2011 was a difficult year for the industry, and 2012 is shaping up to be even worse. Here's just a snapshot of 7 stories hitting the headlines today:
From another era, though.
How's this for irony.
Here's a few links to some interesting Bloomberg, CNBC, New York Times and Reuters stories currently doing the rounds.
JPMorgan Chase reported net income of $3.7bn for the fourth quarter of 2011, compared with $4.8bn for the fourth quarter of 2010. Full-year 2011 net income was a record $19.0 bn, compared with $17.4bn for the prior year.
By Lyssa Barber, Managing Consultant & Head of Private Wealth Management, Allemby Hunt
Preet Bharara, the United States Attorney for the Southern District of New York, has announced that Drew K. Brownstein (also known as 'Bo'), CEO of a Denver-based hedge fund was sentenced Manhattan federal court to one year and one day in prison for securities fraud arising from an insider trading scheme in which he received material, non-public information about a pending acquisition of Mariner Energy, Inc.
The U.S. operations of Germany's and Spain's largest banks had their knuckles rapped by the U.S. Federal Reserve late Wednesday.
Incoming Credit Suisse boss Tidjane Thiam is expected to focus on private banking in Asia while aggressively cutting jobs at its investment bank, as he aims to repeat the success in the region of his old employer, Prudential.