JPMorgan has sold off most of the losing corporate-credit position put on by a trader nicknamed the London Whale, say people familiar with the matter, marking a significant step toward putting an embarrassing chapter behind it.
The Financial Industry Regulatory Authority (FINRA) has announced that it has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $2.8m for supervisory failures that resulted in overcharging customers $32m in unwarranted fees, and for failing to provide certain required trade notices.
Barclays has announced the appointment of Jerry del Missier to the newly created role of Barclays Chief Operating Officer.
AllianceBernstein has announced that Peter Kraus, Chairman and Chief Executive Officer, and AllianceBernstein have agreed to extend the contractual term of his employment for an additional five years, commencing in January 2014, when his existing contract expires, through January 2019.
Calling London a haven of regulatory loopholes that spawns financial trading disasters is pure nonsense - and trust U.S. lawmakers and regulators to spout it.
Citigroup's book value could take a $3bn to $5bn 'hit' this quarter as currencies in some of its biggest markets decline against the U.S. dollar, said Charles Peabody of Portales Partners LLC.
Here's the latest from Thomson Reuters.
Citigroup, the firm whose credit rating was cut Thursday by Moody’s Investors Service to the lowest since its 1998 creation, led Wall Street banks in dismissing downgrades and urged investors to seek alternative analyses.
Downgrades of Morgan Stanley, Credit Suisse and 13 other global banks, announced by Moody’s Investors Service after months of speculation about dire fallout, were met instead by rallies in stocks and bonds.
The head of the International Monetary Fund has piled pressure on Germany by recommending a series of crisis-fighting measures that chancellor Angela Merkel has resisted.