big banks

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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...

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,...

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...

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...

Barclays Slashing 3.7K Jobs
 Barclays Slashing 3.7K Jobs 
Feb 12, 2013 3:18 AM CST

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...

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...

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...

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...

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...

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...

UK Arrests 3 in Libor Scandal
 UK Arrests 3 in Libor Scandal 
Dec 11, 2012 10:39 AM CST

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...

Now 16 Banks Subpoenaed in Libor Mess

Bank of America, Credit Suisse drawn into probe

(Newser) - Add nine more top banks to the list of subpoenas in the Libor scandal: Bank of America, Credit Suisse, Bank of Tokyo Mitsubishi, Lloyds Banking Group, Royal Bank of Canada, Rabobank, Societe Generale, Norinchukin Bank, and West LB were all handed subpoenas in August and September, the Wall Street Journal...

JPMorgan's Dimon: Housing 'Turned a Corner'

Third-quarter earnings beat expectations

(Newser) - Two giants kicked off the earnings season for banks, and the results were pretty good:
  • JPMorgan Chase, the country's biggest bank, reported a record quarterly profit today, helped by a surge in mortgage refinancing. The bank made $5.3 billion from July through September, up 36% from the same
...

Big Banks Had 800K Needless Foreclosures

Study says big banks reacted sluggishly to modification program

(Newser) - The big banks moved sluggishly to implement the Obama administration's Home Affordable Modification Program, forcing hundreds of thousands of families out of their home unnecessarily, according to a new study. Office of the Comptroller of Currency data indicates that while many banks had sufficient staff and expertise to implement...

Barclays' New CEO: 'Mild-Mannered' Non-Banker

Antony Jenkins brings fresh take, but lacks investment banking experience

(Newser) - Barclays named a new CEO today after a surprisingly brief search, and he couldn't be more different from outgoing CEO Robert Diamond. The Wall Street Journal describes new boss Antony Jenkins as a "mild-mannered Brit," while Fox Business calls him "soft spoken," in sharp and...

Barclays Execs Under Another Investigation

And bank set aside hundreds of millions for misselling derivatives

(Newser) - Barclays raised a whole bunch of eyebrows when it released its earnings today—and in the process revealed, among other things, that current and former senior executives were under an investigation totally unrelated to the Libor. UK regulators are looking into whether the bank sufficiently disclosed details of the $11....

Big Banks Slashing More Jobs
 Big Banks Slashing More Jobs 
Jul 19, 2012 8:48 AM CDT

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment...

Goldman's New Gig: Actually (Gasp) Lending Money

After punishing quarter, Goldman to lend more to wealthy

(Newser) - Goldman Sachs is expanding into a new business frontier: traditional banking. Goldman is building an in-house private bank that will lend out money to rich people and corporations, the Wall Street Journal reports, with plans to jack its private loan business from $12 billion to $100 billion. Part of the...

Libor Scandal Just Bankers' Latest Hit on Reality

Today's corporations 'can't handle the truth': Peter Goodman

(Newser) - Don't be too surprised by the Libor scandal : It's only bankers' latest attempt to alter reality to their own benefit. Instead of acknowledging the troubling truth about Libor rates, Barclays opted to encourage more dangerous behavior by pretending everything was fine. The phenomenon goes beyond banking, writes Peter...

Fed Knew of Libor Scandal Years Ago

Raising the question: Why wasn't anything done?

(Newser) - The Federal Reserve Bank of New York knew something fishy was going on with the Libor rate as far back as August 2007, it has revealed. "We received occasional anecdotal reports from Barclays of problems with Libor," a spokesman said in a statement. The following spring, before any...

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