big banks

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Jamie Dimon Should Be on Trial

 Jamie Dimon 
 Should Be 
 on Trial 
OPINION
May 14, 2012 10:48 AM CDT

Jamie Dimon Should Be on Trial

JPMorgan boss should face public questioning: Alex Pareene

(Newser) - JPMorgan lost $2 billion last week, and it's time for the bank's CEO to answer for it. Congressional questioning isn't enough: Jamie Dimon should be required, ideally on prime-time TV, "to answer questions plainly and clearly, to an unfriendly audience of non-Davos people," Alex...

Trying to Refinance? Take a Number

With fewer banks, mortgage refinancing taking forver

(Newser) - Mortgage rates have been plummeting—they were at just 4.05% last month—and that, combined with Obama administration initiatives, has a lot of homeowners clamoring to refinance. There's just one problem: A lot of homeowners are clamoring to refinance. The financial crisis left fewer banks standing in the...

Occupy Plots Global Protests Tomorrow

115 US cities plan to reignite movement

(Newser) - We haven't heard much from Occupy Wall Street in a while, so protesters are looking to make some noise tomorrow. Groups from Barcelona to London to Kuala Lumpur, as well as in 115 cities across the US, are getting ready for May 1, known as International Workers' Day. "...

Wall Street to Slash 21K Jobs
 Wall Street to Slash 21K Jobs 
Apr 30, 2012 7:51 AM CDT

Wall Street to Slash 21K Jobs

Downsizing binge will rival that of financial crisis

(Newser) - Wall Street's job creators aren't exactly living up to that billing. The market is soaring, and so are bank profits, but financial firms are preparing for a massive round of layoffs, analysts tell Fortune , estimating that the banks will cut nearly 21,000 jobs. That would be a...

Citi Shareholder Revolt Bad News for Other Big Banks

Wells Fargo, Bank of America may have reason to worry

(Newser) - Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial...

Shareholders to Citi CEO: No $15M Payday for You!

'There's good pay, and there's obscene pay'

(Newser) - Do you think Citigroup CEO Vikram Pandit deserves to make $15 million? Neither do Citi's shareholders, who yesterday voted against a proposed pay package for the company's top five executives that would have given Pandit that payday, the New York Times reports. It's one of the few...

Most Big Banks Pass Stress Test; 4 Fail

Citigroup, SunTrust among those that failed

(Newser) - The Federal Reserve released the results of its latest round of stress tests at the nation's biggest banks, and they're generally being received as good news. Fifteen of the 19 banks passed, which is what outlets such as the Wall Street Journal and Washington Post are highlighting in...

Bank of America Readying New Fees

Will likely drive off free checking customers

(Newser) - The public relations disaster that was Bank of America's plan to charge customers monthly debit card fees was apparently so much fun that bank execs can't wait to try it again: In what the Wall Street Journal calls a sign of "stresses" in the banking industry, BofA...

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

(Newser) - The $26 billion mortgage settlement announced yesterday will be a boon for some—but the terms of the deal leave many homeowners out in the cold. Recipients of loans owned by the Federal Housing Administration, for instance, won't directly benefit from the settlement; nor will those with mortgages held...

Hey, Wall Street: Shut Up About Bonuses
 Hey, Wall Street: 
 Shut Up About Bonuses 
Matt Taibbi
Feb 9, 2012 1:06 PM CST

Hey, Wall Street: Shut Up About Bonuses

Matt Taibbi says bankers are still overpaid

(Newser) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle ...

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

(Newser) - America's five biggest banks have hammered out a $26 billion settlement for their role in causing the mortgage meltdown, reports the Wall Street Journal . The deal—the biggest of its kind since 1998's $206 billion settlement with the tobacco industry—was hammered out during almost a year of...

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

(Newser) - Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting...

SEC Letting Big Banks Skirt Fraud Penalties
SEC Letting Big Banks
Skirt Fraud Penalties
NYT analysis
Feb 3, 2012 7:13 AM CST

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from...

Bankers Giving Banking a Bad Name
 Bankers Giving 
 Banking a 
 Bad Name 
Nicholas Kristof
Jan 19, 2012 1:29 PM CST

Bankers Giving Banking a Bad Name

Nicholas Kristof hopes young idealists can save American capitalism

(Newser) - Nicholas Kristof was dumbfounded when, during a recent college lecture, a student asked him if banking jobs were immoral. "I've been sympathetic to the Occupy Wall Street movement, but look, finance is not evil," he writes in the New York Times . It's an essential force, allocating...

BofA Pays $335M to Settle Claims Over Minority Loans

It's the largest fair-lending settlement in history

(Newser) - Bank of America's purchase of Countrywide in 2008 just got more expensive. BofA agreed today to pay $335 million to settle a Justice Department complaint that Countrywide discriminated against black and Hispanic home buyers. The Wall Street Journal calls it the "largest residential fair-lending settlement in history."...

Don't Expect Wall St. Reform From 2012 Field

Obama, GOP hopefuls all cozy with banks: Joel Kotkin

(Newser) - Wall Street doesn’t have much to worry about in 2012: President Obama, Newt Gingrich, and Mitt Romney all have the big banks’ backs. Obama “may call them ‘fat cat’ bankers, but he's been something of a kitten when dealing with financiers: There have been fewer prosecutions...

Banks Still Raising Under-the-Radar Fees

So you may not want to cheer the $5 debit card fee you're not paying

(Newser) - You may want to stop celebrating over Bank of America’s scrapped $5 debit card fee , because the bank has been quietly adding or increasing other fees to make up for it. Think $5 to replace your debit card, or $12 per month for a basic checking account—up more...

Occupy Oakland Deposits $20K at ... Wells Fargo

But don't worry, it's only for a little while!

(Newser) - So much for Bank Transfer Day and, you know, railing against Wall Street: Occupy Oakland took its $20,000 straight to Wells Fargo, the fourth-largest bank holding company in the US. The group’s general assembly agreed—just about unanimously—to temporarily put the large donation from Occupy Wall Street...

Why Wall Street Banks and Firms Are Profitable Under Obama
 Why Wall Street Is 
 Richer Than Ever 
wapo analysis
Nov 6, 2011 4:47 PM CST

Why Wall Street Is Richer Than Ever

Firms are more profitable under Obama than Bush: 'Washington Post'

(Newser) - President Obama is trying to harness public rage against Wall Street while bankers are whining about new financial regulations—but the inconvenient truth for both sides is that Wall Street has profited big-time during Obama's presidency. In fact banks are larger today than when Obama won the White House,...

Bank Transfer Day Unites Fed-Up Customers

Facebook movement urges people to switch to credit unions

(Newser) - Will America's big banks feel the wrath of ticked-off customers today? It is, after all, Bank Transfer Day , a movement that sprouted from an angry Facebook post by small-business owner Kristen Christian of Los Angeles. She called on bank customers to close their accounts and move them to credit...

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