the mortgage... More »

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Federal Reserve • Henry Paulson • insurance • economic reform • SEC • regulation • economy • investment banks

Lehman Sues to Reclaim $350M Lost in Swindle

Says 2 workers at Japanese trading firm  ran a Ponzi scheme

Mar 31, 08 8:15 AM CDT
(Newser) - Lehman Brothers is suing Japanese trading company Marubeni, seeking to recover $350 million lost in a scam apparently engineered by two of the company’s employees. The scheme involved forged documents purportedly bearing a board member’s seal and two meetings at Marubeni headquarters, including one with an impostor posing... More »

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Tokyo • Lehman Brothers • Ponzi scheme • investment banks • Marubeni Corp.

Japanese Swindle Could
Cost Lehman $250M

Forged docs from Japanese firm secured big loans

Mar 29, 08 8:44 AM CDT
(Newser) - Possible fraud involving forged documents from a Japanese trading firm may have cost Lehman Brothers $250 million, the Wall Street Journal reports. The investment bank loaned funds to a Japanese biotech firm last year; the transaction was secured by top trading company Marubeni Corp. But the biotech firm filed for... More »

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fraud • Japan • Lehman Brothers • forgeries • investment banks • Marubeni • trading firm

Paulson Wants Closer Tabs on Investment Banks

More transparency needed if they're to borrow from Fed, Treasury chief says

Mar 26, 08 2:25 PM CDT
(Newser) - Treasury Secretary Henry Paulson said today that investment banks owe the government more information about their financial condition if they are occasionally allowed to borrow money from the Federal Reserve, the New York Times reports. Paulson seemed to call for tighter regulations before calling the recent bailout of Bear Stearns... More »

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Federal Reserve • Henry Paulson • Bear Stearns • Treasury Department • investment banks • commercial banks • discount window • financial crisis

Silicon Valley's Prodigal Son Comes Home

Frank Quattrone seeks to repair his rep with new investment bank

Mar 19, 08 9:50 PM CDT
(Newser) - Silicon Valley prodigal son Frank Quattrone is staging a comeback, poised to debut his new tech-centered investment bank Qatalyst—after years recovering from federal obstruction-of-justice charges. But now that he's back, the question is whether the industry will welcome home an errant child with open arms. Probably, BusinessWeek writes—if... More »

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Silicon Valley • IPO • investment bankers • Internet startups • Netscape • tech sector • information technology • tech industry • investment banks

Auction-Rate Troubles Hit Silicon Valley Startups

Private companies hurting for cash

Mar 14, 08 10:46 AM CDT
(Newser) - A freeze in the market for a type of securities known as auction-rate securities may cause big cash-flow problems for many Silicon Valley startups. A number of private companies have large chunks of cash tied up in the securities, reports the Wall Street Journal. Now, buyers have dried up... More »

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investing • Silicon Valley • JetBlue • venture capital • securities • startup • private companies • auction-rate securities • cash flow • investment banks

In Turnabout, '07 Mess Hurt Brokers More

Complex securities backfired on insiders, not Joe Investor

Jan 2, 08 6:03 PM CST
(Newser) - Ordinary investors did fairly well in 2007, but their brokers and other big financial players lost their shirts in the subprime collapse. How did that happen? The New York Times observes that “parallel markets” have developed in recent years, with stocks and bonds available to most, and specialized, acronym-heavy... More »

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subprime mortgages • investment banks

Goldman Sachs Awards CEO $68M Bonus

Blankfein nets huge payday after bank avoids subprime tank

Dec 21, 07 8:07 PM CST
(Newser) - Goldman Sachs gave CEO Lloyd Blankfein a $67.9 million bonus for 2007, believed to be one of the largest such payouts in history, MarketWatch reports. The bonus includes $26.8 million in cash and $41.1 million in stocks. Goldman succeeded this year while rivals foundered in the subprime... More »

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Wall Street • Goldman Sachs • CEO • Morgan Stanley • bonuses • Lloyd Blankfein • investment banks

Goldman
Earnings Hit Record

Firm soars on trading, M&A, shorting subprime as others falter

Dec 18, 07 9:25 AM CST
(Newser) - Still sitting pretty above the subprime fray, Goldman Sachs trumped estimates today and reported a 2% jump in profits in the fourth quarter, breaking the annual profit record for the fourth straight year. Goldman shorted subprime mortgages, profiting from the disaster that sank competitors, and in the quarter actually boosted... More »

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Goldman Sachs • subprime mortgages • earnings reports • investment banks

Goldman Sits High and Dry in Credit Crunch

Wall Street envies
lone investment firm
that got it right

Nov 19, 07 4:48 PM CST
(Newser) - When Goldman Sachs reported $2.85 billion in third-quarter profits, it sounded like an “I told you so.” As most financials reported credit-crunch pratfalls, Goldman alone had read the signs and gone the right way on mortgages. “You’d have to give them an A-plus,” said... More »

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Goldman Sachs • subprime mortgages • credit market • investment banks

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

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