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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: banking industry

banking industry stories: 106 news summaries

21 - 40 of 106 Stories | << Prev 1 2 3 4 5 6 Next >>

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 White House Plans Unified Banking Regulator

New agency would replace hodgepodge of regulators blamed for financial crisis

May 28, 09 4:49 AM CDT
(Newser) - The Obama administration is working on plans to create a single agency to do the work of the mishmash of regulators who failed to see the financial crisis coming, the Wall Street Journal reports. The new agency, which may be proposed to Congress next month, would strip powers from the... More »

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Federal Reserve • FDIC • Office of Thrift Supervision • Office of the Comptroller of the Currency • bank regulation • Obama administration • banking industry • financial crisis

New Credit Card Rules Could Trim $10B From Industry Coffers

Law dials back crucial fees, interest rates

May 22, 09 1:53 PM CDT
(Newser) - A law President Obama is expected to sign today bringing new consumer-friendly rules on credit cards could cost the industry $10 billion in revenue, the Wall Street Journal reports. The legislation, which dials back various fees and interest rates, will devastate companies that target consumers with checkered credit histories and... More »

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legislation • credit card • consumer credit • Obama administration • banking industry • President Obama • consumers • Credit Cardholder's Bill of Rights • credit card reform

(Newser) - The Obama administration intends to push for “very, very substantial change,” in the way Wall Street pays executives, Treasury Secretary Tim Geithner tells Bloomberg. “I don’t think we can go back to the way it was,” he said, arguing that the current big-bonus status quo... More »

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executive compensation • bonuses • financial sector • bank regulation • banking industry • Timothy Geithner • executive bonuses

(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 »

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Congress • House of Representatives • credit card • banking • US Congress • US Senate • Obama administration • banking industry • President Obama • credit card reform

Banks Use Worker Life Insurance to Pay Exec Bonuses

Dead employees
keep on giving

May 20, 09 4:31 AM CDT
(Newser) - Former employees of the big banks often end up handing the bosses a final reward when the workers die, the Wall Street Journal reports. The banks have taken out life insurance policies on hundreds of thousands of workers, and the tax-free death benefits are used to finance executive compensation and... More »

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executive compensation • insurance • bank • bonuses • life insurance • banking industry

ANALYSIS

Banks Lowball Taxpayers on TARP Payback

Feds hold stake after emergency loans, and could profit by waiting

May 19, 09 10:55 AM CDT
(Newser) - US banks are eager to repay their TARP money, but doing so might rob taxpayers of the upside they were originally promised, the New York Times reports. In exchange for emergency loans, the government got 10-year warrants to buy stock in the banks. If repaid, it must sell those warrants.... More »

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Treasury Department • stock options • banking industry • Troubled Asset Relief Program • TARP • Old National Bancorp

Bernanke: Risks Remain Despite Stress Tests

But Fed chief is encouraged by
bank response

May 12, 09 2:31 AM CDT
(Newser) - Big banks' response to "stress tests" has been encouraging but they will need to watch out for risks not covered by the tests, Ben Bernanke warned regulators yesterday. The Fed chief—signaling that investment giants like Goldman Sachs can expect tighter scrutiny—said banks should self-test for potentially disastrous... More »

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Ben Bernanke • Federal Reserve • bank • credit crisis • banking industry • financial crisis • TARP • stress tests

(Newser) - In the wake of reports that complaining banks cajoled the Federal Reserve into sweetening some stress test results, the Wall Street Journal looks at the hard numbers. Citigroup, for example, was originally supposed to raise $35 billion; the number eventually released was $5.5 billion. The total for Bank... More »

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Citigroup • Bank of America • Federal Reserve • Wells Fargo • Treasury Department • banking industry • TARP • stress tests

Bank Wrangling Softened Stress Test Results

Fed massaged some figures to portray banks as healthy

May 8, 09 5:40 AM CDT
(Newser) - Some major banks managed to cajole the government into using more optimistic figures in its "stress test" results, insiders tell the Washington Post.  Banks like Citigroup—eager to show they were healthy and didn't need more help from the government—were given credit for pending moves to raise... More »

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Bank of America • Wells Fargo • bank • Treasury Department • banking industry • financial crisis • TARP • stress tests

(Newser) - It's official: The stress-test results are out, and the feds say 10 of the nation's 19 biggest banks need to raise a total of $75 billion in capital to weather a future downturn, the Wall Street Journal reports. The banks, five of which are regional, are:
  • Bank of America:
... More »

MORE ABOUT:
Ben Bernanke • Bank of America • Treasury Department • banks • banking industry • Timothy Geithner • stress tests

Private Equity Players Want In on Banking

Fed resists easing restrictions on risky, cash-rich enterprises

May 6, 09 9:22 AM CDT
(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... More »

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private equity • Federal Reserve • private equity firms • JC Flowers and Co • banking • banking industry

(Newser) - Forget new drinks—Starbucks should try adding a new sector, writes John Gapper in the Financial Times: banking. It might sound ridiculous to pair cappuccinos and checking accounts, but Starbucks’ 7,000 branches outstrip Bank of America, and, in Gapper’s plan, it wouldn’t even need tellers. Starbucks could... More »

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Starbucks • Citibank • banking industry • online banking

(Newser) - Bank of America shareholders gave Ken Lewis a demotion today. Lewis will remain the bank's president and CEO, but he will lose his position as board chairman, the Wall Street Journal reports. Shareholders—angry about the bank's plummeting fortunes of late—voted to split the chairman and CEO duties. Walter... More »

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Bank of America • CEO • banking industry • chairman • Ken Lewis

(Newser) - Federal Reserve regulators are urging Bank of America and Citigroup to raise more capital, based on their preliminary stress test results, sources tell the Wall Street Journal. Sources familiar with Bank of America say the shortfall numbers in the billions. But both banks are protesting, with Bank of America... More »

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Citigroup • Bank of America • Federal Reserve • capital • banking industry • stress tests

Market Open

 Stocks Edge Higher  


Apr 24, 09 8:48 AM CDT
(Newser) - Stocks got a modest boost at the open, as better-than-expected earnings battled with stress test anxiety. The Dow rose 51 points, while the S&P and Nasdaq added 0.6% and 0.4% respectively, the Wall Street Journal reports. Ford skyrocketed 19% after reporting a mere $1.4 billion—and... More »

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stock market • NASDAQ • Dow Jones • corporate earnings • S&P 500 • banking industry • stress tests

 Banks Get Stress Test Grades 

Pandit out at Citi?

Apr 24, 09 8:40 AM CDT
(Newser) - The nation's biggest banks will start to learn how they did on the dreaded stress test today, reports the New York Times. Though the public won’t learn the results until May 4, analysts are predicting that many of the 19 banks will have to raise large amounts... More »

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Citigroup • Federal Reserve • Treasury Department • financial sector • Vikram Pandit • banks • banking industry • TARP • stress tests

Paulson Threatened
to Oust Lewis, BofA Board

Cuomo wants
federal investigation

Apr 23, 09 5:31 PM CDT
(Newser) - Bank of America wanted to pull out of its deal with a fast-sinking Merrill Lynch last year but changed course after then-Treasury chief Henry Paulson threatened to oust CEO Ken Lewis and the entire BofA board, the Wall Street Journal reports. The revelation came in a letter to members of... More »

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Bank of America • Henry Paulson • Merrill Lynch • Andrew Cuomo • banking industry • Ken Lewis

(Newser) - During the Great Depression, legend has it a group of Wall Street bankers went to Hollywood to see if it was worth investing in, only to be immediately repulsed by the brazen displays of wealth they saw there. Now that it's the bankers being pilloried for their excesses, writes Neal... More »

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Wall Street • Hollywood • financial sector • Great Depression • bank regulation • deregulation • banking industry • financial crisis

(Newser) - Bank of America’s net income in the third quarter nearly tripled last year's, hitting $4.24 billion, or 44 cents a share, the company announced today, a figure that surpassed even the loftiest analyst expectations. The drastic turnaround will likely take pressure off embattled CEO Ken Lewis, who’s... More »

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Bank of America • corporate earnings • financial sector • first quarter earnings • banking industry

Citing Too-Low Prices, Banks Won't Sell Toxic Assets 

Stress test an Obama weapon

Apr 16, 09 11:37 AM CDT
(Newser) - Banks are proving so reluctant to part with their so-called “toxic assets” that the Obama administration may have to strong-arm them into doing so, Time reports. Banks are protesting that the prices being offered—about $70 per $100 bond by the magazine’s calculations—are too low. That’s... More »

MORE ABOUT:
Goldman Sachs • Treasury Department • JPMorgan Chase • Obama administration • banking industry • financial crisis • Timothy Geithner • toxic assets • stress tests

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