big banks

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5 Big Banks Get Failing Grades on 'Living Wills'

They need to retool emergency plans quickly

(Newser) - Federal regulators say five of the biggest banks in the US haven't worked out strong plans for how they might reshape themselves in case of failure, which could leave them unable to survive without another taxpayer bailout, reports the AP . JPMorgan Chase, Bank of America, Wells Fargo, Bank of... More »

JPMorgan Sinking $100M in Detroit Renewal

Effort aims to improve housing, offer job training

(Newser) - JPMorgan is moving to help a bankrupt city get back on its feet. The bank is putting $100 million, divided between loans and grants, toward Detroit's revitalization, the New York Times reports. The money is intended to help the city with an array of projects, including housing improvements, the... More »

BofA Just Showed How Easy It Is to Lose $4B

Is bank too big to keep track of its assets?

(Newser) - Bank of America canceled a planned share buyback program today, after realizing that it had made a tiny little accounting error—and by "tiny little," we mean "$4 billion." "The market's reaction, with about $10 billion of BofA's market value wiped out, was... More »

Bank's 'Spy Novel' Tactics Hid US Tax Dodgers' Billions

And Justice Dept. did little to respond, per Senate report on Credit Suisse

(Newser) - Swiss bank Credit Suisse helped thousands of Americans keep as much as $12 billion in assets tucked away from the eyes of the IRS, a Senate report out yesterday alleges—and the bank used some unconventional techniques in the process, including once hiding bank statements in a copy of Sports ... More »

China Regulator Asked JPMorgan for Hiring 'Favor'

Bank gave job to official's family friend

(Newser) - With JPMorgan Chase facing scrutiny over its hiring in China, the New York Times is raising questions about a worker who is a family friend of a Chinese insurance regulator. In June 2012, when JPMorgan was looking for work with Chinese insurance firms, CEO Jamie Dimon met with the regulator,... More »

JPMorgan Is Being Punished for Not Being Evil Enough

Probe into firm's China hires is ironic, Matt Levine argues

(Newser) - A trove of emails have emerged in JPMorgan Chase's China corruption scandal , and they reveal a deep irony about the case: Essentially, "JPMorgan's mistake was not hiring Chinese princelings fast enough," argues Matt Levine at Bloomberg . The emails reveal that JPMorgan initially had a program preventing... More »

Biggest Threat to Hillary 2016: Elizabeth Warren

Her populist approach aligns with growing Democratic movement: Noam Scheiber

(Newser) - Expect a Democratic divide in 2016: There will be the party "elites," who, though they back stimulus and big unemployment benefits, see a giant financial sector as integral to the economy. The "majority of Democratic voters," on the other hand, have grown more populist and want... More »

JPMorgan Will Pay $920M in London Whale Fines

Company will admit wrongdoing

(Newser) - JPMorgan Chase & Co. will pay $920 million and admit wrongdoing in a settlement with US and British regulators over the $6 billion "London Whale" trading loss last year that tarnished the bank's reputation. The UK's Financial Conduct Authority fined the company $220 million, while the British... More »

Banks Reel In Execs' 200% Bonus Limit to ... 150%

PNC, Capital One among 7 major banks taking action

(Newser) - Fearing too much risk-taking, the Federal Reserve has been calling on banks to cut down on the bonuses execs can get for blowing past their financial targets—and some top banks are following through. PNC, Capital One, Discover, and four other major financial firms are doing just that, the Wall ... More »

Banks' Bad Behavior Costing Them Big: $100B

Fallout from Libor scandal could push legal tab even higher

(Newser) - Big banks are paying dearly for their recent bad behavior: to the tune of $100 billion and counting, reports the Wall Street Journal . The top four US banks alone have paid $61.3 billion in financial crisis- and mortgage-related settlements over the past three years, and analysts don't expect... More »

Ex-JPMorgan Exec: Loss Wasn't My Fault

Senators question Ina Drew, Douglas Braunstein

(Newser) - Two former high-ranking executives at JPMorgan Chase faced tough questions from senators today about why the bank played down risks and hid losses from regulators when it was losing billions of dollars. Douglas Braunstein, the former chief financial officer, and Ina Drew, the former chief investment officer overseeing trading strategy,... More »

Senate Hits JPMorgan Execs on $6B Loss

'London Whale' resurfaces

(Newser) - A Senate subcommittee is taking JPMorgan to task over billions in losses tied to the so-called " London Whale ." The report, by the Senate Permanent Subcommittee on Investigations, is likely to slam executives over a failure to adequately alert regulators and investors as the bank made big bets. Executives... More »

Feds to Banks: Double-Check Your Foreclosures for Errors

Independent review not working, so comptrollers go straight to banks

(Newser) - In the quest to right wrongful foreclosures, government regulators are turning to the last people on Earth one might expect—the unscrupulous lenders who did the foreclosing in the first place. An attempt to distribute billions of dollars in aid by independent consultants was shut down after it was found... More »

Barclays Slashing 3.7K Jobs

Bank plans major overhaul

(Newser) - Barclays is set to cut some 3,700 jobs amid an operations overhaul, it announced today. Coming out of a strategic review, the company is looking to cut costs by some $2.7 billion, the BBC reports. Nearly half the job cuts will occur at Barclays' investment bank, mostly in... More »

RBS to Pay $612M in Latest Libor Fines

Time to fix banking culture: chairman

(Newser) - Royal Bank of Scotland is the latest bank to owe big following the Libor rate-fixing scandal . The British institution has been fined a total of $612 million to US and British regulators: some $325 million to the US Commodity Futures Trading Commission, $150 million to the Justice Department, and the... More »

Mystery Exodus: $114B Withdrawn From Banks in Jan.

Fed data shows post-9/11 record

(Newser) - The country's biggest banks have seen $114 billion leave their coffers this month, with withdrawals in the first full week of the year hitting a post-9/11 record, according to Fed data. Seasonal adjustment cuts the figure to $52.8 billion, which remains the third-highest ever recorded. Bloomberg is trying... More »

Did Banks Get Off Easy in $8.5B Mortgage Settlement?

Homeowner: 'What's $1K going to do for me?'

(Newser) - Sure, plenty of people—3.8 million, in fact—will benefit from yesterday's $8.5 billion mortgage settlement with banks. But some consumer advocates say the banks themselves have made out the best on the deal, the AP reports. They argue that the institutions are getting away with a... More »

Banks Helped FBI to Crush Occupy: New Doc Trove

Naomi Wolf: Cops, banks merged into a 'monstrous whole'

(Newser) - Those violent clampdowns on Occupy protesters weren't just planned by US authorities—they were carefully coordinated with the big banks themselves, writes Naomi Wolf at the Guardian . At times the FBI, police, and the Department of Homeland Security even merged with banks into a "monstrous whole" called The... More »

Libor Scandal to Cost UBS $1.6B: Report

That's 3 times Barclays' penalty

(Newser) - UBS will pay $1.6 billion to settle with US and European officials in the Libor rate-fixing scandal, an insider tells Bloomberg —a penalty more than three times the size of what Barclays ponied up . Meanwhile, US officials are set to charge bankers in the manipulation of Tokyo interbank... More »

UK Arrests 3 in Libor Scandal

Brits questioned over rate-fixing

(Newser) - Britain has made the first three arrests in the Libor rate-fixing scandal , the New York Times reports. All are British nationals, aged 33, 41, and 47, adds the Wall Street Journal . The men are being questioned and their homes have been searched, authorities say. The youngest of the three, Thomas... More »

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