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The Big Banks

Started by S Goldstein; Last updated Feb 15, 08 8:07 AM CST by D Lim | View history

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The Big Banks

The financial services giants have taken enormous hits in the subprime mortgage crisis this year, but 2008 is expected to be a very good year for the Street

Stories

Stories 21 - 40 of 138

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May 2008
- Feds Detain Top UBS Banker in Tax-Fraud Probe
  
  newser | Financial Times (UK) | May 7, 08 6:25 AM CDT
  
  Already reeling from record losses and preparing to cut 5,500 jobs, UBS has acknowledged the Department of Justice is investigating the mega-bank for helping its wealthiest clients evade taxes. The feds "briefly detained" one of the Swiss firm's most senior private bankers as a "material witness," UBS said. Insiders told the Financial Times that the DoJ held the employee to encourage the bank to come clean. More »
- UBS Cuts 5,500 Jobs, Sells Off $15B in Assets
  
  newser | Wall Street Journal | May 6, 08 5:52 AM CDT
  
  UBS will cut 5,500 jobs, slightly fewer than expected, by the middle of 2009 as part of a major restructuring effort, the troubled Swiss bank said today in announcing an $11-billion first-quarter loss. Some 2,600 of the layoffs will be among investment bankers, mostly in London and New York. UBS will also sell off $15 billion in mortgage-backed securities to BlackRock and plans further sales of its mortgage holdings in the future. More »
- Celebrity Foreclosure: Canseco's Out at Home
  
  newser | Inside Edition | May 1, 08 9:09 PM CDT
  
  It can happen to the rich and famous, too: Jose Canseco's mansion is in foreclosure, and he's had to move into more modest digs, Inside Edition reports. Canseco owed more than $2.5 million on the California property his neighbors called the "hotel." He made $30 million in baseball and wrote two best-sellers, but it wasn't enough to save him from becoming a high-profile statistic of the housing collapse. More »
April 2008
- Bear Bailout Called 'Worst Mistake in a Generation'
  
  newser | Wall Street Journal | Apr 29, 08 8:18 AM CDT
  
  A former top-ranking Fed official has called the central bank's decision to bail out Bear Stearns its "worst mistake in a generation," the Wall Street Journal reports. The official, former chief of monetary policy, compares the hasty move to errors that helped trigger the Great Depression. He accused officials of ignoring other options, such as demanding more from buyer JP Morgan, seeking other suitors or removing certain assets from Bear's portfolio. More »
- Deutsche Bank Posts $220M Loss—First in 5 Years
  
  newser | Financial Times (UK) | Apr 29, 08 6:41 AM CDT
  
  Deutsche Bank posted its first quarterly loss in 5 years today, reflecting the impact of the credit crisis on its investment banking activities. Germany's largest bank reported a net loss of $220 million and admitted that the short-term outlook for the firm remained highly uncertain. Deutsche also took $4.2 billion in writedowns, writes the Financial Times . More »
- Are Wall Street Banks Ready to Risk Again?
  
  newser | Wall Street Journal | Apr 28, 08 9:48 AM CDT
  
  Wary investors appear to be returning to Wall Street, the Journal reports, buying back into higher-risk debt issues from the likes of troubled Citigroup and Merrill Lynch. “Risk taking has come back in the market,” said one expert. More »
- Wachovia Targeted in Drug Money Laundering Probe
  
  newser | Wall Street Journal | Apr 26, 08 7:20 AM CDT
  
  Federal prosecutors have targeted Wachovia in an investigation into the use of money-exchange houses along the Mexican border to transfer money from US sales to Latin American drug lords, the Wall Street Journal reports. The bank invested heavily in the casas de cambio despite warnings that such firms were often used by drug cartels for money laundering. More »
- Harvard Gets $100M From Rockefeller
  
  newser | New York Times | Apr 25, 08 3:02 PM CDT
  
  Harvard fund managers rejoice! The university will get to stock its coffers, already $35 billion strong, with a $100 million gift from David Rockefeller, the largest ever by an alumnus, the New York Times reports. The money will be used to expand the university's arts program and help more students study abroad. “I was a student, class of 1936," said the billionaire banker. "My experiences there shaped who I am.” More »
- No More Expense-Account Hookers for Deutsche Bank
  
  newser | Independent (UK) | Apr 23, 08 5:10 PM CDT
  
  In a sign of just how bad the credit crisis has become, Deutsche Bank has forbidden its employees from using expense accounts to pay for brothel visits and hotel porn, the Independent reports. It's unclear if execs have been seeking relief from subprime woes—the German giant has written down $4 billion—in fleshier pleasures, the paper adds. More »
- Banks Face New Loan Crisis: Rebuilding Reserves
  
  newser | Wall Street Journal | Apr 22, 08 12:17 PM CDT
  
  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 have to increase their bad-loan reserves, dragging down their earnings. More »
- Wal-Mart Tops Fortune 500
  
  newser | Fortune Magazine | Apr 21, 08 4:07 PM CDT
  
  Wal-Mart nosed out Exxon Mobil for the second consecutive year to land atop the 2008 Fortune 500, with $37.7 billion in revenues, the magazine said today. In profits, the oil company far outstripped the megaretailer. Three of the top 5 on the list were oil companies, the AP reports. ChevronTexaco (No. 3) and GM (No. 4) swapped places, and ConocoPhillips again rounded out the top 5. More »
- JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns
  
  newser | Wall Street Journal | Apr 16, 08 7:18 AM CDT
  
  JPMorgan Chase, battling $5.1 billion in subprime writeoffs and deteriorating consumer credit, reported first quarter profits fell 50%, reports the Wall Street Journal. CEO Jamie Dimon warned the outlook for the remainder of 2008 was likely as grim. Morgan—the 3rd-largest US bank—said profits dropped to $2.37 billion, or 68 cents a share, down from $4.79 billion, or $1.34 a year earlier. More »
- Surprise Loss, $7B Cash Infusion for Wachovia
  
  newser | Bloomberg | Apr 14, 08 8:47 AM CDT
  
  Wachovia reported a surprise first-quarter loss today 2 years after taking over a subprime-dealing savings and loan. The CEO of the fourth-largest US bank was “deeply disappointed” that the bank lost $393 million, or 20 cents a share; analysts had anticipated earnings of 40 cents a share, Bloomberg reports. Wachovia cut its dividend; it plans to raise $7 billion to replenish capital reserves by selling shares and axing 500 jobs. More »
- Citigroup Will Pay $33M to Settle Gender-Bias Suit
  
  newser | Reuters | Apr 4, 08 4:44 PM CDT
  
  Citigroup will pay $33 million to some 2,500 female brokers to settle a gender-discrimination lawsuit brought by women at its Smith Barney unit, Reuters reports. The bank will also make operational changes in response to the class-action move, adding diversity-watchdog positions, working to retain and promote female workers and adjusting its distribution of accounts and bonuses. More »
- Congress to Grill Bernanke on Bear Stearns
  
  newser | New York Times | Apr 2, 08 8:40 AM CDT
  
  Federal Reserve Chairman Ben Bernanke steps onto a tightrope today for two days of Congressional testimony focusing on the central bank’s starring role in the Bear Stearns bailout. Bernanke likely will be taken to task for not stepping in earlier, and more forcefully, to avert economic chaos, reports the New York Times . More »
- UBS Posts $12B Quarterly Loss; Chairman Steps Down
  
  newser | Bloomberg | Apr 1, 08 6:08 AM CDT
  
  UBS announced a $12.1 billion first-quarter loss and another $19 billion in writedowns as fallout from the US subprime meltdown continued to haunt the Swiss banking giant, reports Bloomberg. Chairman Marcel Ospel, who oversaw the creation of the bank in 1998 will step down. UBS says it will ask shareholders to approve up to $15.1 billion in new funding. More »
March 2008
- Stocks Up As Ugly Quarter Ends
  
  newser | Bloomberg | Mar 31, 08 3:48 PM CDT
  
  Stocks closed up today as the year's dismal first quarter came to an end. Lower oil prices, improved business activity and a favorable reaction to Treasury Secretary Henry Paulson's new regulation plan helped to boost the markets, Bloomberg reports. The Dow ended up 46.49 to 12,262.89, the Nasdaq rose 17.92 to 2,279.10, and the S&P 7.48 to 1,322.70. More »
- Japanese Swindle Could Cost Lehman $250M
  
  newser | Wall Street Journal | Mar 29, 08 8:44 AM CDT
  
  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 bankruptcy March 19, and the funds still haven’t been paid back. More »
- Bear Stearns Staffers Gird for Mass Layoffs After $3B Hit
  
  newser | Reuters | Mar 26, 08 7:30 AM CDT
  
  The Icarus-like fall of Bear Stearns stock, trading as high as $170 a share a year ago before plummeting to $2 last week, has cost Bear employees—who once owned nearly a third of the company—more than $3 billion. That's even after JPMorgan raised its bid for the investment bank to close to $10 a share, reports Reuters. More »
- London Bankers Drown Sorrows at Easter
  
  newser | Independent (UK) | Mar 21, 08 10:34 AM CDT
  
  As the Bank of England mulled injecting billions more into the nation's shaky financial system, bankers in the city of London swilled pints and reflected on their state of affairs, reports the Independent . "We are meant to be at work but we've come here for some solace," said one banker in a London pub. As a lot, they weren’t optimistic about the BofE’s proposed bailout. More »

Stories 21 - 40 of 138

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Subprime Collapse • Credit Market Chaos • Merrill Lynch • The Markets • Bear Stearns • A Billion Here... • Is It Recession? • SocGen Fraud • Mergers & Acquisitions • The Dow

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