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Deutsche Bank Cuts Businesses, and Plans to Trim 18K Jobs

Board approves retreat from global ambitions

(Newser) - In a sweeping restructuring, Deutsche Bank announced Sunday that it will cut 18,000 jobs and abandon its global equities sales and trading business. The bank intends to cut costs as much as $19 billion in coming years, CNBC reports. That would leave it with 74,000 employees by 2022.... More »

'Roar' of Vaunted Trading Pits Fades Today

Most NY, Chicago futures pits to close for good

(Newser) - Pete Meegan had every intention of going back to college, but then he got a summer job in the Chicago trading pits and fell in love with the "roar" of the floor, the excitement of "4,000 people yelling, 'Buy! Buy! Buy!'" That roar will... More »

Bloomberg Trading Terminals Go Down for Hours

Causing British government to postpone debt issue

(Newser) - Bloomberg's trading terminals, which are used by most of the world's biggest financial firms, went down for two and a half hours today due to apparent technical problems, a development that prompted the British government to postpone a planned $4.4 billion debt issue. Users say the outage... More »

China's Stocks Just Plunged 8%, World Shrugged

Markets react as Beijing cracks down on firms that lend cash for stock buys

(Newser) - Chinese stocks plunged today after the country's securities regulator rapped three major brokerages for continuing to lend money for stock purchases in violation of rules. As punishment for extending so called "margin trading" contracts, the brokerages are forbidden to offer credit to new customers for three months. A... More »

Phil Mickelson, Carl Icahn Face Trading Probe

Sports bettor Billy Walters also caught up in investigation

(Newser) - An unusual trio of public figures is raising federal eyebrows in an insider-trading investigation. The FBI and SEC are looking into whether billionaire investor Carl Icahn might have passed information to Billy Walters, an expert bettor on sports, the Wall Street Journal reports. Officials wonder if, in turn, Walters may... More »

Report: Feds to Nab 2 Ex-JPMorgan Employees

Authorities suspect they hid size of $6B trading loss

(Newser) - A published report says federal authorities plan to arrest two former JPMorgan Chase & Co. employees on suspicion that they tried to conceal the size of the investment bank's $6 billion trading loss last year. The New York Times reported today that the arrests of Javier Martin-Artajo and Julien... More »

Knight Capital on Brink After Millions of Accidental Trades

Talk of regulation heats up after brokerage debacle

(Newser) - Forty-five minutes. That's how long it took Knight Capital to lose $440 million on Wednesday when its new trading software went haywire, making millions of unintended trades, and leaving it at the brink of collapse. Now the company is fighting for its survival, and debate is heating up about... More »

JPMorgan May Have Lost $9B

Losses staggeringly worse than estimated

(Newser) - Forget $2 billion ; JPMorgan's trading losses on its bad derivative bets could reach a jaw-dropping $9 billion, sources tell the New York Times , based on an internal company report. Jamie Dimon had warned investors that the $2 billion loss could double within a few quarters, but losses have gotten... More »

JPMorgan Ignored Scads of Red Flags

Jamie Dimon on hot seat as shareholders meet today

(Newser) - There is likely some hell yet to be paid at JPMorgan after the bank lost $2 billion on bets that were supposed to be hedges. The firm's shareholders are meeting today, and many want to knock CEO Jamie Dimon out of the chairman post, Reuters reports—including the California... More »

Heads Roll at JPMorgan Over $2B Trade Loss

CEO Jamie Dimon will accept at least three resignations

(Newser) - JPMorgan's disastrous $2 billion trading loss has officially claimed its first casualty. Chief Investment Officer Ina R. Drew, a 30-year veteran of JPMorgan and one of Wall Street's most prominent women, retired today, the AP reports. Drew was responsible for overseeing the disastrous trades. Executives say she ordered... More »

Hong Kong Fines Merrill Lynch for Concealed Losses

$25 million loss hidden in trading account

(Newser) - Hong Kong regulators have fined two units of Merrill Lynch $450,000 after an executive's concealment of losses in a trading account went undetected by the investment bank for nearly a year, Hong Kong financial authorities announced today. A Merrill Lynch managing director falsely marked a trading book in exotic... More »

SEC Probing Possible Stock Chaos Shenanigans

Time to crack down on algorithm trading, lawmakers say

(Newser) - The SEC is on the trail of securities traders who might have "accidentally or maliciously" triggered yesterday's stock market see-sawing, insiders tell Bloomberg , or exploited it to profit illegally. The SEC and the Commodities Futures Trading Commission said after markets closed yesterday that they plan a joint probe into... More »

Nasdaq Cancels Trades From Crazy 20 Minutes

Swings of over 60% will be wiped out

(Newser) - Nasdaq plans to wipe some of yesterday's wildest stock market activity from the books. The stock exchange operator is canceling trades of 286 stocks that went up or down by over 60% in the 20 minutes beginning at 2:40 pm, Reuters reports. The shares affected include Accenture, which fell... More »

Bartering Turns Into $10B Recession-Buster

More businesses signing on to trend of exchanging services

(Newser) - The global recession has made bartering hot, but don’t go thinking it’s all a backrub for a plumbing fix. Big money—though no cash—is changing hands through the world’s largest barter service, Bartercard. The worldwide service’s transactions are valued at $2 billion this year, up... More »

Ultra-Fast Computers Corner Stock Market

(Newser) - Traders using high-speed computers are making billions of dollars and leaving the rest of the stock market in the dust, the New York Times reports. "High-frequency" traders, who use algorithms to make millions of trades in microseconds, have helped big banks and hedge funds bounce back quickly, but critics... More »

Once-Frenzied NYSE Traders Twiddle Thumbs

Tech upgrades, less volume translate to gin rummy, anyone?

(Newser) - Though financial markets are as unpredictable as ever, the once-frenzied floor traders at the New York Stock Exchange are finding themselves with less to do. The introduction of a hybrid electronic system in 2006 has trimmed the workload of the iconic floor traders, who instead play cards, watch movies, or... More »

Bartering Makes a Comeback

(Newser) - Around the world, websites that enable users to trade goods and services for the same are thriving in the down economy, the Washington Post reports. Craigslist, for instance, says bartering on the site has doubled in the past year. One Washington man got a plumber in exchange for a ride... More »

Trader's $400M Loss Behind Merrill's London 'Irregularity'

(Newser) - A rogue Merrill Lynch trader appears to have posted some $400 million in undisclosed losses in recent months, the Financial Times reports, covering his tracks with the “irregularity” the firm’s London branch is currently investigating. Alexis Stenfors, now suspended, reported $120 million in gains in 2008’s fourth... More »

Vast Madoff Options Scheme Didn't Add Up

SEC unfurls $50B scam that should have been obvious

(Newser) - For every detail that emerges from the 17th-floor office of Bernard Madoff, two more inconsistencies arise. A federal judge ordered the liquidation of Madoff’s eponymous investment firm and a federal agency has begun to try to compensate clients. Meanwhile, scrutiny of clients'  financial statements shows Madoff's stated strategy of... More »

AIG Rescue Boosts Euro Stocks; Asia Rally Fades

Still 'edgy,' notes analyst

(Newser) - European stocks edged up today for the first time in three days on news of the US government's $85 billion bailout of insurance giant AIG—but an early rally in Asian markets faded, reports Bloomberg and the New York Times. Europe's Stoxx 600 climbed as much as 1.9% after... More »

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