financial services

14 Stories

Fare-Skipping Banker Banned From Industry

Guy said to be making $1.5M didn't want to pay full $31 train fare

(Newser) - A multimillionaire British banker's system for dodging around $20 a day in train fares has cost him $65,500 and his career. Investigators say Jonathan Burrows, 44, would save cash by boarding a train at an unmanned rural station outside London without a ticket every morning, then use a... More »

Tim Pawlenty Ditches Romney for CEO Gig

He'll head up powerful financial services lobbying group

(Newser) - Passed over for vice president , Tim Pawlenty is getting out of Team Romney altogether and cashing in: He's stepping down as co-chairman of Romney's campaign to accept a job as CEO of the Financial Services Roundtable, one of the most powerful lobbying groups in DC, the Hill... More »

Beneficiary of All That Banking Hatred? Walmart

Americans turn to MoneyCenters' a la carte services

(Newser) - Americans who are mad as hell and not going to take banks' outrageous fees anymore are heading straight to ... that little mom 'n pop shop known as Walmart, reports the New York Times . The retail juggernaut—which four years ago ditched plans to get a banking charter amid an... More »

Black Caucus Openly Feuds With Obama

Members boycott a financial overhaul vote as a warning

(Newser) - Long frustrated by President Obama's inaction on urban issues, the Congressional Black Caucus threw up its hands yesterday and walked out on a vote on financial reform following a heated meeting between Maxine Waters and Rahm Emanuel. The measure passed easily, but Waters said the CBC could side with the... More »

Financial Reform: How to Prevent Another Greenspan

Reform plans may hand regulation over to fervent deregulators

(Newser) - There's a lot riding on reform of the financial industry, but the administration's plans to overhaul financial regulation carries the seeds of its own destruction, writes Thomas Frank. Taking oversight away from the present confusing array of agencies and making the Federal Reserve One Big Regulator means that when the... More »

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

(Newser) - JPMorgan Chase reported strong third-quarter earnings today as its thriving investment banking business more than offset rising consumer loan losses that the bank warned would continue. The company, the first of the big banks to report, showed a $3.59 billion profit, or 82 cents per share. But it also... More »

Brokers Bail on Wall Street

Commissions shrinking as investors turn away from stocks

(Newser) - A rising number of stock brokers are abandoning the industry as markets fall and commissions dry up, the Wall Street Journal reports. More brokers have already departed this year than in any of the last 15 years, and experts expect the exodus to continue as investors shift assets out of... More »

Livid Wall Streeters See Themselves as Victims

(Newser) - Main Street doesn’t hold a monopoly on victimhood, Gabriel Sherman writes in New York. From AIG execs and their disappearing bonuses to Wall Street bankers who get dirty looks, the once-privileged feel like they’re shouldering too much blame. “It is difficult to sympathize with these people,”... More »

Thatcher's 'Big Bang' Free-for-All Led to Bust

Pioneers of British '80s deregulation dismayed at unforeseen 'side effects'

(Newser) - The British regulatory reforms that changed the face of the financial industry in the '80s allowed banks to become bloated giants, two architects of the so-called "Big Bang" changes tell the Wall Street Journal. The deregulation let London's financial sector flourish, the men say, but also allowed banks to... More »

CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

(Newser) - Investors have lost some $9 trillion since last year’s stock market peak, but at the center of the maelstrom, CEOs of some of the worst-performing companies are sitting pretty. Fifteen financial services and homebuilding CEOs have accumulated more than $100 million each in the past 5 years in cash... More »

Culture Shifts at Bloomberg's News Operation

Outsiders take some edge off, but outfit still bucks trend with growth

(Newser) - Unlike many news organizations, Bloomberg LP is growing, though whether the company’s culture will survive is in doubt, Seth Mnookin writes in Vanity Fair. Michael Bloomberg, mayor of New York and the company’s majority shareholder, no longer oversees day-to-day operations. And the chief architect of the financial services... More »

Wall St. Disarray Leaves Mess for Nonprofits

Charitable giving suffers as firms fold, merge, cut back

(Newser) - The victims of the Wall Street tsunami aren't all investment bankers and McMansion brokers. Kids with diabetes, residents of low-income housing, and fans of classical music are among those who could take a hit as nonprofits that depend on philanthropy from financial services firms absorb the fallout, the Boston Globe... More »

Shake-up Rocks I-Banking Unit After Deep Losses

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

(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 »

Windy City Finance Biz Lures New Yorkers

Hedge fund says prices, lifestyle win converts

(Newser) - If a Chicago-based hedge fund goes public, can it relocate East Coast talent to the Windy City? Citadel Investment Group, which is signaling interest in an IPO, says many New Yorkers fall in love with the city. Yet some still give it the cold shoulder:  "A lot of... More »

14 Stories